~ by Candice R
Sometimes when we have one client we serve, we become a business built solely on them and their needs no matter what. We do this because they are our only source of income. This starts to come close to feeling like an employee that just works from a different location and invoices the client instead of receiving a salary. It feels secure but we must be honest with ourselves. The scary thing is that your entire business exists on this one engagement. If you are building a stand alone independent business, consider the risk, and consider the possibilities…
Opportunity to build your team
If you are entrenched in a good business relationship and have a good working relationship, by now you know this client very well, too well most likely! You can decipher their requests at speed and deliver on point. Meaning that you are actually in the advantageous position to bring on a collaborator, another business entrepreneur who can take on the work that is more standard and most often this is the executional work while you remain on the more conceptual and ‘thinking’ or strategic thought (for example). Why would you do this? Because you can still make a profit from this work (your margin on top of paying this new helping hand) while you explore growing your clientele. And, you get to work on the things that excite and challenge you. This is a growth decision for your business without necessarily increasing overheads.
Opportunity to extend your services
By now you know this client well, you understand their needs around the service you provide and should have been exposed to the context surrounding them. You should have a good idea of complimentary services they require in order to solve the bigger challenge at hand (you are most likely part of the whole). In which case, you are in the advantageous position to explore offering them complimentary services and expanding your offering. This is quite simply achievable by collaborating with a fellow entrepreneur in this space. Here you would outsource this area of expertise and you offer it to your client as a package. Now you have the ability to help your client even more, let alone the commercial benefit you gain. Whenever you collaborate with other entrepreneurs, you open your business up to receive business from them too in future.
Opportunity to revisit the value conversation
When this one client commits to you, guarantees you a retainer for months on end which is always renewed (for example), they have exposed their reliance on you too. They need you, they value you. So it’s time you value yourself. Revisit the value conversation, that is, does your remuneration match the high value they place in you? What knock would they suffer today if you were no longer able to service them? More often than not, they would acknowledge you as a premium service if they rely on you so much to solidify your permanency of work relationship. You are no longer worth what you were when the relationship started, you are now worth more. Now do the work to ascertain your worth and have the value conversation with your client.
The ask is for you to dream up for your business. Even as a solopreneur, there is growth right under your nose. Growth helps to diversify your business, diversify your revenue streams, and colour your experience. This is about thinking like a business rather than ‘just a business owner’.
Work with Candice R
"Solving niche challenges founders face”.
Illustrator: Lisa Williams (Instagram: @artist_llw)