Hi all. I'd like to share the current state of my small business in hopes that those of you who have more experience may point out obvious actions I can take in attempt to expand.
Started an audio engineering business on the side in 2012. It wasn't until late 2016 that it became my full-time focus.
Currently, I find clients primarily via freelance platforms, mainly Thumbtack. For local clients in need of recording, I use a local, modest studio where the owner and I have an agreement set; he currently receives $25/hr from the $55/hr I charge the client. From time to time, the studio owner gives me sessions from artists that reached out to his studio. Sessions are typically 2-4 hours, sometimes longer.
For remote clients, or clients that only require post production work such as mixing and mastering, I work from home. I'm usually making $100-$400 from these projects.
For corporate clients who require a more professional aesthetic and environment, I book at a very prominent studio. The studio charges anywhere from $45-$75 an hour depending on room/equipment needed. Usually these types of projects involve podcast and audio book recording. I charge $65-$125 an hour to record. I charge the same rate for the mix/master, but mix with my setup at home to maximize project profit. These projects range from $300-$2000, but the +$1000 projects don't happen as often as I'd like. Maybe 3-4 times a year.
Seems like 20% tend to be corporate clients, the rest are musicians.
Dec/Jan are typically slow, but other than that I average $1200-2000 a month, which I'm fully spending on for rent and bills (both personal, and business subscriptions/hardware/software).
Have not been using our website (freelance platforms have been our primary funnel). Recently updated using Wix and currently advertising via fb paid targeted ads. Creating articles every now and then to keep the site fresh and help drive traffic. For my last side business I was able to get about 1600 followers on our business page in a year. This company, which I'm finding way more success but just started advertising, is currently only at 36. Should I pay/delegate someone to help with marketing and finding customers online?
Any ideas on how I can find clients outside of social media, search engine stuff, and freelance platforms? How can I secure more corporate clients?
I'm doing my own CRM updating and book keeping. When do I start hiring employees? Other engineers, or ppl for general management, admin, accounting etc. Is it too early to think about that, or required if I want to scale?
Two of my objectives: 100k net as soon as possible, and renting commercial space and opening my own studio. Is it practical to believe this can be done in 2-3 years, or should I slow down?
I'm just hoping you guys could play virtual business coach for a moment. Sorry for the wall of text.. thanks in advance
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