This podcast explores the challenges of expanding a freelance business by adding new services and hiring freelancers. It discusses the importance of specialization, having proper systems in place, and selecting services in high demand. The financial implications of adding a new service and working with multiple freelancers are also explored.
Expand services gradually, focusing on related areas and becoming an expert before branching out.
Specialize in a specific service to differentiate and attract clients seeking that expertise.
Deep dives
Growing an Agency by Hiring Freelancers
Tony, a freelance videographer in Paris, France, wants to expand his business by offering graphic design, web design, SEO, social media, and other services. He wonders if hiring freelancers is a good strategy. The hosts caution that expanding into multiple services without proper systems and processes can be overwhelming. They recommend focusing on one service initially and adding others gradually as demand increases. They advise Tony to choose services that are closely related to his core offering, rather than completely unrelated fields. Rather than trying to please everyone, they suggest Tony become an expert in a specific area before branching out to other services.
The Risks and Downsides of Quick Expansion
While adding more services to an agency can lead to additional revenue streams, it comes with challenges. The hosts caution against adding services without careful consideration, as it can lead to inefficiency and client dissatisfaction. Managing different freelancers with different processes can be complex and time-consuming. They highlight the importance of understanding the upfront costs and investments associated with each service, including training, systems development, and potentially new software. The hosts encourage a slow, strategic approach to expansion, focusing on building solid systems, processes, and expertise in each service before moving on to the next one.
The Value of Specializing and Niche Positioning
The hosts emphasize the value of specializing and establishing a niche in the market. They share the example of a videographer who focused solely on video production and became the go-to expert in their area. By excelling in a specific service, freelancers can attract clients who specifically seek out that expertise. They suggest that Tony prioritize his core service and become highly proficient in it before considering expanding into other areas. Rather than a broad net of services, they recommend focusing on offering exceptional quality and service in a specialized field to differentiate from competitors.
Support our sponsors so we can keep airing new episodes:
Shopify - The global commerce platform. Build your business with Shopify to sell online, offline, and everywhere in between.
Factor - Fresh, Ready-Made Meals Delivered to Your Doorstep. Use the code FREELANCE50 to get 50% off your first order!
Babbel - Learn a new language and see where it takes you. Our listeners get up to 55% off at this link.
LinkedIn Talent Solutions - With access to 900M professionals and real-time data, you can find and hire the right people to grow your business and make it thrive.
Dripify - Premium learning platform for entrepreneurs.