3 Questions that will wake you up from your Freelance Fairytale
I’ve made a lot of mistakes the last decade
One of them was not asking these questions
It took a global pandemic to wake me up…
##Your Own Job
Let’s be real for a second, being self-employed is nice, but if we’re not careful we’re just creating another job for ourselves. And instead of the horrible 9to5, we’re trading it for a 7to8, working even more hours than ever.
And for every minute we’re not working, we’re not earning any money. Not even able to take holidays, because you need the money to pay all those pesky taxes.
Sounds a lot like a nightmare version of a “normal job”.
Here’s the questions everyone should ask themselves if they’re serious about escaping the freelance trap and building a self-sustaining business.
###1. Is your business still generating revenue when you’re on a holiday?
In most cases the revenue you generate is directly related to how much you’re working. This was true for me for years. And I felt like I just had to work even more if I wanted to upgrade my life.
I didn’t wanna take a holiday because it felt like I’m paying double the price. The price of the holiday itself and the money I’m NOT earning because I’m not working.
So I was never able to completely shut off, be at ease, I just love money too much so I always wanted to work more hours.
This was by far the biggest mistake I made!
If the answer to this question is NO, please start building systems in your business so that it’s NOT relying ONLY on you to generate revenue.
###2. What would it be like if your business hit breakeven every month with the profit margin you want on top of that without you even thinking about it?
For years I was playing catchup with my finances.
I must admit I’ve never been that good at managing them. It was a matter of the wrong money mindset but also the lack of financial education (a big lack in current school system)
I was earning good money, beyond 6 figures a years, but that also meant I was paying a lot of taxes. And the solution to paying less taxes (or so I was told), was just to create more expenses in the business.
A vicious cycle that’s hard to break at a certain point. So I felt trapped, again.
So if you’re building your business, make sure to build a financial system that gets you to break even and beyond. The key here is to set it up, so you don’t have to think about it. Automatically distributing the cash in the right buckets.
Imagine how much more sleep you’d get at night! How much would that be worth to you?
That’s one of the financial benefits of a self-sustaining business. With the right systems and key metrics to monitor your revenue engine, your business will just create cash flow without you even thinking about it.
How much stress would that take off of you?
That means you get paid without even thinking about it. Wouldn’t that be a great feeling?
###3. Who can you delegate your job to?
I know what you’re thinking, when companies hire you, it’s because of YOUR brain and the skills YOU personally possess to get the job done.
That’s the truth, and it will always be that way… as long as you’re thinking like a freelancer…
But you wanna build a business that is NOT relying on just you.
At the end of my freelancing adventure I finally started to delegate certain tasks to skilled team members that I hired into my company.
I was still the spearhead of my business and the companies still contracted ME, but I was starting to freeing my time from lower level tasks.
This allowed me to accept more contracts and generate more revenue while working the same amount of hours.
And even if you’re still freelancing, if you start thinking this way, you will actually start building a real business.
In the end, as long as you keep providing the value and results that the company hired YOU for in the first place, you’re on the right track. And at a certain point, you’ll be talking to potential clients as a business owner instead of a glorified employee.
##Making Business Self-Sustainability a Reality in Your Business
So, there you have it, questions you should ask yourself if you’re serious about growing a self-sustaining business.
It might not be clear yet, but you will start to see the many benefits that come with it.
And, many of the problems you face on a daily and monthly basis are corrected if you just make business self-sustainability a priority.
So, how do you find out more about building a self-sustaining business?
How about downloading our free ebook The Titan Roadmap, the exact step-by-step process that every LGBTQ+ Hustler is taking to get results within 30-60 days.
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If only you had a simple text editor to make the formatting easier…I wonder where that is on @jasonleow 's roadmap.