One New Year’s Resolution All Freelancers Should Keep
New Year’s Resolutions aren’t for everyone. Only 50% of people set them, and 88% of those people fail to keep them. But now is as good a time as any to reflect on the mindset you have towards your freelance work.
How can you be more successful than the 88% of failures? By keeping your commitment small. Many fail due to overwhelm. If you set yourself too big of a chellenge — lose 50 pounds, for example — you are more likely to give up on Jan 21st when you see no progress after three weeks. So, what is one small way you could shift your mindset to make your 2020 goals more attainable?
We have a suggestion that we believe would benefit the vast majority of full-time freelancers. We’ve spoken to hundreds of freelancers over the year from every imaginable profession. Our suggestion is relevant whether you are just starting out or a 30-year freelancing pro. It’s relevant if you are a designer, consultant, software developer, life coach…pretty much anything freelance.
Your (possible) 2020 resolution: Say ‘No’ more often.
This can mean many different things. It can even mean many different things at the same time.
For new freelancers it could mean ‘No to working for free/exposure’. When first starting out, it can feel necessary to work for exposure to build your portfolio or reputation. But when do you stop? Very few clients will be forthcoming with payment if there’s a chance you will work for free. Stop today. Set your rate and stand by it. It may be a painful first couple of months, but it is a necessary step towards the career you are dreaming of.
For most it could be ‘No to working without a contract’. No, it should be. If you begin work without a signed contract you are asking for a stressful and complicated experience. Go here if you want the most comprehensive template contract on the web.
Maybe it’s ‘No to starting work without a deposit in my account’.
How about ‘No to extra iterations beyond the initial scope without additional payment’?
There are many different ‘redlines’ that you could commit to. The point is — your clients will only hold you to the standard that you hold yourself. Or put another way — your clients will never treat you better than you treat yourself. Research consistently finds that people that set their own high standards are more successful and satisfied in the long run.
Now for most of you, some of those commitements will push you far out of your comfort zone. Start with a small step so that you are more likely to stick to your resolution. For those of you that consider yourselves in the top 10%, we have an additional challenge for you:
Say ‘No to Net 30’.
No to getting to the end of a project and crossing your fingers that your client will be kind and available to pay you within a month of completing your project.
No to hoping that your billable worked is spaced evenly enough that you don’t need to dip into your savings to cover your rent.
No to accepting your place at the bottom of the capitalism food chain.
As a freelancer, you shouldn’t be financing your client’s cash flow. Yes, ‘deposit + Net 30’ terms are the norm. But they are an outdated standard that clients will never offer to change as it benefits them! You have your own rent to pay.
We believe this new resolution would help all freelancers, but we find that so far only the top 10% have the confidence to treat themselves with this respect.
We also find that the biggest fear that freelancers have for not having this confidence — that clients will pass over them — is unfounded. If you have a differentiated service, a potential client wants to work with you. They aren’t phased by a more prompt payment schedule as long as you can make their life easier. You can use a tool like LifeWork to streamline the whole payment process for your client and ensure you get paid while you work, not Net 30.
Our challenge to you: Say ‘No to Net 30’ in 2020. Comment below with your success stories and any challenges you face. Email me directly if you would like more focused guidance. Let’s make 2020 the most successful year yet for all freelancers!
