Running Your Freelancing Business Like a Boss

I read a social post the other day where the freelancer said, "I'm not a business, I'm a person who has to pay my bills." If you are writing for money, you are indeed running a business. I'm a firm believer that the more you step into the role of running your business like the boss you are, the more likely you are to build the business you want. Let's take a look at how you can run your business like a boss.

Adopt a CEO Mindset

As a freelancer, you're not just a service provider—you're the leader of your own business. This perspective shift is crucial. When you view yourself as a business owner, you make decisions differently.

Instead of accepting every project that comes your way, be selective. Consider long-term growth rather than just immediate gains. Invest in improving your skills, upgrading your tools, and marketing your services.

For example, a freelance graphic designer I know named Sarah used to accept every small logo design job she was offered. She hated it. Her clients never were difficult to satisfy, they always wanted much more than they'd paid for, and they constantly second guessed her processes.

During our coaching sessions, Sarah talked about the frustrations she was dealing with. We worked on a plan for how she could take control of her business so she would actually enjoy what she was doing again. Sarah changed up her client selection process and focused on the work she really wanted to do. Now, she carefully chooses her clients, focusing on comprehensive branding projects for startup companies. As a result, she's working fewer hours, only needs a couple of clients at a time, and she tripled her income.

Value Your Time Appropriately

If you're only charging by the hour, you're limiting your earning potential. Consider project or value-based pricing instead. This approach bases your fees on the value you provide to clients, not just the time you spend.

For instance, if you're a content writer, instead of charging an hourly rate, you might set a flat fee for a sales page based on its potential to generate revenue for your client. This way, your income isn't constrained by the number of hours in a day.

Efficient time management is also crucial:

• Group similar tasks together to complete them more efficiently
• Use automation tools for repetitive tasks like invoicing
• Be selective about non-billable activities, such as informal meetings

Develop Efficient Systems

As your business grows, you need organized systems. These turn your freelance work into a more structured business operation.

Consider your process for bringing on new clients.

Do you have a standard set of questions you ask? Do you provide a welcome package? Is there a clear schedule of what happens after a client signs on?

If not, you're starting from scratch with each new client.

Examine your work process as well. Do you have templates for common tasks? Do you use a project management system to stay organized? These elements can significantly reduce the time you spend on administrative tasks.

Create Multiple Income Sources

Many freelancers struggle to find consistent work. One solution is to diversify your income streams.

This doesn't necessarily mean learning entirely new skills. Instead, think about different ways to monetize your existing expertise. For example, if you're a web designer, you could:

• Develop and sell website templates
• Offer website evaluation services
• Teach your design process to others through online courses

This approach not only provides more financial stability but also makes your business more resilient. If one income source decreases, others can help maintain your overall earnings.

Prioritize Professional Connections

Building a strong professional network is crucial for your business. Your connections can lead to new clients, collaborations, and opportunities.

Networking doesn't have to involve attending formal events. Online networking can be highly effective. Participate in relevant online communities, contribute to industry discussions on social media, and maintain an active professional online presence.

Don't just promote your services. Provide value to your network by sharing insights, answering questions, and being helpful. This approach makes you a valued community member and can indirectly lead to business opportunities.

Remember that networking isn't just about finding clients. Connect with other freelancers in your field. They can provide support, advice, and sometimes even job referrals.

Commit to Ongoing Learning

The freelance industry is constantly evolving. New tools, platforms, and methodologies emerge regularly. To stay competitive, you need to keep learning and adapting.

Allocate time and money for professional development. This could include online courses, coaching, industry conferences, books, or workshops. Consider this an investment in your business's future.

Don't focus solely on technical skills. Soft skills like communication, negotiation, and time management are equally important for freelancers. Being skilled at your craft is essential, but running a successful business also requires strong business management abilities.

Conclusion

Managing your freelance business effectively isn't about working constantly or pushing yourself to exhaustion. It's about being strategic, recognizing your value, and building a sustainable operation.

It involves understanding the broader business landscape while also managing day-to-day details. It means maintaining professionalism while still letting your personality shine through. Most importantly, it's about creating a business that enhances your life, rather than one that dominates it.

By adopting these strategies, you can take control of your freelance business and guide it towards long-term success.