Recently, I shared the Law of Value and five ways you can apply it to your copywriting business.
Now, I want to introduce you to the second of the five laws outlined in The Go-Giver, a book by Bob Burg and John David Mann.
The Law of Value determines “your true worth by giving more in value than you receive in payment.”
The Law of Compensation determines your income.
The Law of Compensation
The Law of Compensation says:
“Your income is determined by how many people you serve and how well you serve them.” — The Go-Giver
Like the Law of Value, you can apply this principle to your copywriting business to set you up for success. Let’s look at five ways to do that.
1. Broaden Your Audience
One way to increase your income is to reach more people.
How many people you serve, how well you serve then, and how you make people feel all have a bearing on the impact you make. And that means they all affect your income.
You have many options when it comes to broadening your audience.
Perhaps you’ve established yourself in a niche. Are there other closely related niches you could reach and serve, as well? For example, if you write copy for alternative-health professionals, you may easily be able to reach out to and connect with chiropractors, giving you a broader audience and more potential to land clients.
When you offer copywriting services, you have only so much time available to work on client projects. But could you also create info products that would give more clients a way to benefit from your copywriting and marketing knowledge. That’s another way to broaden your audience.
Or, you could start a side business. One option is to build a money-making website around a hobby you enjoy or a topic you’re passionate about. That would allow you to offer value to more people in different industries.
The wider your reach, the greater your potential for impact and income.
2. Give Value With Every Project
As a copywriter in business for yourself, you probably have tasks you may not enjoy doing, such as marketing activities, administrative duties, or a project you’re struggling to finish on time.
How do you handle these tasks?
In The Go-Giver, one of the characters, Rachel, relishes every task, regardless of how she feels about it. She approaches each one as if she loves it.
Why? Because the quality of your work determines your impact.
Simply put, quality matters. And, your mindset when you approach the project affects the quality.
So, everything you write should be engaging and add value to your reader’s life.
For your own business, you want to create content your reader can relate to and easily apply in their life.
For your client, you want to do the same thing, while also helping them achieve the results they need for their business.
It takes effort, but giving every project the time and attention it deserves is well worth it. And, it will build your reputation as a digital copywriter who is reliable and consistently provides quality work. A solid reputation will have an everlasting effect on your success and your income.
3. Do Things That Feel Foolish
When you’re starting a new business, sometimes you may feel foolish. Like when you’re trying to build your email list or you’re writing blog posts for your unpublished website. It may feel like you’re writing to no one.
Your online presence, your audience, your list… these things take time to grow. If you don’t take the initiative to get started, that growth will never happen.
It’s important that you consistently show up for your business and write the blog post or email message anyway. Even if it’s to one person and that’s you or your mom.
Write it so it’s conversational, engaging, and provides value, regardless of how many people read it. When you make it a habit always to write good stuff, that sets you up for future success.
And don’t forget, the value you offer extends beyond the written word. It’s about understanding the needs of your reader, solving their problems, and helping them to take action.
When you have this mindset shift — from writing content because you’re “supposed to” to providing real value with everything you write — it can lift your business to new heights.
The only way your business will grow is if you do the things that make you feel foolish or uncomfortable, again and again… until they feel natural, and you realize you’re good at them.
4. Be Adaptable
In The Go-Giver, one of the characters, Nicole, nearly sabotaged a great opportunity because of her belief system.
Nicole looked around at the hard work her team was doing for a project to succeed and realized her own fears were holding them back. She thought about the impact the project would have on other people’s lives. And then, she worked to change her fear beliefs, so they wouldn’t get in the way of the project helping the people who needed it.
It can feel difficult to start a new copywriting business, especially if you’re coming from a different industry. It’s easy to allow fear, uncertainty, bad advice, and naysayers to stop you from living the writer’s life.
But, you have the power to be adaptable, not to allow anyone to stop you, and to change the limiting beliefs that are holding you back. It’s a choice you can make.
So, ask yourself, what’s a belief you have that’s keeping you from impacting others? Where did it come from? And, how can you let it go?
5. Build Strong Relationships
It can take time to land clients. And, sometimes a client’s situation may change, and you lose them.
It’s important to remember there isn’t a shortage of clients. They can be found everywhere. It’s a matter of connecting with people, taking an interest in them, and looking for ways you can impact them.
When you consistently provide your clients and everyone you know with value, it will have a ripple effect on your business.
People will take notice, when you genuinely care about their success and take the time to provide any help you can.
Having a reliable and strong network can amplify your impact… and that can amplify your success.
These strong relationships you build now can lead to repeat business, referrals, and collaborations. They can increase your influence and opportunities for more income.
Making an Impact
The Law of Compensation says that, when you increase your impact, you’ll earn more income.
So, what industry or skill will you add to your business to reach a larger audience?
Follow up with those you’ve been communicating with. Relish the opportunities to help them.
Write that newsletter to your email list, so it continues to grow.
Be kind and genuine to those you meet to build strong relationships that last. And continue offering value and expanding your impact. When you do, new and bigger income opportunities will follow.
Keep an eye out in the new year, when we’ll explore the Law of Influence and how it can change and shape your business for the better.
