Why a Business Mindset is Important, Even if You're an Independent Contractor
Are you self-employed? Do you get paid for the services you provide? Do you use your phone and email to discuss jobs with potential or existing clients? Do you have a computer or any other equipment you use for projects? Do you pay taxes on your income? If so, congratulations! You’re a business owner!
Lately, I’ve found that a lot of independent contractors don’t think that way. I hear them say things like:
“I’m just a freelancer, so I don’t need to worry about all that boring business stuff.”
“Owning a business sounds like too much work. I’m happy just doing my own thing.”
“I don’t make enough money to start a real business.”
I don’t like to hear these statements, because I don’t agree with them. If you’re a freelancer, you ARE a business owner. And shifting your mindset to think like one could make a huge difference in your confidence, your happiness, and your overall enjoyment in life. I know, that may sound like an exaggeration, but think about it…
Why don’t you work for someone else? Is it because you want control over where and when you work? Do you want the freedom to live your life on your own schedule? Do you want to be able to CHOOSE your clients, projects, and rates instead of letting someone else decide what you do all week?
These are all reasons I decided to go out on my own a few years ago, and I’ve never looked back. Now I work less, make more money, and genuinely enjoy what I do because I have that freedom to make the choices that suit me the best.
But… it takes some work to EARN that freedom. And the first step is to start thinking like a business owner. Are you keeping track of your income and how much your clients owe you? Do you know how much you’ve spent so far this year, and which of those expenses qualify as business deductions? Do you know if your entity setup (sole proprietor, LLC, S Corp, etc.) is the best choice for your financial situation? Are you putting aside enough money throughout the year to pay your taxes? Are you taking advantage of cash back/rewards programs on your credit cards?
If the answer to any of these questions is no, you might be giving away your own money without even knowing it. And no one wants to do that.
But how do you even start making changes? I recently had a coaching session with someone who is getting ready to launch a new business. When I asked him what he wanted to work on, he said, “I don’t know what I don’t know.” And that made a lot of sense. There are a lot of little details that go into business, and sometimes you don’t even know what questions you should be asking or what you should be doing. And the unknown can often be so overwhelming that it stops people from moving forward at all. Please don’t let that happen to you!
We’re living in a time when individuals are thriving. Whether you’re a full-time freelancer, just getting started with a side gig, or already building your empire, shifting into a business mindset is the first step to make sure you’re setting yourself up for success.
I’m going to break this down a lot further for you next week by sharing 5 tips I recommend for every business owner who wants to get organized, so stay tuned!
My goal is always to help you become more productive and enjoy what you do, so please let me know if this content is useful for you, and what you’d like to know more about. You can comment here or send me an email. And if you haven’t already, please sign up for my email list!