Building a Sustainable Container for Freelance Success
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Chapter 1: The Challenge of Waiting for Work
Experiencing downtime while awaiting freelance projects can be frustrating. The uncertainty of when and if work will materialize can lead to significant anxiety. This mental strain can drain your energy and potentially spiral into a negative mindset.
Instead of succumbing to worry, focus on constructing a robust framework for your business—one that can effectively accommodate incoming work and foster valuable relationships.
Section 1.1: Strategy and Planning
Dedicate time each week to envision the business you aspire to create. Techniques such as brainstorming and idealization can help you outline your goals. Follow this creative process with structured strategies: How can you actualize these aspirations? Regularly assess what strategies are effective, what needs adjustment, and what should be discarded.
A crucial aspect of planning is defensive entrepreneurship, which includes establishing safety nets to navigate inevitable challenges. Rachel Rodgers, author of We Should All Be Millionaires, emphasizes the importance of a "Money Church" routine—spending 90 minutes weekly to reflect on finances, confront limiting beliefs, set objectives, and devise solutions for income generation.
Section 1.2: Crafting an Ideal Schedule
Creating a practical schedule is essential for sustaining your freelance work. Your schedule should accommodate life’s various demands while ensuring you achieve your financial goals.
Start by considering a workweek of 20 billable hours. This leaves ample time to manage other responsibilities. Factor in vacation days, personal time, and the occasional "I don’t feel like working" day—self-employment should afford you flexibility.
For example, taking six weeks off results in 46 weeks of work at 20 hours per week, yielding 920 billable hours annually. Consider other time commitments, such as family or personal interests, when mapping out your ideal work hours.
Section 1.3: Establishing Your Ideal Rate
Determining your ideal hourly rate is intertwined with crafting your schedule. Understanding your worth is key to building a sustainable freelance business that meets your financial needs while allowing you to enjoy your work.
For instance, to match the U.S. median household income of around $67,000 per year, you would need to charge approximately $72.83 for each billable hour, based on 920 hours of work. However, if you factor in benefits typically provided by employment, you might need to aim for about $98.91 per hour.
Section 1.4: Creating Effective Systems
When workloads are light, take the opportunity to develop systems that enhance your workflow. Establish checklists for routine tasks, document your processes, and routinely assess their efficiency. Are your systems serving you well, or are they merely adding to your stress?
Section 1.5: Establishing Rules of Thumb
In addition to systems, consider creating personal guidelines to maintain productivity and sanity. For example:
- If I encounter unexpected interruptions, I will…
- When I foresee missing a deadline, I will…
- If a client raises a concern, I will…
Section 1.6: Managing Administration and Finances
Streamline administrative tasks such as correspondence, billing, and tax preparation. Early investment in these systems will pay off when you eventually hire support staff. Understanding the basics of bookkeeping and accounting software is crucial—even if you plan to delegate these responsibilities later on.
Section 1.7: Nurturing Relationships
Invest time in cultivating relationships that are crucial to your business. Set aside dedicated moments each day for outreach and connection-building. If you find yourself in need of work, prioritize outreach during your most productive hours.
Consider embarking on a 30-day outreach challenge to reignite your workflow.
Chapter 2: Marketing Yourself Effectively
This video titled "Myth - If You Build it, They Will Come" discusses the misconception that simply creating a business will attract clients.
In "Why 'If You Build It, They Will Come' is BS in Business & Life," the importance of proactive marketing strategies is emphasized.
Section 2.1: The Importance of Marketing
How will you promote yourself and your services? Allocate time to discover what marketing strategies resonate with you.
Consider approaching marketing as a mix of daily habits, experimental tactics, and significant investments. Explore various angles related to your business and audience to tailor your marketing approach.
Section 2.2: The Role of Free Services
While "free" is not a sustainable business model, strategically offering free services can catalyze growth. For instance, the "Coach 100" strategy encourages you to coach 100 individuals for free to build a reputation and gather referrals, ultimately establishing a paid practice.
Section 2.3: Prioritizing Self-Care
Self-care is a vital component of your business framework. Prioritizing your physical, emotional, and mental well-being ensures you remain energized and capable of delivering quality work.
Establishing a solid self-care routine not only enhances your sense of worth but also sets a standard for how others treat you. When you prioritize your needs, you are better equipped to foster a thriving business.
In conclusion, by building a well-structured, sustainable business container, you prepare yourself for the work that is sure to come.
Sharon Woodhouse is the founder of Conspire Creative, which offers strategic collaboration services for authors, including coaching and project management. Subscribe to her email list for insights on author business strategies and personal accountability.