💲 Massive layoffs at Shopify

Happy Wednesday! All eyes are on the Federal Reserve today, as they’re expected to raise rates in response to soaring inflation. The real question is — by how much? Too little and inflation could keep climbing, while too much could trigger a recession.

Mentioned in today’s issue: Shopify, Microsoft, and Meta. Plus 3 ways to get freelance clients without paid ads, 24 side hustle ideas, and only way to bulletproof your ad tracking.

Estimated reading time: 4 minutes and 36 seconds

Making the Rounds

  • Shopify plans to lay off 10% of their workforce. The company announced 1,000 workers will be getting their pink slips in an internal memo, according to the WSJ. Ouch.
  • Microsoft reports major slowdown in cloud, gaming, and PC market. It’s another sign consumers may be starting to spend less in anticipation of a coming recession. For what it’s worth: the recent slowdown didn’t stop the company from projecting greener pastures ahead (and sending the stock price back up).
  • Meta launches new Music Revenue Sharing program. The program will let creators (or rights holders) earn from videos that qualify for in-stream ads, as Meta continues to throw everything but the kitchen sink at creators in the hopes of staying relevant.

Working With Clients

3 Ways to Land Freelance Clients Without Paid Ads

Winning in business is all about momentum.

That’s why it’s so important to establish a consistent way to land clients.

Especially if you’re new to freelancing.

Now, there are three main channels you can use to get clients without spending money on ads:

1) Referrals & Word of Mouth

Referrals and word of mouth always make for the best clients.

They’re pre-framed to trust you because someone else has endorsed you or recommended you.

Which also increases your perceived value.

Asking existing clients for referrals (and potentially incentivizing them to do so with a referral fee or bonus) is a great place to start.

The only problem is, if you’re a new freelancer, you’re not really in a position to leverage this channel yet.

2) Cold Outreach

Cold outreach means sending messages to people you don’t know to see if they’d be interested in hiring you.

This is typically done via email or on social media.

But the problem with cold outreach is intent.

No one you reach out to has said they actually WANT what you’re selling.

So this is typically not the best option for new freelancers either…

Because the tools you need to convert cold prospects into clients (lots of credibility, testimonials and a bold, results-based promise) are not in your toolkit yet.

3) Freelance Platforms

Freelance platforms solve the intent problem.

Instead of going after ice cold prospects who may or may not even want the service you provide…

You’re targeting people who have demonstrated a need and are actively looking for the solution.

These are paying clients who are looking to hire someone ASAP.

That’s intent.

And if you’re a brand new freelancer, this is the best place to start.

Our weapon of choice is Upwork, but there’s plenty of others out there like Fiverr, FreeUp and Freelancer.com.

Pick one and go all in on it.

Working For Yourself

24 Side Hustle Ideas to Make An Extra $1,000 Per Month

Freelancing is one of the easiest side hustles to get started with.

There’s no overhead and you can spend as little or as much time on it as you want.

But once your freelance biz becomes your main hustle…

You may want to find a new side hustle to work on in your spare time.

We like to think of it this way:

Side hustles are stomping grounds for accelerating your skills.

Having skin in the game totally transforms the way you approach a project.

And if your end goal is to build something of your own…

It’s never too early to get started.

But there are a ton of options when it comes to picking a side hustle.

If you’re on the hunt for one that meets your criteria for both lifestyle and income goals…

Check out this article from Shopify:

[READ]: 24 Best Side Hustle Ideas to Make an Extra $1,000+ a Month

From The Paid Ads Gig

Let the Hate Traffic Flow Through You

Apple’s iOS 14 update detonated a bomb on browser-based tracking last year.

And the effects continue to reverberate through the industry…

Especially as many Big Tech companies like Snap, Twitter, and Meta report on their quarterly earnings over the past few weeks.

Now even though there’s plenty of SaaS companies who claim to have “solved iOS 14,” the truth is that the ad tracking capabilities we used to have ain’t coming back.

But the good news is…

There’s an old school strategy that can help you combat Apple’s anti-ad agenda:

Building separate funnels for each traffic source.

If you’ve only got traffic from one source (like Facebook, YouTube, organic, etc) coming into a specific funnel, attributing ROI is a cakewalk.

There is a bit more work up front to get this set up…

But as you (or your client’s) company grows, you’ll be glad you did it.

Gig Alert

Looking for clients? These freelance jobs were posted on Upwork in the last 24 hours:

Quote of the Day

“A brand for a company is like a reputation for a person. You earn reputation by trying to do hard things well.”

— Jeff Bezos