📈 Take a hike

Happy Thursday! Meta just reported its first ever revenue decline year-over-year since going public in 2012. Choppy waters lie ahead — potentially including a wave of layoffs. More on that below.

Mentioned in today’s newsletter: Facebook, Google, Instagram, TikTok, and the Federal Reserve. Plus the secret to hitting 10k/m with as few clients as possible, a time-tested solution to creative fatigue, and our most effective list building tactic.

Estimated reading time: 4 minutes and 4 seconds

Making the Rounds

  • Federal Reserve raises interest rates by 0.75%. The rate hike is an effort to bring down rising inflation without triggering a full-blown recession.
  • Facebook may cut up to 10% of their workforce this year. Looks like Spotify isn’t the only one who may be forced to slash headcount this year: according to Insider, Meta is planning to do the same.
  • Google reveals many Gen Z’ers prefer searching on Instagram or TikTok. Internal company research revealed close to 40% of 18 to 24-year-olds prefer not to Google stuff in the traditional sense. They’re turning to their favorite social networks instead.

Working With Clients

The Secret to Hitting 10k/m With as Few Clients as Possible

For most freelancers, hitting 10k per month is their first big goal.

So what’s the easiest way to get there?

Recurring revenue.

Look to find clients who have an ongoing need for your services.

-For copywriters, this could be writing emails and/or managing the list

-For media buyers, this could be managing paid ad campaigns

-For graphic designers, this could be producing ad creatives

-For remote sales reps, this could be setting appointments

Now copywriters and graphic designers may have to work a little bit harder on this…

Because one-off projects are much more common in those lines of work.

But media buyers and remote sales reps have recurring revenue basically built-in to their job descriptions.

And by focusing on recurring revenue…

It only takes:

– 5 clients @ 2k/m

– 4 clients @ 2.5k/m

– 2 clients @ 5k/m

… to hit 10k per month.

 Another way to hit 10k/m faster is to negotiate performance-based compensation.

This is typically a percentage of sales generated by your work.

For example:

– Copywriters may get a % of gross revenue

– Media buyers may get a % of monthly ad spend

– Remote sales reps may get a % of cash collected

Now, performance-based components are much more common for some high-income skills (copywriting, media buying, and remote sales) versus others (graphic design).

But no matter which skill you choose…

Performance-based compensation requires a strong foundation of trust.

No client will agree to share their profits without it.

So keep this in mind as a goal to work toward…

But don’t come out guns blazing and ask for a percentage of gross sales right away.

You should have no trouble hitting 10k/m without it.

Working For Yourself

SPOTTED: Creative Genius Working on the Next Big Idea

Struggling to come up with a creative solution to a work problem?

There’s a reason why famous thinkers like Darwin, Einstein, and Nietzsche used daily walks to stimulate their creativity.

Next time you’re feeling stumped, try this:

STEP 1: Direct your mind to find a solution

STEP 2: Go for a walk

STEP 3: Get back to work & request the solution

What you’ll find is that your subconscious mind continues working on the problem, even after you’ve shifted your active focus away from it.

Tools We Love

1,518+ New Subscribers From a Single Tweet?

Twitter’s been our #1 growth channel since we launched in late March.

And there’s one specific type of tweet that’s proven to be insanely effective for attracting more engagement, followers, and subscribers:

The auto-DM.

This simple tweet follows a “2-step” structure where you tease a piece of content (video, template, cheat sheet, checklist, etc) and then ask people to like, comment, or retweet to get it.

Here are some recent results from our last couple auto-DMs:

-1,041 RTs and 623 subscribers

-393 RTs and 187 subscribers

-936 RTs and 127 subscribers

-697 RTs and 269 subscribers

All told, we’ve added 1,518+ subscribers to our list with this one type of tweet.

Now you can manually reply to all these people to deliver the content, of course…

But we prefer to use TweetHunter instead.

Why?

For one, it puts the “auto” in “auto-DM” — so you don’t have to do anything manual.

It’s got a ton of other features we love too, including:

– Tweet and thread scheduling

– Native image editor

– 2M+ viral tweet library to use for inspiration

– Auto-plugs and auto-retweets

– And a whole bunch more

Bottom line:

If you’re looking to grow your audience (and your business) on Twitter as quickly as possible…

TweetHunter is exactly what you need.

Click here to try TweetHunter for free

Gig Alert

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

Quote of the Day

“The more advocates you have, the fewer ads you have to buy.”

— Dharmesh Shah

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