Unlocking Success as a Freelancer

For many people, freelancing offers a greater level of freedom in their lives. Freelancers get to work for themselves, set their own hours, pick their clients, and if they like, travel the world as they work. However, unlocking success as a freelancer requires a certain mindset and a great deal of determination. So before you take the leap and become a freelancer, it’s important to weigh the pros and cons. 

Here are some things to consider….

What are the common freelancing fails?

It is important to be aware of the things that can limit your success before you decide to become a freelancer. There are common failures that are much easier to plan for and overcome when you are aware of them. 

One of the biggest things freelancers lack is the systems and processes that build success. Freelancers often become freelancers because they want to do things their way. Unfortunately, that need for freedom can cause avoidance of the essential business structures that are required for success. Without these structures, it leads to issues like:

• A lack of organization
• Invoicing and payment problems 
• Time management and workflow difficulties
• Financial mismanagement 

While it may feel confining for some people, having (and consistently working) specific systems and procedures will set a freelancer up for greater success.

Finding new clients is a challenge that all freelancers face. Word-of-mouth marketing is powerful, but if your marketing plan primarily depends on other people for referrals, it can be a recipe for disaster. This is particularly true if you don’t have systems that make it easy for people to refer you. A freelancer needs to bring in business consistently, and that requires a dedicated effort to meet new people by networking, as well as other ways of marketing themselves. 

Setting time each week for marketing, connecting with old clients, and for networking to find new clients is an absolute must for freelancers who want career growth in their field. 

Failing to stand out is another problem some freelancers face. When there are people who have similar products or services, a prospective client will most likely go with the cheapest option. Competing on price in this way will cause cashflow problems leading to financial difficulties. This is why a freelancer must clearly understand their competitive advantage and be able to confidently articulate the things that make them different, thereby making their offering more valuable. 

For example, there is an attractive difference between a writer who says they have 10 years of experience and a writer who says they have 10 years of experience in the construction industry. While this is extremely generalized, even this small differentiation makes the second writer far more valuable to someone in that specific niche, which will help to bring in more clients. 

What makes a successful freelancer?

Beyond addressing the common fails we mentioned above, a successful freelancer must also:

Understand their true value. The value a freelancer brings and the amount they can charge for their work are directly correlated. The higher the value, the higher the pay for the job, which means the greater longevity a freelancer will have in their business. 

In our example above, a freelancer with 10 years of experience in the construction industry, has a greater understanding of how it works, and because of that, can provide better solutions for client relations or deliver marketing copy tailored to clients’ desires. That is extremely valuable for a business in that niche. 

The better a freelancer is at understanding their true value and how they create value for their clients, the more successful they will be.

Learn how to price and invoice appropriately. Once a freelancer understands their value, they must be able to translate that into a price that allows both the freelancer and the businesses they serve to thrive. Wherever possible, a freelancer must get past the straight exchange of time for dollars. Instead, they must consider the overall value of the product delivered and charge clients based on that value, making their business more profitable.

When it comes to invoicing, each freelancer must decide on the types of invoices and system(s) they will use. A few examples are:

• Advance payment invoicing – A portion is charged upfront before work is started. Then the rest upon completion.
• Milestone invoicing – Charging is done at specific stages of a project.
• Recurring invoicing – Clients are invoiced weekly or monthly for ongoing services.

It’s also important to determine the payment term of the invoicing because this directly affects the cash flow for the freelancer. The closer the payment is to the issue date of the invoice, the better off it will be for the freelancer’s finances. 

Additionally, a freelancer must set aside time to follow up on outstanding payments when it is necessary, to minimize losses.

Determine how they can create a disciplined work schedule. Each freelancer is different and must decide for themselves how they will dedicate focused time to work in, and on, their business. Both are critical for success. 

• Time blocking
• Calendar scheduling 
• Daily/weekly priority setting
• Time tracking

These are all effective ways a freelancer can become disciplined and use their time more effectively within their business. 

Schedule time for rest. It is easy for a freelancer to burn out because they are overworked. Taking time away from work and dedicating time for self-care is just as important as being disciplined. Rest will energize the body and mind and boost creative thinking – which are elements for success as a freelancer. 

The steps for unlocking success as a freelancer are very similar to the steps for unlocking success as a business owner. The better you understand the Essential Components of a Successful Business, the easier it will be to build a profitable business that you love! In this online course, I share the strategies I have personally used to build several multi-million-dollar global brands, so you can do it too! 

CLICK HERE to learn more about the Essential Components of a Successful Business now!