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#189: The 5 Business Bottlenecks Holding You Back From $100,000 Per Year
Want to know the secret that separates failing freelancers from 6 figure freelancers? It's this one concept:
6 Figure freelancers constantly solved their business bottlenecks. If it sounds stupidly simple, it is, but it's definitely easier said than done. Let me break it down real quick...
There are 5 main parts of any real business (freelancers included). Here they are:
Part 1: Lead generation - This is the part of your business where new people find out you exist and that you offer a (hopefully) valuable service.
Part 2: Lead Nurture - This is the part of your business where you're staying top-of-mind over a long period of time until the lead is ready to hire you. According to studies, only about 3% of any market is ready to buy "now", so nurturing them until they're ready is crucial to getting hired.
Part 3: Sales - This is where conversations turn into clients (i.e. dollars in the bank).
Part 4: Fulfillment - This is where you're actually doing what you've been paid for.
Part 5: Lifetime Value - This is how much one client is worth to your over your lifetime. It can be determined by how much you charge, how often they come back for more, how many people they refer to you, etc.
The issue is that ONE of these five areas is your bottleneck right now. Until that bottleneck has been fixed, there's no point in improving anything else in your business.
The freelancers who make it to $100k/year are the ones who constantly solved their ONE bottleneck, took a step back, re-assed their business to see what the next bottleneck was, and dove all-in on that bottleneck until it's solved. Rinse and repeat.
This week's podcast episode dives into each of these 5 areas and what you can do to solve the bottlenecks in your own business.
For full show notes, visit https://6figurecreative.com/189
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By Brian Hood
4.9
384384 ratings
Want to know the secret that separates failing freelancers from 6 figure freelancers? It's this one concept:
6 Figure freelancers constantly solved their business bottlenecks. If it sounds stupidly simple, it is, but it's definitely easier said than done. Let me break it down real quick...
There are 5 main parts of any real business (freelancers included). Here they are:
Part 1: Lead generation - This is the part of your business where new people find out you exist and that you offer a (hopefully) valuable service.
Part 2: Lead Nurture - This is the part of your business where you're staying top-of-mind over a long period of time until the lead is ready to hire you. According to studies, only about 3% of any market is ready to buy "now", so nurturing them until they're ready is crucial to getting hired.
Part 3: Sales - This is where conversations turn into clients (i.e. dollars in the bank).
Part 4: Fulfillment - This is where you're actually doing what you've been paid for.
Part 5: Lifetime Value - This is how much one client is worth to your over your lifetime. It can be determined by how much you charge, how often they come back for more, how many people they refer to you, etc.
The issue is that ONE of these five areas is your bottleneck right now. Until that bottleneck has been fixed, there's no point in improving anything else in your business.
The freelancers who make it to $100k/year are the ones who constantly solved their ONE bottleneck, took a step back, re-assed their business to see what the next bottleneck was, and dove all-in on that bottleneck until it's solved. Rinse and repeat.
This week's podcast episode dives into each of these 5 areas and what you can do to solve the bottlenecks in your own business.
For full show notes, visit https://6figurecreative.com/189
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