Putting All Your (Client) Eggs in One Basket with Steve Folland
Jan 30, 2024
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Steve Folland shares his journey from losing his only client to diversifying his services, handling financial challenges post-maternity leave, and transitioning from radio to freelancing. He discusses the importance of proactive outreach for client acquisition, diversifying income sources, and building a successful podcast business. Insights on balancing work and family, effective communication with clients, and the significance of self-investment in the freelancing industry.
Diversify client base to avoid dependency on one source of income.
Prioritize immediate income-generating activities over long-term investments.
Prepare for client relationships to end by establishing clear contracts and building a robust client base.
Gain insights into podcast production, guest selection, and success strategies through exclusive bonus content.
Deep dives
Adapting to Freelancing Challenges
Facing a sudden transition from a steady job to freelance work, the speaker, initially not realizing he was starting a business, found himself grappling with unexpected challenges. With optimism, he navigated the setback of losing a major client by intensifying job search efforts on online platforms like PeoplePerHour and offering tailored services to potential clients.
Nurturing Business Connections
Taking proactive steps post-client loss, the speaker explored cold emailing as an effective networking strategy. Customized emails opened doors to fruitful collaborations and notably landed a significant project with an international company. This client partnership, sustained for over a decade, showcases the power of persistence and strategic messaging in business outreach.
Seizing Business Growth Opportunities
The podcast guest learned valuable lessons in leveraging freelance work to foster business growth. By recognizing his ability to delegate tasks and assemble a team for broader project scopes, he unlocked opportunities to serve global clients and expand his entrepreneurial endeavors beyond initial limitations.
Bouncing Back from Adversity
Amidst setbacks, such as the loss of a consistent client, the speaker demonstrates resilience and adaptability in steering his career trajectory towards sustained success. Embracing cold emailing, nurturing client relationships, and embracing new avenues for growth stood out as key strategies in overcoming business challenges and driving long-term resilience.
Avoid Relying on One Client for Work
Avoid putting all your eggs in one basket when it comes to client relationships. Despite not wanting the client relationship to end, prepare for the inevitable by diversifying your client base. In Steve's experience, having multiple revenue streams and services, rather than relying solely on one client for work, ensures a more stable and sustainable business.
Diversify Revenue Streams Wisely
While expanding revenue streams is essential, ensure that the efforts put into diversification yield tangible results. Establishing an audience before launching products like digital courses is crucial to ensure successful sales. Prioritize activities that generate immediate income, like cold pitching, over long-term investments that may not yield immediate returns.
Preparation for Inevitable Client Endings
Acknowledge that client relationships will inevitably come to an end and prepare accordingly. Create contracts that set clear expectations and requirements to safeguard both parties in case of termination. Focus on building a robust client base, investing in savings, and diversifying revenue streams to mitigate the impact of losing a significant client.
Bonus Episode: Behind the Scenes Making the Podcast
Discover the inner workings of the podcast production process, concept creation, guest selection, and research methods in the exclusive bonus episode 'Behind the Scenes Making the Podcast'. Gain insights into Emancipico's partnership with HubSpot, effective podcast pitch strategies, interview techniques, and success strategies behind the podcast's growth. Access this bonus episode for exclusive behind-the-scenes content by visiting emancipico.com/BTS.
When Steve Folland’s *only* client let him go, he’d just quit his full-time job to go all in on his audio and video editing business.
Being jobless and clientless couldn’t have come at a worse time. Steve’s wife had just gone on maternity leave and they had a brand new (4-month-old) baby – plus an older child too!
In this conversation, Steve – also the host of the ‘Being Freelance' podcast – shares his entrepreneurial journey, how he diversified his skills and services, and what he learned from his biggest business mistake.
If you loved this episode, take a screenshot, post it on Instagram, and tell everyone you know that this is the podcast to listen to. Don’t forget to tag me! @emancopyco