I lost a client this week. Not for any crazy reason, it just wasn't a good fit. That being said, I'm not really freaking out about it. By the end of that day, I'd closed another deal worth more money.
Had I lost a client four years ago, maybe I would have been sweating a little more while looking at my credit card bill. Now, I know I'm going to be okay because if one thing doesn't pan out something else will.
That being said, it took some time to get to this stage where I have more peace of mind. Throughout this time period, I've noticed some basic principles you should keep in mind so that you never run out of money. My intention today is to share them with you so you don't learn things the hard way like I have.
Make a name for yourself.
I have a pretty solid brand behind me. People see my branding and they know exactly what I'm about. This, of course, has been done on purpose throughout time.
By being strategic with your personal brand, you can leverage it to make more money when you need to. Part of the reason I have so many opportunities come to me is thanks to the brand I've built online which includes my own blog, a podcast, and having my name in several media outlets on a regular basis.
Additionally, I've also been producing good work for years and have a solid client roster. That combined with a personal brand makes magic happen.
Have multiple streams of income.
I feel like I say this all the time. I also feel like it needs to be said so as many people as possible can build wealth.
I learned at an early age that I always needed to have money coming from different places. After all, I came of age during the Great Recession and I used to be a recruiter who interviewed people who got laid off all the time.
That harsh lesson that I couldn't rely on just one source of income translated into my business in a major way. I've spent years constantly creating something that could make me money. And while I probably could have done a better job executing marketing plans at the time of creating these things, the point is I know have different products and services I can market. Having multiple ways of making money makes it a lot easier to deal with client relationships ending.
By the way, this also applies to having multiple clients. I can't tell you how many business owners I speak with who are one client breakup away from a financial meltdown. Relying on just one big client is the equivalent of relying on one job. It's not going to work out well.
Have consistent marketing.
Having consistent marketing for your business can make the difference between having no money and having tons of it.
The problem is many business owners simply aren't marketing enough if at all. They let their email lists go cold, their Facebook ads stop running and they disappear from social media. Heck, they don't even show up to in-person events!
If you're struggling in your business, step up your marketing game and watch how quickly that changes. People need to know about your business in order for them to give you their money.
Is the feast or famine cycle in business frustrating? Yes. Is it common for small business owners? Sadly, yes. But if business owners make a name for themselves, create multiple streams of income and have a consistent marketing plan, they'll overcome feast or famine once and for all.