7-Mistakes-Freelancers-Make-and-How-to-Avoid-Them by Francis-Eluozo
7-Mistakes-Freelancers-Make-and-How-to-Avoid-Them by Francis-Eluozo
7-Mistakes-Freelancers-Make-and-How-to-Avoid-Them by Francis-Eluozo
Freelancers
Make
And How To Avoid Them
Francis Eluozo
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CONTENTS
Pages
Introduction ---------------------------------------------------------------------------- 03
- First, Why Should You Even Care to Listen to Me?
- Overpricing --------------------------------------------------------------------- 09
- Underpricing ------------------------------------------------------------------- 10
02
INTRODUCTION
Freelancing can be a highly rewarding and fulfilling career path that
allows individuals to work on their own terms, set their own schedules,
and pursue projects that they are passionate about.
However, as with any career, there are challenges that come with
freelancing. Many beginners and even experienced freelancers fall into
common traps that can derail their businesses and prevent them from
reaching their full potential.
In this short guide, I'll address some of the most common mistakes that
freelancers make and provide strategies for avoiding them.
Now that you know a bit about my background, let's dive right into the
essence of this guide. Don't forget to connect with me on YouTube,
Instagram, and TikTok @thebrimFactor on all platforms 03
01
PLAYING THE
“FAVORITE” GAME
When it comes to freelancing, there are more than two options to choose
from. While Fiverr and Upwork are both popular freelance platforms,
there are many other platforms available as well. It is important to
consider all of your options when deciding where to offer your services.
Consider all of the platforms as tools and nothing more.
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However, the fact is that Fiverr and other platforms besides Upwork
also have quality high-paying clients, you just have to set up your
business with your high-quality portfolio and value propositions, and
clients looking for cheap services will know you are not for them, it’s as
simple as that, but if you have this mentality of “one above all” you miss
out on the opportunity to increase your visibility and reach out to high
paying clients on multiple platforms.
The simple question to ask yourself is, “What do you have to lose?”
Unless you are an influencer who has signed an exclusive brand deal
with any of these platforms preventing you from using or promoting
other platforms, you shouldn't have that much loyalty for any single one
of them. Just keep an open mind.
I see this with content creators as well, getting into the debate of
“TikTok is better than Instagram”, and “YouTube is the king of them all”,
while smart creators are taking advantage of the benefits of each
platform and using them all as a tool, not a football club to be a fan of.
So what if you get more views on TikTok than you do on Instagram, it’s
not like you are doing twice the work, again, what do you have to lose?
Another danger of playing the “favorite” game is it limits your thinking,
you think one is the best, so even if something better comes along, you
don’t want to hear it because you are thinking with your emotions, not
as a business person.
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Established creators and freelancers with a consistent stream from a
single platform can get away with this type of mindset for the most part
(well, until their heart is broken by the "Freelancing" love of their lives),
but if you are just starting, I implore you to keep an open mind.
No platform is the best, and no algorithm is singling you out and hating
on you, do the most, try as much as you can, and when you figure out
what works for you, double down on it, but even then, still keep an open
mind. This was exactly how I went about my freelancing and still
moving with this mentality, I use every tool, I don’t get emotionally
attached to my knife.
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02
THE BUSINESS
MINDSET
Another common mistake freelancers make is not treating their
freelancing like something that could become their full-time job.
If a student got a job and their studies were top of their priority list, that
job becomes their side hustle because if faced with a situation where
one had to go, they'd let the Job go (not when the job pays a million
dollars weekly though LOL, but you get my point).
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I worked as a classroom teacher when I started freelancing, so
naturally, I considered freelancing my side hustle, before long I was
making my entire year's salary in one month of freelancing, (who’s the
side hustle now?), I realized that if I had to choose one, I won’t even give
it much thought before choosing to freelance and I actually did.
In fact, I had to choose twice because the job where I worked before
teaching and then freelancing on the side was a position at a logistics
company, with better pay, sounded more prestigious, and looked better
on my resume and all, but after my freelancing kicked off, they called
me back and it made absolutely no sense going back to that Job.
Most people who don’t succeed at freelancing approach it from that non-
professional angle. When you consider freelancing a side hustle, you're
more likely to approach it casually. This can lead to lower-quality work,
lost clients and opportunities and ultimately giving up on it.
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03
THE “PRICING”
MISTAKE
What price to set for your services as a freelancer is one of the most
tricky aspects of freelancing because there are no right or wrong
answers and there is no one-size-fits-all, so it’s no surprise that new
freelancers and even experienced ones continue to make pricing
mistakes that can cost them their growth.
By the end of this section, hopefully, you will be armed with the
confidence and a strategy based on your unique position to set your
price and not feel any type of negative way about it.
OverPricing:
Yes, there is such a thing as overpricing your service, if you are honest
with yourself you can tell if you are overpricing.
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UnderPricing:
On the other side of the spectrum, some freelancers grossly underprice
their services. Even if you are new to freelancing, you may be coming
from a real job with real valuable experience and possibly great tools of
the trade in your niche, you can’t charge what the freelancer I described
in the overpricing category charges.
The trick here is truly evaluating the value you bring, from the
viewpoint of “tools” and “experience”. This is why I always recommend
that freelancers learn their trade well above the basics so you don’t just
offer mediocre services and expect to charge high amounts for them.
