February 25, 2021

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How to Land Lucrative Projects from Day One – 5 Tips for New SMBs

5 min read

When you’re launching a small business, you need to have a general plan regarding the type of projects you want to work on.

If you scatter your ideas and energy to too many projects and clients, you won’t be able to implement the agreed features on time. This is even more obvious if you want to work alone, i.e. without hiring employees.

So, having a rough plan on these projects will ensure that you focus on the projects that you’re qualified for, without accepting anything that comes your way. Here are some planning tips to help you work on lucrative and attractive projects.

1)     Intensive networking before the launch

Starting a new business without an agreed set of projects and a defined pool of clients is a mistake. If you’re going to wait for your first project without any pre-arrangements, you might close your business before actually landing the first project.

That’s why it’s important to work on intensive networking prior to the launch.

For starters, contact your old clients, i.e. the ones you collaborated with while working for your previous employer. You can send them an email in which you’re going to inform them that you’ve gone your own way and offer your services.

In addition to that, you can connect with such business entities on social media. When you’re starting a new business, LinkedIn is a practical business network for new SMBs.

Apart from that, you can generate potential new clients via networking on LinkedIn. The more relevant connections you make, the more likely it is that you’ll form a group of clients before you register your venture.

2)     Spreading the word about your venture

Closely related to the previous paragraphs, new SMBs who want lucrative projects from day one need to spread the word about their enterprises.

Business pages on social media are the first pick on this draft. In addition to the LinkedIn business profile above, every serious modern business has a Facebook page, as well. Facebook is still the most influential network in the world, so presenting your business there is a must. What’s more, there are numerous ways of targeting clients on Facebook, so you should use these options to make your business more visible.

3)     Building a strong portfolio

Social media profiles will be beneficial in terms of stronger online presence and marketing.

But when these pathways raise the interest of potential clients for your business, you need to convince them that your business is the best choice for their needs. In that light, it’s crucial to build a strong portfolio of your previous projects, former employees, your strengths as a business owner, and your professional qualifications.

This is where a business website comes on stage. Even though you’ll certainly share some of this information via social media, this is only the first step of your online business marketing. As explained by the design experts from a Houston digital company, launching a website will make your business look more professional. Also, you can share the data about your experience and qualifications in a more detailed way there.

The more relevant information your share with potential clients, the more relevant business owners will be interested in working with you. What’s important here is the word relevant: you don’t want to generate any leads, but your goal should be to target the most successful enterprises in your niche.

4)     Registering on relevant project platforms

If you’re planning to land projects and clients on a global scale, think about registering your business on freelance platforms. They’re equally suitable for solopreneurs and companies, and they can represent a valuable source of lucrative projects and productive business relationships.

The first choice of many SMB-owners and freelancers is Upwork. As the most populous freelance platforms in the world, it potentially offers the largest number of options. However, the fact that it has so many registered users has affected the rates on this platform. While it might be a useful starting point, you might not land lucrative projects there for some time. Still, you can find some experienced and qualified business professionals there to hire them to work on your projects in the perspective.

If you’re aiming at more powerful business players, Remote OK and Toptal should be among your first choices. They’re mediators between top companies and top business professionals.

What’s important here is not to register on too many places because that will be chaotic for your daily business operability.

5)     Making estimations for new projects

Now that we’ve discussed the key steps and places for landing potentially lucrative projects, let’s talk about projects themselves.

Once you start negotiations about a certain project, make sure to be transparent from day one. If you give too tight deadlines and fail to meet them, you’ll lose your client’s trust. Similarly, if you accept something that you don’t know how to properly complete, your business will look like a scam.

Therefore, always make an estimate before you accept a project. This should include the costs of the project, the number of hours you’re planning to spend on it, the deadline (always give yourself more time than necessary), and the potential input from the client.

When you approach every project in such a professional way, you’ll leave an impression of a committed and experienced business owner who knows what they’re doing. As a result, top business players will be more inclined towards establishing business cooperation with you.

Starting a business without agreed projects is a game of chance. Even though some SMBs take their ventures off without any pre-arranged agreements, it’s recommended to launch a business only when you already have several clients and/or projects. If you want to be successful from day one, concentrate on the most successful companies in your industry and target them. Landing one top-tier client will mean more for your business than dozens of small players. So, focus on the bigger picture and your business perspective, while applying the strategies and tips from this guide.