Need advice on decision making: Freelancer tries Fastlane approach

[circleme]

Hi guys

thanks right away for the incredibly valuable input so far for me through this forum. I had another one of those nights today where I couldn't turn my brain off and the topic has been haunting me for a while now without me making a clear decision. Vlt. you can help me or it was already someone in my situation.

What is it about?

I have been working as a SEM freelancer (now focusing almost exclusively on SEO) for several years. Up to the point where I read TFM, this was a relatively successful and meaningful endeavor for me. But now, of course, I strongly question the time vs. money construct and am about to go in the direction of FASTLANE. Currently, I finance my entire livelihood with my freelance work and have built up a small but fine customer base over the years. This takes a lot of time, but there is still enough time left for another project, or not? This is exactly where my pondering starts. In the TFM book MJ described that it would make more sense to concentrate on one thing instead of several. I'm convinced of that, too, but my starting situation for "focus on one thing only" is not exactly favorable. I personally would like to get away from SEO freelancing, of course, but I am currently dependent on the income generated by it. It currently takes away about 3 days a week from me. I could theoretically cut it down to one day of work to focus on my FASTLANE business the rest of the week. Of course, this would drastically reduce my income and I would also have to cancel some clients, but it would be worth it to me.

How would you act in my situation? Reduce the hours to a minimum to concentrate the rest of the week on my FASTLANE business? Introduce a weekly split? (e.g. 3 days SEO, 3-4 days Fastlane project) I have already noticed in the past that I never found it useful and efficient to do several things at the same time. Also, I'm a bit worried that the opportunity cost will be too high if I invest too much time in SEO (whose Fastlane capabilities are also available somewhere, but very limited imho) and not in my Fastlane business (which more or less complies with almost all CENTS criteria).

Maybe I'm just thinking too much about it. Currently I'm just working non-stop, but I'm aware that this won't change in 1, 2, 5 and 10 years if I don't go towards Fastlane. And one more thing: I'm ruling out the Agency option for now, should anyone suggest it.

Thanks for your input

 

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[MJ DeMarco]

Maybe I'm just thinking too much about it.

Sounds like you are.

I got my start the same way you did. I focused on freelancing to pay bills, and my Fastlane business for the long-term game.

I found a way because the long-term was more important than the short-term.

It's a balancing act that as you start walking that rope.

Give you have a Fastlane-worthy venture worth investing in, you should phase out/in.

Example of workload...

90% freelance 10% Fastlane (idea?)
85% freelance 15% Fastlane (valid?)
75% feelance 25% Fastlane (sales?)
50% freelance 50% Fastlane (growth?)
100% Fastlane (scale?)

 

[Andy Black]

Hi guys

thanks right away for the incredibly valuable input so far for me through this forum. I had another one of those nights today where I couldn't turn my brain off and the topic has been haunting me for a while now without me making a clear decision. Vlt. you can help me or it was already someone in my situation.

What is it about?

I have been working as a SEM freelancer (now focusing almost exclusively on SEO) for several years. Up to the point where I read TFM, this was a relatively successful and meaningful endeavor for me. But now, of course, I strongly question the time vs. money construct and am about to go in the direction of FASTLANE. Currently, I finance my entire livelihood with my freelance work and have built up a small but fine customer base over the years. This takes a lot of time, but there is still enough time left for another project, or not? This is exactly where my pondering starts. In the TFM book MJ described that it would make more sense to concentrate on one thing instead of several. I'm convinced of that, too, but my starting situation for "focus on one thing only" is not exactly favorable. I personally would like to get away from SEO freelancing, of course, but I am currently dependent on the income generated by it. It currently takes away about 3 days a week from me. I could theoretically cut it down to one day of work to focus on my FASTLANE business the rest of the week. Of course, this would drastically reduce my income and I would also have to cancel some clients, but it would be worth it to me.

How would you act in my situation? Reduce the hours to a minimum to concentrate the rest of the week on my FASTLANE business? Introduce a weekly split? (e.g. 3 days SEO, 3-4 days Fastlane project) I have already noticed in the past that I never found it useful and efficient to do several things at the same time. Also, I'm a bit worried that the opportunity cost will be too high if I invest too much time in SEO (whose Fastlane capabilities are also available somewhere, but very limited imho) and not in my Fastlane business (which more or less complies with almost all CENTS criteria).

Maybe I'm just thinking too much about it. Currently I'm just working non-stop, but I'm aware that this won't change in 1, 2, 5 and 10 years if I don't go towards Fastlane. And one more thing: I'm ruling out the Agency option for now, should anyone suggest it.

Thanks for your input

You're very similar to me, except I do paid search rather than SEO.

I have some consulting clients that I charge more for and do weekly work for.

