Contingency planning. It’s something that many entrepreneurs find boring to think about, but it’s an essential element of business planning. Having a contingency plan in place helps you alleviate any fears and worries you may have around keeping your business running smoothly and keeping that income coming in should the unexpected happen.
Because we don’t expect anything to go wrong or happen to us, but we need to be prepared if it does.
For those who know me, you will be aware that I’ve been going through treatment for breast cancer recently. When faced with my diagnosis, I was also faced with a decision about what to do with my business. When you're diagnosed with something like cancer, the last thing you want to think about is your business, but it was vital for me to try and keep working. I was able to do so, as I'm at home all the time. Unlike someone who works in an office, there's no risk involved in...
In this weeks blog I am writing about how my business has been affected by my breast cancer. However this could apply to any serious interruption in your business, be that illness, global pandemics or bereavement.
I want to give you the 7 tips that I have learnt in my journey over the last six months since diagnosis.
1. Saying no
Saying no is one of the most difficult things to do, however I have found it much easier since my diagnosis to say no.
I’ve had to turn down a couple of quite big client opportunities in recent times because I just know that I physically cannot manage to do the work. Whilst it’s been difficult to say no and I desperately want to do the work, it has also been a relief not to feel massive pressure in my business.
Saying no is an art and takes a lot of practice. I’ve been doing it for a while now but it still doesn’t come very easily. Keep practising and if you feel that clients are not in alignment with your values or understand your...
The idea of taxes shouldn’t stop you from putting up your prices. And neither should it keep you from growing your business. I’m a firm believer that you shouldn’t let tax or accounting dictate how you run your business. You should consider it, but it shouldn’t be the main driver behind how you run your business.
You shouldn’t be playing small by keeping yourself under the VAT limit. In the UK, the VAT limit is £85,000, and once you get to that level, you have to charge VAT on all your sales. It does mean you can claim back some VAT, but it often means in a service-based business that you will also be paying VAT.
Many people don’t want to be VAT registered as it’s seen as a bit of a pain. That’s not a reason not to do it! You shouldn’t be limiting your business growth to that £85,000 threshold and having to put 20% on everything. You should be preparing for it once you get to...
Lockdown has created both issues and opportunities for many. I’ve recently been speaking to Fleur Emery about how she pivoted her business during lockdown. Fleur is the founder of Real Work, the online co-working space for women - an online coworking community I’ve been a member of for the last 4 months or so. I love how she runs it, and her energy is really impressive, so we’ve been talking on my recent podcast about how she got started and how she decided on her pricing structure for Real Work.
Lockdown happened, and I was at home with a five-year-old. All my work was suddenly cancelled overnight. The runway of income I had lined up was wiped off the table. I was sat at home with no income runway and a kid. This idea that had been fizzing around in my head become an ‘OK let’s do this’ moment.
I come from a background in industry and have 15 years of experience in starting food and drinks companies of my own....
You might need to think differently about your pricing once you start to outsource. There’s a lot to consider and several options available to you, but the route you take will depend on your needs.
When you’re looking to outsource, I recommend you start by outsourcing client work and the more junior stuff associated with it. For example, I have someone do the bookkeeping for my clients on my behalf. I charge the client and pass the work to my outsourcer. It’s a great way to get started with outsourcing, as it means if the client work stops, so does the cost of the outsourcing. You can then choose whether the client knows that you’re doing that or doesn’t.
It’s important to realise you’re still managing that relationship, particularly if the work then comes through you to be reviewed, so you need to price accordingly. Is what you’re charging enough to cover that?...
If you’re a business owner, you must learn how to identify and manage your money blocks on an ongoing basis. It’s a problem that particularly affects women and it usually affects how they price their products and services. But solving any pricing problems you have isn’t simply a case of looking to increase your prices - you need to work on the mindset side of things too.
It’s a subject I was chatting with Catherine Morgan about on my recent podcast. Catherine is a financial coach and qualified financial planner. She helps women feel better about money, as well as helping them to drop any anxiety, blame, judgement and guilt around it.
The philosophy of charging what you’re worth is a flawed one. Your worth may not be very high, especially if you have low confidence or an issue with receiving money. The way we feel about money is a reflection of how we feel about ourselves. If you don’t feel deserving to...
Passive income is something that many business owners aspire to have. The idea of earning money whilst not doing any extra work is incredibly appealing. The term ‘passive’ suggests that you could be sitting on a beach and permanently not doing anything to generate that income.
But passive income isn’t entirely passive. It’s true that once you create the content, you might not have to do anything to recreate that content, but you do still have to market and promote it.
A book is a classic example. You can spend a year to write a book, but then once it’s written, you can sell it over and over again, with no extra work. However, it takes you a year before you make any money, and you still have to promote it - because people can only buy things if you promote them!
Passive income products are generally lower cost. Things like an ebook for £10 or a prerecorded workshop that you initially...
Raising your profile is something all business owners want to do. Gaining exposure and media coverage can make a real difference to other people's perceptions of you and how in-demand you are. And I know I’ve personally found that when you put yourself out there, people start approaching you about things, and you can then command a different level of pricing.
Recently, I was chatting with publicity expert Rachel Spencer about raising your profile to help you raise your prices. So if you’re wondering how you can use PR to raise your profile and your prices, read on!
No matter what type of business you have, you need to think about raising your profile and gaining exposure. But when you put yourself out there, you can feel quite vulnerable, especially when you’re putting yourself out there as an expert. It can feel quite scary telling people what you do, as it’s all about you and your personal brand....
When it comes to pricing strategies, there are so many options to choose from. But as with many things, it isn’t always down to the number of choices available to you - it’s more about picking the right one for you. That’s why it’s so crucial that you think about your business and opt for the strategies that work for you, especially when it comes to pricing.
So how can you make it easier for yourself so you’re not bumbling around trying to find pricing for your clients? You can use so many different ones, but instead of overwhelming you, I’m just going to cover the five main ones in this blog.
Lots of freelancers and consultants use this. But if you’ve spent any time following me, you’ll know I’m not a big fan of this style of pricing. You should not be pricing by the hour as it punishes efficiency and always puts a ceiling on what you earn.
It is, however, often a good...
If you’re new to freelancing, it can be a little overwhelming and confusing. There’s so much to think about and so much to set up. You need to ensure you’re doing the right things and not wasting your time and money on the wrong things. You also need to ensure you’re starting as you mean to go on, especially when it comes to business and pricing.
Recently I was chatting with Emma Cossey over on my podcast. She’s the go-to resource for everything when you’re new to freelancing. Emma’s passionate about taking away the fear around being a freelancer and ensuring you have everything you need to build a business that suits you and your personality.
Two essentials often get overlooked by new freelancers - terms and conditions and business boundaries. Terms and conditions don’t need to be full of legal language. They can be a list of boundaries and expectations between you and a client, simply...