In this episode, we delve into the impressive success story of Bridget Lomax, founder and principal of WordSource. Bridget joins us to discuss how she secured an astounding $89,000 in her grant writing business within just eight months, using a strategic approach focused on retainer-based pricing.

Bridget will share her journey from feeling uncertain about raising her rates to confidently pricing her services, all with the support of our specialized academy. She’ll also reveal how the consistency and financial stability of retainers have transformed her business, allowing her to meet her financial goals, sustain her household, and even take well-deserved vacations.

Stay tuned as we dive into how Bridget leveraged her extensive experience in creating grant proposals and utilizing AI, overcame the challenges of shifting priorities in grant funding, and empowered herself to operate not just as a freelancer, but as a thriving business owner. Plus, we’ll touch on how outsourcing can save valuable time and discuss strategies for growing your client base and scaling your business.

Whether you’re a seasoned grant writer or just starting your journey, this episode offers invaluable insights into structuring your business for success, building financial resilience, and positioning your services to appeal to a diverse array of funders. Let’s get started!

What you’ll learn in this episode:

1. Transition to Retainer-Based Pricing: 

Bridget learned about retainer-based and value-based pricing through the academy, transitioning from hourly work to retainers, which created more financial stability and consistency for her business.

2. Client Preferences for Retainers: 

Bridget emphasized that clients also prefer the retainer model for its flexibility and predictable access to her services, allowing them to know the budget monthly rather than tracking hours.

3. Setting Higher Rates with Confidence: 

Participation in the academy helped Bridget rethink her skill set, raise her rates, and gain confidence to assert her value, leading to positive client feedback despite initial discomfort with higher prices.

4. Business Systems and Professional Development: 

Bridget discussed the importance of structured business systems for scaling her business without overworking and highlighted the return on investment from professional development commitments, including the academy’s resources.

5. Outsourcing Tasks for Efficiency: 

Advice from the academy led Bridget to consider outsourcing tasks like meal prep and cleaning, which freed up her time to focus on business growth, contributing to her financial goals and improved work-life balance.

About Bridgett Lomax

Bridgett Lomax is a seasoned philanthropy professional with 20 years of experience in corporate and foundation fundraising, proposal writing, grants management, and program development. She has worked with nonprofits across various sectors, including arts and culture, immigration, entrepreneurship, workforce development, violence intervention, economic justice, and education. Bridgett’s expertise has helped organizations secure over $10 million in funding to support their missions.

In her roles as both a consultant and director, Bridgett has led and managed teams of fundraising professionals, guiding them in developing and executing successful corporate and foundation funding strategies. She has also overseen capital campaigns and programmatic funding efforts, ensuring organizations achieve their goals.

Connect with Bridgette:

• LinkedIn

Quotables:

“Finding Independence: I took a little break from my business in August of last year, But I quickly realized I really want to be in the independent space.” – Bridgette Lomax

“Empowerment through Financial Stability: I feel very empowered in a way that I hadn’t before. I feel confident that I can remain in the space.” – Bridgette Lomax

“Professional development is essential. It’s something that you just have to budget.” – Bridgette Lomax

Resources mentioned in this episode:

• Register for the upcoming free and new webinar on October 15th, 2024: “How to Create a Profitable Grant Writing Business with Little to No Experience: https://grantwritingandfunding.com/academy-webinar 

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