I have other clients that are all in the the same industry where I charge less but have more clients. So far this is white-labelled to agencies so I don't need to do any client acquisition or management. Once these are setup they're lower maintenance.

Then I have my own projects where I own the campaigns, websites, and lists that are built. The cool part is that I treat these as consulting clients.

I also have a bit of recurring revenue via a courses membership but am not focused on growing that.

Can you focus on growing MRR streams that are lower maintenance? Have the consulting pay the bills and don't grow that but grow the productised service and/or selling your own products?

 

[circleme]

I found a way because the long-term was more important than the short-term.

It's a balancing act that as you start walking that rope.

Give you have a Fastlane-worthy venture worth investing in, you should phase out/in.

Thank you so much MJ.

I think this is also just my old Slowlane mindset coming out again. Because at the end of the day, my brain thinks it's bad to have to cut back on a well-running freelancing "business" or maybe even say no to new orders so that I have more time for my Fastlane business.

I'll take your breakdown to heart, thank you.

By the way, I was able to find a really great quote on my topic from RHL:

Work two days, take 5 off to work on your fastlane, earn more money than you did working 5.

Now this is a more radical approach, but this one would be an option for me as well.

 

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[Andy Black]

Thank you so much MJ.

I think this is also just my old Slowlane mindset coming out again. Because at the end of the day, my brain thinks it's bad to have to cut back on a well-running freelancing "business" or maybe even say no to new orders so that I have more time for my Fastlane business.

I'll take your breakdown to heart, thank you.

By the way, I was able to find a really great quote on my topic from RHL:



Now this is a more radical approach, but this one would be an option for me as well.

Figure out how much time need to earn in two days to cover your bills, then how much consulting clients need to pay for the work you'd get done in those two days. Maybe you only have 4 clients at $X/mth. So now you know what to aim for.

 

[Arch]

Thanks for posting your perspective @circleme - I can really relate to the overthinking part keeping you up at night. I've had to stop reading just before bed because my mind is too fired up and I have no way to channel it.

I'm inspired that you're already working for yourself in the sense of freelancing and having your own clients. I've always taken the employed route, so to make enough off your own back to succeed is truly an achievement in itself. Don't feel like you have to look down on it for not being FL enough, to me you're already way ahead!

Your experience running yourself as your own business is invaluable and you're starting that process with your other idea for FL success. I'd say good luck, but FL success isn't built on 'luck' =)

 

[circleme]

You're very similar to me, except I do paid search rather than SEO.

Hi Andy, thanks for your valuable insights/recommendations. Yeah, I have already read a lot of your SEA-related threads. Awesome contribution btw!

So far this is white-labelled to agencies so I don't need to do any client acquisition or management. Once these are setup they're lower maintenance.

Interesting approach. Noted.

Then I have my own projects

That's where I am right now and struggling a bit with time management, but MJ already mentioned a time management option which makes sense to me. I will go a little bit "harder" and reduce the amount of freelancing hours.

Can you focus on growing MRR streams that are lower maintenance? Have the consulting pay the bills and don't grow that but grow the peoductised service and/or selling your own products?

I thought about this a lot. I was a programmer / software dev by profession before starting freelancing and thinking of combining this with my current SEO skills. Basically I'm looking to create a Micro SaaS in this area, even tough it's highly competetive with tools like AHREFs, SEMRUSH, MOZ, ... But yeah, that way I would be able to go the classic subscription-based route.

I could transition to productized SEO services as well, great point. I could create some packages on a retainer basis or something, true.

 

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[circleme]

Figure out how much time need to earn in two days to cover your bills, then how much consulting clients need to pay for the work you'd get done in those two days. Maybe you only have 4 clients at $X/mth. So now you know what to aim for.

Yes, I am already in the fortunate position of being able to cover these costs. I just have to cancel existing customers or downsize the retainer to get to fewer days per week. I'm aiming for 1-2 days for freelancing, the rest for my fastlane bizz.

Thanks for posting your perspective @circleme - I can really relate to the overthinking part keeping you up at night. I've had to stop reading just before bed because my mind is too fired up and I have no way to channel it.

Those things keep me up all night sometimes. But now I think I know what I have to do.

Don't feel like you have to look down on it for not being FL enough, to me you're already way ahead!

Thanks for your kind words. Really appreciate it!

Your experience running yourself as your own business is invaluable

Well, my experience currently doesn't have anything in common with a "business", it's like a better paid job, as I can set my own prices per hour. But it's a job at the end of the day. I own a job.

 

[Andy Black]

Create a Google sheet listing where you are currently with MRR. Then create one that's your ideal. Now you can let your overthinking brain figure out how to go from A to B.