Are You Undervaluing Your Freelancing Business?

Do you mind if I ask you a personal question?

Imagine that you were given the position of president of a big company. With your new responsibilities as the leader of a large company, would you change how you act?

Consider the following questions:

  • As company president, would you change the way that you interact with others?
  • As company president, would you be more careful with your time?
  • As company president, would you be more mindful of how money was being spent?

The truth is, as freelancers, every one of us is in charge of our own business right now. Like the president of a big company, we’re ultimately in charge of whether our business succeeds or fails. We make the final decisions.

However, most of us probably don’t view things that way. Without realizing it, many of us are blind to the true potential of our freelancing business.

Instead of seeing our freelancing as a business with real potential, many of us tend to undervalue the business aspect of our freelancing. We focus instead on the freedom that freelancing provides to us or perhaps on the creative aspects of our jobs. By doing so, however, we miss out on what our freelancing business could ultimately become.

Why We Undervalue Our Business Potential

Why do some freelancers undervalue their freelancing business?

Of course, there are a lot of reasons that we fail to recognize the value of our freelancing businesses. Here are a few pitfalls that I have noticed that freelancers often fall into:

  • We fail to think in terms of our freelancing being a business. Maybe we started freelancing part-time or in between jobs. Along the way our freelancing took off, but we never adjusted our thinking.
  • We fall into the anti-corporate trap. We left the business world when we began freelancing, or so we thought. So, when our freelancing shows the potential of becoming a full-fledged business we refuse to acknowledge that fact.
  • We fall into the creative trap. Freelancers are usually creative and/or artistic people. In our minds, we mistakenly think that creativity and business can’t ever mix.
  • We lack confidence. This is especially true for those who have just started freelancing. As freelancers, we may be handling tasks that we’ve never handled before, and we’re just not sure of ourselves yet.
  • We get too comfortable. It’s possible to achieve a degree of success as a freelancer and never move beyond it. Some of us get so comfortable with where our freelancing business is that we never grow.

The Challenge

Today’s challenge is to picture yourself as the new chief executive of a small company (which just happens to be your own freelancing business).

As the new president of this company, consider what changes you would make to the business. Examine what the company is doing right and what it is doing wrong.

Ask yourself, where will this company be in five years? Then, ask yourself – where should it be?

What About You?

Have you failed to recognize the full value of your freelancing business? Have you fallen into one of the pitfalls mentioned earlier? What’s holding you back?

Share your ideas and experiences in the comments.

Top image by jimbowen0306