If you run a service-based business like yours truly, one of the more underrated, but crucial “skills” to have is knowing when to fire certain clients or when to keep them.
Now, I’m still not the best at this. Some bad clients still slip through the cracks. But I’m getting much better at it, and as a result, you’ll also get better at it too.
Why is this so important?
Well, you have a limited amount of time in your day. The more time these problem clients consume with their hand-holding questions, repetitive meetings, or any other time-consuming activity they read in their Time Vampire newsletters the less time you have to create. To make money. And to serve your best clients to the best of your abilities.
Not to mention, time is your most valuable asset. And when you spend a good portion of your free time in meetings, you have less time to spend with the most important people in your life.
So how do you figure out the exact time to fire clients?
Let me tell you through a story:
About 18 months ago, I decided to briefly try a new niche: Real estate professionals.
Well, they have more liquidity than most ecom brands. And so, I thought it’d be a good way to diversify my business.
I was wrong.
Despite having more money (or more perceived money), these people were far more broke than the ecom brands I reached out to and worked with.
They had a scarcity mindset, and this made it damn near impossible for me to help them grow their business. Nobody can grow your business if you can’t grow your mindset.
But I landed one client through this new play I had going on. And he’s been quite a good client—we’ve only met a few times in the 18 months of working together, he almost never emails me, and he pays his invoices on time.
But I also know it’s time to fire him.
Last week, he reached out to me for a new drip email sequence. The last one I wrote for him happened 18 months ago (and the work I do for him now is much simpler than writing an entire new welcome series that unlocks conversions with every email).
I told him that I raised my prices since the last drip sequence I wrote for him.
Annnnnnnd he told me that my new prices were out of his budget.
Now, I don’t believe this for a second. This guy’s had a successful career, and I know that my fees are an investment, not a cost.
The real reason he thinks my fees are out of his budget is because he’s infected by a scarcity mindset. He told me that he’d try to do it himself… which proves to me that a scarcity mindset dominates his business. Because, in other words, by doing it himself he’s telling himself that his time isn’t worth my fees.
And you know what?
He’s not wrong.
Because he has a scarcity mindset…
Doesn’t realize his most valuable asset is time, not money…
And would rather spend his time on something that creates less money on the backend then shelling out a few shekels for something that will lead to more conversions and, yes, money, even after subtracting my fees from the equation.
When he told me this, I knew it was time to fire him.
Which brings me to the point:
The best way to know the EXACT moment when you should fire someone is by raising your prices.
The bad clients will naturally weed themselves out, while your best clients will be happy to pay your higher fees. It also works as a form of social proof… Because you can’t justify higher prices without actually being good at what you do.
Looking for an email copywriter who has raised prices multiple times (and clients are still happy to pay because I bring them so much more moolah in return)?
Hit reply, and let’s chat.