How do you conquer your cash flow? (We have answers.)
Hosted by Wethos CEO Rachel Renock, our half-party half-real-talk-panel celebrated the launch of Wethos Studio Payments and dove into what’s possible for your creative business when you take control of your cash flow. We were thrilled to have a panel of Wethos Virtual Studio owners and community members joining us to bring their own business insights to the conversation. We’ve published a recording below, plus some key takeaways so you can take home their wisdom as well!
1. Share your cash flow with others in order to make more together
Porsha Thomas, founder of GOWRKGRLS, says you don’t have to pass on a project just because you don’t do exactly what the client is looking for. Not a web developer but the client needs a new site? Not a designer but the client wants a logo refresh? Partner up with other freelancers so that you can charge more as a team rather than charging less as individual independents. Always charge more because you have to keep your bottom line in mind! You need to take home money, too.
2. Be specific with clients about budget and let them know changes might happen
Let clients know at the start that if they want to add something down the line, additional charges may apply. David Siciliano, founder of Savvy Studios, says specificity is key. The earlier you can set expectations with clients, the better. Revisions cost time and energy, so you should set goals for how much you want to charge for revisions and additions to the scope of work. Joshua Romero, founder of Lavendr, adds that changes to the scope of work shouldn’t just happen without your approval. Make sure that as the leader of a project, you’re the end-stop for what the client proposes in terms of new scope adjustments.
3. As your one-person shop steps up into a full-service studio, consider how transparent you want to be with your collaborators
Sarah Salvatoriello, founder of &And&, made a choice early on to be fully transparent with her sub-contractors. At the kick-off of every project, her collaborators get a clear breakdown. Everyone sees who’s doing what, the distribution of hours, and the total budget. Whether you want to share complete individual hourly rates or stick to a more basic breakdown, decide how much you want to share with your teammates as your business continues to grow.
Watch the full video for more nuggets of wisdom — and stay in the loop with upcoming community events by following us oneline: @wethosco!