One thing I’ve learned since leaving academia and starting my own business is that learning to generate multiple streams of income is important for your own growth. While providing excellent grant writing services to your clients is important, it’s also essential to think strategically about how you can increase your revenue. So, rather than just increasing your client base think about necessary ways to increase the services you provide to your existing clients. Here are five effective ways to increase your income and achieve your financial goals as a grant writing consultant.
1. Notice unmet needs your clients have
Work closely with your clients and develop a deep understanding of their needs. Take the time to observe if there are any unmet needs that your clients have beyond grant writing. For example, they may need help with writing annual reports or grant reports. If you have the skill set to fulfill those needs, propose offering those services to your clients for an additional fee. This not only provides additional value to your clients but also allows you to generate more income by offering additional services.
2. Send regular client satisfaction surveys
Keeping your clients satisfied is crucial to maintaining a successful grant-writing consultancy. To ensure that your clients are happy with your services and to identify areas for improvement, consider sending regular client satisfaction surveys, at least once a quarter. Some clients may not feel comfortable providing feedback directly, so offering them another means to share their thoughts can be helpful. Use the feedback gathered from these surveys to make necessary adjustments to your services, improve client satisfaction, and ultimately generate more referrals and repeat business.
3. Offer referral incentives
Your satisfied clients can be your best advocates and can help you generate more business through referrals. Consider offering referral incentives to your clients for referring new clients to you. This could be in the form of a specific dollar amount off their next invoice or a percentage of the project fees. Make sure to calculate the referral incentives carefully and offer rewards that you can afford. By incentivizing your clients to refer new business to you, you can increase your client base and generate more revenue.
4. Evaluate the cost of providing client services
It’s important to regularly evaluate the cost of providing your grant writing services and compare it with your fees. Calculate how much you are making per hour for different clients, especially if you are working on a flat rate or retainer that isn’t based on an hourly rate. Look for ways to streamline your work processes to increase your per-hour pay. If you find that you are not making enough, consider raising your prices or reducing the number of grants you write for the same monthly/quarterly retainer rate. Additionally, consider the improvements you have made in your services since you set your current pricing. Make a list of how you have improved and share it with your clients, letting them know that your rates will increase accordingly. You can also conduct regular reviews of the amount of money you have helped your clients obtain through grants you wrote and highlight the return on investment (ROI) they have received from your services.
5. Increase your pricing
Inflation and cost of living increases are inevitable, and as a grant writing consultant, it’s important to adjust your pricing accordingly. Review your pricing structure each year and consider increasing your fees to keep up with the rising costs of doing business. Be transparent with your clients about the reasons for the price increase, such as inflation and your commitment to providing high-quality services. By regularly adjusting your pricing, you can ensure that your business remains financially viable and continue to generate more income.
Remember, it’s essential to continuously assess and adapt your strategies to meet the evolving needs of your clients and the market. With a strategic approach and a focus on providing value to your clients, you can thrive as a grant-writing consultant and achieve your financial goals. You can learn more ways to build out your grant writing consultancy today in our Grant Writing Boss Club course. You will have access to a personal assessment of your needs and a 1-on-1 meeting to get you started on your growth journey. So, take action today and implement these effective ways to generate more money as a grant writing consultant, and watch your business grow and prosper.
