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5 tips for solopreneurs. How to beat inflation before it beats you.

Especially for Solopreneurs and Freelancers

5 tips to beat inflation

The headlines are worrying…

“Inflation rises to highest rate since 1993”
“Essential goods up 12.12%”

As a solopreneur and freelancer are you feeling the pinch? What can you do to mitigate the impact of inflation?

Here are my 5 tips for beating inflation…

1. Economize

Help your income go further by economizing on your expenditure.

Analyze your spending and see where you can consume less and/or consume cheaper. I recommend confirming how many subscription services you have signed up for and then cancelling those that you are not using or only use rarely. It’s surprising how quickly your monthly subscription costs can build up!

Can you delay some planned expenditure until later in the year? Whilst this is a temporary measure, it will buy you some time to implement some of the other tips.

Can some items be bulk-purchased at more economical rates?

What substitutions can you make?

E.g. from premium brands to economy brands, cycle instead of driving. Etc

2. Efficiency and Productivity gains

Are there aspects of your workflow and admin processes that could be done more efficiently?

If you are using Excel, it is almost guaranteed that productivity gains can be made.

The more efficient you are in your work and administration, the more days are available for you to earn more revenue.

How will you improve your productivity?

3. Customer mix analysis

Do you have some clients who pay less for your services than other clients?

If so, focus on your higher-paying clients and seek opportunities to take on more work from them and less from the ones who pay you less.

When taking on new clients, make sure that the rates you offer are in line with the current market. Don’t just offer your ‘old’ rates, especially if they need updating.

4 No Freebies

Make sure you charge fully for every job.

It’s easy for the scope of work to expand beyond what was agreed. In such cases make sure you charge for the additional work.

Did you ever go to a restaurant with the expectation of receiving an extra side dish for free? NO. It doesn’t happen. You get charged for what you ordered.

Don’t take on extra bits of work for free.

5. Increase your rates.

Inflation is real. Basic items for living (food and fuel) are all increasing in cost, so now is especially a good time where an increase in your rates can be justified.

Be transparent with your clients when informing them of an increase. Use the opportunity to increase the package of services you provide.

Emphasize the value that you provide to your clients.

Of the 5 tips to beat inflation, which ones will you implement?

What additional tips would you add?

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