Most of us have one burning question on our minds: How can I make more money? This is especially the case if you’re trying to build a content agency when your background was as a freelancer. They are two completely different mindsets. If you try to build an agency with a freelancer mindset, it’s not going to work.
I learned this the hard way. These days, my agency consistently does five figures a month, but it took me longer than it should have to get here.
So, what do you do? I have a bunch of tips for you. Let’s jump in.
Is video more your style? I’ve got you covered. Check it out below.
How to Scale Your Content Agency to 6 Figures in Revenue
Here are a few things I wish I had known sooner.
Tip #1: Cut Any Low-Paying Clients Loose
You might be thinking… “You’re telling me that to make more money, I should… walk away from money?”
Yes, I am. Here’s why. (There are a few reasons, actually.)
First of all, the clients who get your services the cheapest ironically often end up being the biggest pains in the butt.
Second, you are not going to scale to five figures a month by having clients who are paying you a few hundred dollars.
These are businesses who are taking up some of your time — which is priceless, invaluable — when you could simply cut those clients loose, take the time you would’ve spent working for them, making very little money, and instead, go land a bigger client.
Yes, there’s a temporary dip in revenue. But you won’t really care when you ditch a $300-a-month client for a $3,000-a-month client. You feel me?
Only you can decide what “low-paying” means to you. I can tell you that as recently as five months ago, I still had clients that I had closed years ago as a freelancer, paying me $200 or $300 a month. My reasoning was, “Well, it’s money. So why not?” Because it’s a terrible idea. That’s why. I had to part ways with them because my rates are much higher these days.
Now, there’s one way to avoid having to part ways with low-paying clients, which brings us to…
Tip #2: Raise the Rates of Your Content Agency
Have you raised your rates in the last year? If not, you’re late.
This is hard. I get it. It took me a long time to find the cajones to email my clients and be like, “Yeah, this isn’t working out for me.” It can be an awkward conversation, so my best advice is… seriously, just do it. Right now. Go.
Keep it simple. Straightforward. Do not send an epic novel of an email going on and on trying to justify your actions.
It can be as simple as, “Hi NAME, I’m reaching out because as of DATE, I will be raising my rates to NEW RATES.”
You can say that you’re doing this to keep your rates aligned with your experience and the value that you provide to them as a client.
And, leave the door open for communication. You’re not telling them, “This is how it is. Deal with it.” End with something like, “If you have any questions, please feel free to let me know. I’m happy to discuss.”
What should you raise your rates to? That depends on what you’re currently charging. But keep in mind that if you raise them significantly, clients are going to start asking questions. If you’re charging someone $300 a month for your blog content, let’s say, and you tell them you’re raising it to $1,000, that’s a steep incline. Don’t raise your rates by $10, but don’t triple them either.
Tip #3: Hire
Before you tell me you can’t afford it, stop. Wait.
This is similar to my first tip, where I told you to let go of low-paying clients. The purpose of that is to clear time in your schedule so that you can go out and land bigger clients.
This one is the same.
I guarantee that in your day-to-day responsibilities, you’re doing something that you can outsource. Guarantee.
If you can hire a VA (or whoever you need), and clear even a few hours in your week by giving some work to them, you now have more time to go land new clients. This is how you scale your content agency.
Check out platforms like Outsourcely. There are plenty of qualified professionals there looking for work. You do not have to do this alone.
Want more help with this? Check out my tips for how to build a virtual team.
Tip #4: Go After High-Revenue Companies
Did you know that you can find out what some companies are worth on Google? You can also use tools like Limeleads and G2 to see how much funding companies have raised and to filter companies by how much they’re worth.
You want to be going for companies that are worth several millions or billions of dollars. Those are going to be the clients that don’t bat an eye when you tell them the rates for your content agency.
Let me give you an example of what not to do. When I was first building my content agency, I wanted to work with CrossFit gyms. I approached many. I closed… none.
Do you know why? They didn’t have the money. Some of these gyms don’t know how they’re going to make rent. They weren’t going to pay me any amount of money to work for them.
By this point, my content agency has worked with a few billion-dollar companies, and I’m all, “This is kinda nice.”
Now, how the heck do you find those companies?
That’s my program. I work with professionals like you to help them scale their content agency to six figures and beyond. I’m helping my students replace their previous full-time incomes and then double it, and then triple it. Check out their testimonials and learn more about the program.
I want to leave you with this: Think big. Bigger. There are no limits to how much money your content agency can earn. Okay? Okay.