4 Ways Freelancers Can Build Economies of Scale
As a busy solopreneur, I’m always looking for ways to do more with my time. Even better if I can do more in less time! That’s the premise of economies of scale – saving and/or generating more money while proportionately increasing production.
Big companies build economies of scale. They want to increase their output without taking on additional costs or investing more time and people resources into their business.
Since a freelancers’ most valuable asset is their time, and they can’t make more of it, how can they leverage the economies of scale model to increase revenue while keeping costs at a minimum?
Here is what 4 thought leaders had to say:
Hire Virtual Assistants
Automate Networking Calls
Investing in a Specialization
Schedule Work
Hire Virtual Assistants
One tactic I use to build economies of scale is to hire virtual assistants. As a small business owner and freelancer, I have a lot of different tasks to handle. Delegating some of those tasks to virtual assistants can help me scale my time. Hiring virtual assistants can help me focus on the tasks that I’m best at and that bring in the most revenue. This frees up some of my time to take on more clients and projects.
Matthew Ramirez, Founder, Paraphrase Tool
Automate Networking Calls
Freelancers depend greatly on their network. Tending to your network takes time - especially when it comes to setting up meetings. A very simple tip to reduce your time doing network admin is to set up a scheduling tool (like Calendly) so that people can choose times to meet and talk with you. Instead of going back and forth, you can simply send someone a link to your calendar and allow them to book a time to talk that works for them.
Hannah Ray, Life, Career + Business Coach, TAKE Coaching Amsterdam
Investing in a Specialization
Freelancers can maximize and scale their skill set by specializing in a certain field. This can help them build economies of scale and become even more valuable in the long run. The freelance space is getting more competitive by the minute. Freelancers must find a way to have an edge over others. Invest in expertise to make your freelance journey grow.
Michelle Siy, Content Writer, Oliver Wicks
Schedule Work
One way I build economies of scale is to have a set schedule for when I work. My schedule has three sections: morning, afternoon, and evening. In the morning I do research for my next project and make sure any outstanding tasks are completed. In the afternoon I work on new projects or client work. In the evening I do marketing or networking to find new clients.
I have found that by having this set schedule, I am able to get more done in less time because it gives me a clear idea of how much time each task will take.
Amer Hasovic, Content Writer, Love & Lavender