5 Things They Don’t Tell You About Starting a Freelance Business
I recently read a Medium story from a writer who was considering going freelance.
I got a mix of emotions from reading his story but was left feeling excited for him to start this new journey in his life.
I started looking back on my freelance business and thought it only fitting to write a story on the things they don’t tell you about starting a freelance business.
These are things you may have experienced in your own freelance business.
And, they are definitely things to consider if you’re looking at launching a new freelance business.
5 Things That They Don’t Tell You About Starting a Freelance Business
Let’s go…
1. There are slow periods
These can be seasonal periods or times when you lose multiple clients at once. These are times when business is slow. It can happen in virtually any business and can be a pretty regular part of being a freelancer.
I watched a TikTok video from a coach who went form earning $7K+ per month from clients to barely $1,500/month when 2 clients left her within a week of each other, due to no fault of her own.
Can you imagine having your income slashed like this?
It’s something you should think about it because it can happen to any freelancer. Having multiple income streams in place can help you stay afloat.
It certainly helped me when I lost 80% of my freelancing income when the pandemic happened.
2. Stressing out is REAL
You are juggling multiple clients, multiple projects and timelines. You may have lost two clients or gained five!
Freelancing can be stressful!
Not to mention taxes, hiring and firing staff, and other stressors that exist in business.
There’s no getting away from stress in business. Just be prepared for it and do your best to cope.
3. Imposter Syndrome
You start to doubt yourself and doubt your abilities. You might be comparing yourself to others or downplay your skills.
Don’t let this creep in.
Imposter syndrome just doesn’t happen in work either. It can happen in personal relationships or in school.
According to ChatGPT…
Coping strategies for imposter syndrome include acknowledging achievements, reframing negative thoughts, seeking support from mentors or peers, and focusing on building self-confidence. Professional counseling or therapy can also be beneficial for those struggling with imposter syndrome.
4. Your Business Can Blow Up Overnight
Your freelance business could pop and go viral overnight. It happens to lots of businesses.
Especially if you’re on social media, be open to the possibility that a flood of new leads and clients can come your way.
While this doesn’t happen to every freelancer, it is certainly possible.
5. Burnout
You work too hard and you’ve burned out.
I never thought this could happen in a job that I truly love but, doing too much of a good thing can be bad.
You’re overworked and tired. Your body can start to be impacted, taking a toll on your physical and mental health.
When you start to feel this happen, take a break.
I love taking a mini vacation in a neighboring coastal city to me. It’s my reset and I often think of it as a writer’s retreat.
I book a beach condo Airbnb, order takeout, sit on the terrace and watch and listen to the ocean.
I’ll also do things like start taking care of my physical health by exercising more, cooking and eating healthy, and doing something fun.
TL;DR
I just talked about 5 things they don’t tell you about starting a freelance business:
- Slow periods in business can happen
- Stressing out will likely happen
- Imposter syndrome can set in
- Your business can explode with growth overnight
- Burnout is real and can hit any freelancer at any time
Have you experienced any of these?
What are some tips or coping strategies you do to help?
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