3 Habits of Highly Profitable Freelancers
Here are some time-tested behaviors of freelancers who have turned their businesses into wealth-generating machines.
1. They Finish 100% of the Job
Highly profitable freelancers are finishers. They don’t do most of the work. They acknowledge that often the last 5% of a project is the hardest — and then finish every last task.
On the other hand, sub-par freelancers do nearly all of the work.
Bottom line: Start strong and end strong. Don’t be one of those freelancers who is enthusiastic in the beginning and then disappears in the final stages when the going gets tough.
A joke to put this habit into perspective: What’s the hardest part about running a marathon? The last mile.
Tip: Consider experimenting with over-delivering. If a client asks you to research ten prospective clients, maybe find her fifteen.
One more tip: Read Ben Matthews’s post about great habits you should do to finish a freelance job on a high, some of which include providing a project summary, getting a client testimonial, and saying thank you.
2. They Know Their Niche
Highly profitable freelancers are specialized. A talented writer might be able to write about anything under the sun, but will most likely list specific competencies on her profile, such as legal writing. A financially well-off user experience (UX) designer might be able to rejigger the layout of any website, but will most likely list specific UX skills on his profile, such as wireframing and prototyping skills.
Tip: A benefit of limiting your options — by specializing — is that it frees you. This might seem counterintuitive. Yet think of the tremendous amount of effort it takes to be an expert in an entire field or industry. Narrowing your focus and aspiring to be a specialist might just be your ticket to a financially rewarding future.
A quote to motivate you to specialize: As Nick Usborne writes, “Specialists always earn more money than generalists. It’s true in the medical profession, financial services industry, the consulting business, and every other business. Specialists earn more. And to be a specialist, you need to choose a specialty or a niche.”
A comment on “expertise”: Not everyone can be an expert in a chosen area, product, or industry. It’s just not realistic. Unfortunately, many independent contractors with intermediate knowledge and skills claim to be experts. If this rings a bell with you, take a hint from the “truth in advertising” campaign and mull over rewriting your profile.
3. They Are On Time
Highly profitable freelancers are on time. Every time. End of story.
Some freelancers turn up late to meetings. They miss deadlines. Do they have reasons? You bet. Tons of ’em. Some are valid, whereas some are weak excuses. If you’re a freelancer, I hope I’m not describing you.
Remember: As the old adage goes, time is money. This is especially true for freelancing.
Tip: To maintain a profitable freelance business, it’s essential that you value timelines and that you are consistently punctual. 100% punctuality is perhaps too tall an order. Indeed, sometimes unforeseen problems will occasionally throw you off course. But if you’re regularly late, then you’re definitely not reaching your profit potential.
Bottom line: Make sure you have a system in place to ensure the on-time delivery of your work. Also, if you’re going to be late, warn your client in advance. Don’t wait for the deadline to pass and then ask for more time.
Quote to keep you on track: As Catherine Lovering writes, “Without a culture of timeliness, a link in the chain of business processes risks becoming broken.”
By Lee Bob Black.
