What I learnt from signing my biggest ever client and hitting $70K MRR aged 23.
Last week I signed my biggest ever retainer - It was over £6K/month and may rise to above 7 or 8 in the next few months.
My first one was £800/month 2 years ago.
These are the 7 most underappreciated lessons I learnt in those 2 years that you should know.
Whether you're yet to start, just starting out, or well on your way to signing 4 multi-4 figure retainers, this article is for you.
Before we jump in, if you'd like to listen to this article instead, you can do so here on my podcast 'Pocketsize Personal Branding'.
1. The difference between an £800 retainer and £6K retainer is simple:
- Solver bigger problems
- For bigger clients
- Then charge more
Most people are too concerned about how to add an extra £50 to their price.
Think about how you can 5x it instead.
2. Your personal brand is your greatest asset.
The number of people that know you, like you and trust you is a competitive advantage that you can leverage when you like.
Build and leverage.
This is a mindset shift the most successful people make.
3. Build a team of A Players
Bigger projects have higher expectations.
You need A players to help you deliver that.
Pay them fairly, give them responsibility and take care of their wellbeing.
Your job is to give them a platform to do theirs.
4. Put yourself in a position to ‘get lucky’
Get yourself out there.
Your network creates the best quality opportunities for you.
For context, the intro to this client came from someone I've known for 2 years, because I networked and made a punt on paying for their coaching.
5. Listen to understand
You can’t solve valuable problems without understanding your audience/prospect.
The better you understand them, the clearer it will become how you can help.
Ask questions, take notes and provide a solution.
Never forget: there’s a person behind that retainer!
6. Your identity and self-perception determine your success
I was unsuccessful for so long because I didn’t see myself as someone that was successful.
Once I convinced myself I was worthy of success, it all flowed in.
This isn’t woo-woo, this has nothing to do with spirituality, there is no ‘God’ involved in this.
This is real science mate…
7. Collect No’s
High fees require you to push boundaries.
I’ve had £3K, £4K, and £5K retainers rejected in the past.
But the more I’ve been turned down, the more I’ve landed.
Pitch things you’re uncomfortable with.
And as a final reminder…
Business is a game of value.
If the value you provide far exceeds the price you charge, you’ll go far.