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Obviously, he needs more sales, which means he needs more prospects and leads coming into his business which can be converted to sales, because not every lead will turn into a paying customer.
A couple things to consider here. First, your friend is a perfect example of a person with a great skill who thinks they can also run a business. As he has discovered, it’s not so easy to “run your own ship.” A mentor or a Business Coach could help him turn things around, but the focus has got to be on sales, which is something many creative people are not good at.
There is a lot of competition in the design and marketing category. What are his strengths? Is it logo design or web development? Pick a niche, get a lot of testimonials from happy and satisfied customers, and go back to old customers and ask for referrals.
The good news is that in a professional service business, you only need ten to 15 clients all generating $1,000, $2,000 or $3,000 each to produce enough cash flow to sustain operations and start growing the business.
Target 1000 companies, meet with 100 and get ten clients. Those are the types of numbers your friend needs to consider, as those are the types of averages that lead to new clients in a professional services business.
At least now, he will have an idea what he needs to do and the type of effort it will take to sustain his operations and grow … hopefully that will make his decision either way a lot easier.
