Let’s talk about goals. Setting goals for your business is the key to growth and success.
Whether you want to hit a certain income level, optimize your workflow, or expand your network, having goals to work toward will open up new opportunities and make sure you’re not staying stagnant in your journey of running a creative business.
If you’ve been itching to take your business to the next level, here are five business goals freelancers and independents should consider for 2022.
Build your team
If you’re starting the year at a good place in your business — you’re landing consistent, quality projects, working with great clients, and making the type of money you want to make — it may be time to consider the next step: moving from solo to studio.
While you may have considered outsourcing work when you had too much on your plate before, building a team takes that idea one step further.
Teaming up leads to bigger projects, bigger clients, and more money. When you partner with other freelancers who offer complementary services, you can expand your offerings, create bigger scopes, and earn more money. And that’s a win for everybody.
Level-up your skills
As an independent, you’re always learning and growing in your craft. So why not make it a goal to level-up your skills in a way that benefits your business?
From getting a certification to listening to business and finance podcasts, there are plenty of resources out there to help you expand your knowledge, add more service offerings, and take your business to the next level.
Make six figures (or more)
One of the biggest perks of working for yourself or running your own business is that the earning potential is essentially limitless. And yet, only 5% of freelancers make over $100k a year.
If one of your goals for your business is to reach a certain income level, then make 2022 the year you take control of your finances and earn more money.
The key to setting any goal is to make sure it’s specific and measurable. Figure out where you’re starting from so you can identify opportunities to earn more. Do a deep dive on your pricing structure, audit your services, and compare your pricing to the market.
For instance, when LaTecia Johnson, founder of creative production studio Visionary Rising, used the Wethos Services Library to audit her studio’s pricing, she discovered that they’d been undercharging their services by at least 50%. This had cost the studio nearly $250k in potential revenue over three years.
See how your pricing stacks up by checking out our scoping tool.
Grow your network
Ask any freelancer: independent work can be lonely. But it doesn’t have to be! Building a strong network can do wonders for your business. After all, other freelancers are your community, not your competition.
When you have a network of people who are familiar with your work and services, you can refer work to each other, swap knowledge, or even team up for projects.
Having a community of independents around you is not only beneficial for business, but it can also help when you’re feeling stuck on a client issue, have a question about pricing, or just want to chat about experiences that only fellow freelancers would understand.
Take control of your finances
Navigating freelance finances can be tricky. When you work for yourself, you’re in charge of handling your own taxes, managing savings, and tracking your cash flow.
Make 2022 the year you finally take control of your finances and plan for the future.
If you don’t already have a business bank account, get one ASAP. Not only does it help you keep all of your money in one place, but it also makes it easier to pay your collaborators if you plan on scaling your team.
Another thing to consider if you want to get your finances in order is working with an accountant or bookkeeper if you aren’t already. Aim to work with someone who specializes in working with small businesses and entrepreneurs as they’ll have the knowledge on all of the tax deductions and credits you may be missing out on
Don’t let the administrative side of freelancing hold you back from building your business. With these five business goals in mind, you can do anything you set out to achieve this year!