Missing Revenue | Lifestyle of a Web Designer
Yesterday as I was enjoying a great conversation with my business mentor, he inquired about the three potential income streams with each client. Was I using a technique to place more revenue in my business, totally caught off guard. I needed to ask, what are the three potential income streams from each client. The answer was simple… Project. Residual Income. Referrals.
“Who you hang out with is a huge deal” – Gary Vaynerchuck
This is one, which should not need any definition. As you are working on a current project, the payment should be gathered either before, during or after completion of the project. Ideally you receive a down payment (before the project) and a final payment (before launch). The source of income is from the project. No need to expand on this concept of income. Someone is looking for a designer/developer…you are looking for work. You connect and decide on terms and expectations of the project with some monetary compensation.
Make sure that all projects are profitable. You should know the cost of all the items needed for the project. The theme, plugin, hosting, and any 3rd party service. You should know who much time is dedicated to the project and make sure you collect your value. That should be the cost of the project. Do not forget to pay yourself.
While you are working on the project, then explaining hosting, domain name, security, web site performance (speed, and security), and search engine optimizations can provide some residual income. These are not one shot deals. Typically it involves a monthly cost associated with each services. Most are need (hosting and domain name). Some are essential (web site speed, security, and search engine optimization).
Residual income is a great way to turn a short term relationship into a long term one. Give you the opportunity to solve pain points and grow with your client. Offers growth for you, as your client experiences pain points…and they will experience them. You can eliminate these pain points and get paid for continuing the relationships.
Remember these are needed services, if not from you. Your client will need to get them from someone else. Why not get these services from someone they trust. Make sure you offer these services to your client.
Referrals are the ones, which most of us forget. It is one of my ways to get your 2nd client. Asking a client for a referral is critical in the growth of your business. As I am venturing into a niche business of Start Ups and mid size business…my referral network is critical. It keeps my agency in front of potential clients. It allows someone else to be my mouthpiece. Give another perspective of work.
If you are looking to redesign your website, then feel free to fill out my planning questionnaire.
Image courtesy of Rawpixel.
JDS WebDesign is a Web Design and Brand Marketing Agency located in Marietta, Georgia. We create AWESOME on line presence for Start-ups and Influential People/Organizations. To learn more about us or how we can help you and your organization, you can contact us.