In this episode of the Freelancers Teabreak, I’m discussing how Return on Investment can be more than just a monetary value and what a return on investment could look like for you and your clients.
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Welcome back to another episode of free night’s tea break.
I’ve got my tea.
I’m ready to chat to you about return on investment.
, before I jump into that, I did something stupid with, , black Friday offers have all finished.
They’re all gone.
I mean, it’s Tuesday, and I think some of them will probably roll on a little bit, which is good, because, , I managed to drop something very heavy on my microphone cable.
, which means the USB thing is all squished, and I might be able to save it.
But if not, I’m gonna have to go see if there’s any special offers.
In the meantime, I’m using earbuds.
Fingers crossed that that works a little bit.
So last week, I talked about return on investment.
, when you’re shopping in black Friday sales and I wanted to expand a little bit because return on investment is often seen as something that is just financial.
You pay for something, you potentially earn more money back or make money and actually return on investment can cover lots of different things.
It can cover the time that you get back the stress that that you reduce the, , fear factor for some people.
Like, for example, I work with a bookkeeper because and an accountant, because for me, I do get the time back.
And I potentially make a little bit of money back as well, when they’re doing it the right way.
the legal way, by the way, just just so we’re clear.
but for me, it really reduces the fear that I’m gonna get something wrong.
So,there can be lots of different ways that you can get a return on investment.
And that goes for you.
When you’re thinking about what you’re going to invest in as a freelancer, the software, but also your clients what kind of return on investment you’re gonna give them?
Just to give you an idea.
An example I’ve had this week.
I’ve just started.
I’ve hired a cleaner to come in and help us once a week.
I as someone with ADHD.
I’m really bad at cleaning and keeping on top of the housework.
It is so dull for me, and I really struggle to motivate myself to do it.
and I get it done but it just feels like a constant heavy load.
And I also realised I was spending a lot of time cleaning and tidying when actually, that was time that I could be using working with clients, , and other sorts of things like that.
And when you then look at how much say my hourly rate would be, , if I was working and then how much it might cost to outsource that to a cleaning company.
It’s actually more profitable, and it gives me a bit more time and reduces my stress levels to bring in a cleaner.
So that’s what I’ve done.
I’ve brought in a cleaner, who is much more efficient than me.
Me much better eye for detail Does the job so much better than I would?
And it means that I can then focus that time on working or building my business or bringing clients.
So there are lots of ways that you can think about return on investment.
And I think it’s really important to, , think about that when you’re promoting something.
So when you’re marketing your services, think about what the return investment will be for your clients.
What will they get back once they invest in you.
So, for example, say you’re a freelance marketing manager you don’t want to think about, , you don’t want to sell it and say to them, You’ll get this marketing plan or you’ll get this marketing, , social media content going out or anything like that.
What you want to sell to them is you’ll get time back to work on your business, and I’ll be able to bring in new clients.
So that brings in income and also frees up time for them.
And then, hopefully the cost of hiring you will bring them in a lot more income for clients and things like that or from new clients.
So right when you’re selling, you need to think about what would there be the outcome for the client?
They’re always interested in how you do it.
But for them, the selling point will be what you do and what the outcome will be, , for them in the end.
So that’s just have something to have a little think about.
And it’s all just freelance maths, Really.
The cleaner example was a good example of freelance maths.
What are you spending lots of time on at the moment that it takes you ages you don’t enjoy.
Could you outsource that?
Free yourself up some time.
That other person that you’re freelancing, , you’re outsourcing your freelance work to will they do it faster, more efficiently?
I’d love to know your examples of good freelance maths or things that you’ve outsourced that have brought in more profit for you or more time or less stress.
I’d love to know what you think, do come along and join us in the Facebook group, the freelance lifestyle.
There’s loads of really good chats in there at the moment because it’s November.
We are talking a lot more.
Actually, I think it’ll probably be December.
By the time this comes out.
We’re talking a bit more about gifts and client gifts.
, and what we do to say thank you to our clients.
There’s lots more conversations that come up every week, and on Fridays you get a chance to promote your business in the promotion thread.
Have a wonderful week, everyone.
And I’d love you to think about what you can do to, , build better RO I in your freelance business