PRICING STRATEGIES:
There are two main strategies for setting product/service prices in the
world of business, they are:
Extrinsic (or competitive pricing): This is where you set your
prices with the average market price in mind, the idea is to be able
to compete with other service providers, not just from a value
standpoint but from a price standpoint as well. So in a way, the
average market price plays a role in determining yours.
Intrinsic Strategy: This is a pricing strategy that does not take any
external factors into account, the business internally evaluates its
value proposition and sets what they think is the befitting price for
what they offer. A good example of a company that executes this
strategy so well is “APPLE”, they don’t care what customers are
willing to pay, or what other manufacturers are setting their prices
at, they just value their own product and set their price and that's it.
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The mistake most freelancers make is to consider any one of these
strategies better, again there is no such thing as “THE BEST”, you just
have to decide what is best for your business and go with your chosen
strategy.
Where you are, your goals, and what you offer can also determine what
strategy is best for you, are you looking to make more money or to gain
a lot of experience and build a portfolio, these questions will determine
what you choose to go with in terms of pricing strategy.
You can also run a hybrid system, where on different channels you test
out both strategies to kind of see what the results are, you can also
transition from one to the other, Just decide and stop comparing
yourself to anyone else.
It also helps to have long-term goals even with your pricing. This leads
us to the very next mistake
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04
REVIEWING YOUR
BUSINESS OVER TIME
If you consider your freelancing a business, then like any other business
you should be reviewing it, making changes, and updating things.
One of the most important things you can do to review your business
over time is to take a look at your pricing. Are you charging enough to
make a comfortable living? Are your prices in line with industry
standards? Do you need to raise your rates to reflect your growing skills
and experience? Also, compare your deliverables to that of other service
providers.
Asking and answering these questions can help you determine whether
your pricing and quality of service are on track or whether you need to
make adjustments.
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It's important to note that pricing is not a set-it-and-forget-it type of
thing. Your pricing should evolve over time as your business grows and
changes.
Are you making the most of your social media channels? Are you
attending networking events and conferences to build your professional
network? Are you taking advantage of guest posting opportunities to
position yourself as an expert in your field?
Taking the time to review your business and make changes as necessary
can help you stay ahead of the game and build a successful and
sustainable freelancing business.
It may take some time and effort, but the payoff will be worth it in the
long run. So, set aside some time to review your business and see where
you can make improvements.
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05
SCALING YOUR
BUSINESS
Very similar to not reviewing your business, freelancers make the
mistake of not scaling, again because of the cliché of freelancing being a
one-man-show, some freelancers stay in that mind space and don’t take
the necessary steps to actually build a sustainable business that can
function even in their absence.
I recommend you read the book “The Cash Flow Quadrant by Robert
Kiyosaki”, you will understand how money works and also that it’s all
about systems and not just a single action that leads to money.
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You could scale by creating multiple streams of income, for example
creating digital products such as video courses, ebooks, coaching,
content creation, etc. based on your knowledge and experience of
freelancing.
I started doing this in 2021 and I highly recommend you think along
these lines as well.
Now I’m not suggesting you break their terms of service like trying to
get clients off those platforms to directly work with you, most of these
platforms frown at that and you might lose your account. (Contra.com
is the only freelance marketplace I know for now that lets you keep
100% of your earnings and as a result, is lenient about directly
connecting with clients) However, you should leverage social media,
content marketing, paid ads, etc. to scale your freelance business and
build something you own
INVESTING
This is one of the most common mistakes freelancers make, I know
freelancers that have been freelancing for as long as I have been, even
longer but still use the exact same equipment that they started with.
By investing in your own skills and knowledge, you can become a more
valuable asset to your clients, and differentiate yourself from the
competition.
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Another important aspect of investing in yourself and your business is
building a strong network of contacts and connections.
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07
FROM A PLACE OF
DESPERATION
Most beginner freelancers start freelancing from desperation to make
money, maybe they are at a really low point in their life, or friends
around them are making money through freelancing and they feel left
out, they’ve been hearing about the gig economy and want a slice of the
pie, one thing or the other makes them delve into freelancing with only
one goal in mind “Make money fast”.
The gig economy is a tempting concept, and the lure of making quick
money can be hard to resist. However, it is important to remember that
the gig economy is not a substitute for a steady job, it’s like starting any
business, nothing is guaranteed, even when you hit the ground running,
if you slow down on improving your work and yourself, that freelancing
well can run dry.
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One of the most significant challenges that beginner freelancers face is
that they often underestimate the time and effort that goes into building
a successful freelance career.
They may assume that they can start earning money within a few weeks
or months, but the reality is that it can take much longer than that. It
takes time to build a client base, establish a reputation, and develop a
portfolio of work.
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08
CONCLUSION
Comparison Is The Thief of Joy
Finally, I'd like for you to always remember that comparing yourself to
others only leads to feelings of inadequacy and self-doubt. When you
see others in their field achieving success, you may begin to question
your own abilities and accomplishments, resulting in a decrease in
confidence, motivation, and productivity, and causing unhealthy
competition.
In as much as you should be leveling up, and learning from others, don't
EVER let yourself fall into the negative energy field of comparison,
nothing good ever comes out of it.
I hope you’ve found this quick guide helpful, if you have, you can
connect with me on YouTube, Instagram, and TikTok where I
frequently share content around Freelancing, making money online,
investing, and productivity.
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