The traditional job forces us to be reliant.
When you work for someone else, they look after you. Your income has already been taxed, your 401(k) has been boosted, and your firm has even purchased life insurance. That kind of HR person reminds you of the open enrollment deadline.
The company counsel is in charge of the cease and desist order. Your manager establishes your objectives and “develops” you to achieve them.
They also have a say in what you do, how you do it, and how much you’re worth. You must be in a specific location at a specific time. Even if you don’t, you must work a particular amount of hours or finish a certain number of deliverables in order to receive a paycheck.
And your remuneration is what they determine to be “fair” compensation for your contributions to the total product or service.
Because of this acquired dependence, when people start working for themselves, they frequently don’t completely understand how to use their newfound independence or manage the various duties that come with having a business.
Starting to take care of yourself AND breaking away from the social indoctrination that determines the linkages between time and money, “hard work,” and “rest” is a fundamental mentality adjustment.
In a world where the vast majority of workers never work for themselves, you must learn how to be a boss.
Solopreneurs, in particular, become trapped in an employee mindset since they frequently do not consider themselves “genuine enterprises” just because they are a one-person show.
This causes individuals to undervalue their work and time, trapping them in the same cycle of overwork and underpay that they experienced when they worked for others.
The world requires you and your one-of-a-kind skill set. However, unless you are also a marketing expert, project manager, business strategist, website designer, HR expert, accountant, and lawyer – all at the same time — you will have to learn new skills and wear multiple hats.
Now, I’m a huge believer in delegating/hiring specialists when it makes sense, but you probably won’t have the means to do so all of the time. Even if you do have the funds, it is up to you to determine what you require, identify the proper individual, and integrate them into your organization.
Be prepared to roll up your sleeves and constantly learn new things in order to keep the lights on and the doors open.
You Hold the Purse Strings and Fill the Purse
When you have complete control over the money that allows you to live your life and the time it takes to make it, you think about it in new ways. When you work for someone else, you may not even be aware of how much they charge for the finished result and how your time fits into it.
As a business owner, you must charge enough to cover not only your time but also your overhead, taxes, perks, PTO, and everything else that goes into running a company.
One of the most common mistakes freelancers make is charging the same fee they did when they worked for someone else. You’re no longer an employee; what you were paid as an individual contributor won’t be enough.
This is crucial for solopreneurs. You may have significantly lower overhead than a larger company and hence justify hourly prices that do not include the costs of running your one-person business. A one-person business is still a business, and your customers should treat you as such.
You Understand Your Worth and How to Ask for it
This is true for all people, not just business entrepreneurs. Our society has built a stigma surrounding freely discussing money and pay, which ultimately reinforces power structures in which people are paid less than they deserve.
When you work for someone else, you have the luxury (or crutch) of solely discussing compensation with your supervisor. When you work for yourself, you must be extremely clear about your worth and become comfortable discussing money with others (customers, personnel, and other freelancers) on a frequent basis.
You Decide What You Want to Do And When You Want to do it
You gain flexibility and control over your work and life in exchange for increased responsibility. When you’re used to having other people tell you what to do, this can be difficult to adjust to. This adaptability necessitates careful consideration of your priorities.
Many new (and not-so-new) freelancers find themselves doing the same tasks they did when they worked for someone else, even if they despise them. When you’re the boss, you have to plan your time, revenue, and company model carefully to ensure you’re doing what you love. That’s right — LOVE — because if you’re going to despise your job, you might as well do it for someone else.
You Grow Yourself
To be successful and obtain the top rates, you must be excellent at what you do. You must also be able to pivot swiftly and pick up new skills on the fly and new freelancers must have a system in place for setting and achieving their own goals.
You are the one person responsible for “growing” yourself and your company into version 2.0. Working for others perpetuates the misconception that only an outside perspective can show you what needs to change.
While an outside perspective might be beneficial, you ultimately know when something isn’t working and have the capacity to alter it, whether that means taking a course, hiring a coach, or obtaining a new certification. When you’ve chosen what needs to change and take the required actions to make it happen, the payoff is far greater.
You Choose When to Work and When Not to Work.
We’ve been indoctrinated that effort equals virtue/worth/value and that idleness equals laziness/indolence/inadequacy.
When people first start working for themselves, they frequently find it difficult to think outside the 40-hour workweek and eight-hour weekday. Even if you’re financially secure, you still feel bad when you have a day (or hour) with nothing to do.
This might lead to people trying to fill their days with work even when they don’t need the money or pricing their job in such a way that they have to labor constantly to make ends meet.
You get to adjust the relationship between time and money when you’re the boss; you get to pick how many hours you work in a day, week, or month.
Do you want to work a 20-hour week and yet make the same amount of money? Make the calculations and price your contracts accordingly. Of course, all of this must be supported by knowing your worth and designing your business model around your life, not simply your cash account.
Sometimes we chase a full workload because it validates us, not because the money would make a difference in our life. When you work for yourself, you can choose to rest without feeling guilty about it.
On the other hand, you can choose to work your tail hard for a while in order to take a lengthy vacation or retire early.
That’s the beauty of it: you get to select, and the outcomes are ultimately yours. Those days you worked your tail off went straight into your bank account, retirement fund, or business, not someone else’s.
Working for myself has been one of the most rewarding experiences of my life. It saved me on so many levels and provided me with a route to a fulfilling life that I would not have found otherwise. But, unfortunately, it isn’t for everyone.
Having unlimited control over your time, career, and life seems fantastic until you realize how much responsibility that entails. Working for yourself is not the easiest way to make money, but it is the best way to achieve freedom if you are prepared to put in the effort.
Source: Freelance Union
Flexgigzz is the Asia leading marketplace for freelancers service and together with SOHO Learning Hub which is an online platform for short courses and both of them aims to be the number one provider in Asia. For growth industries such as E-Sport Authority which is dedicated to providing independent media coverage to all E-Sport News related from around the world and for the art world, there is Atelier Auction which is an investable art auctioneer and being in the art scene for decades.