What is the key difference between freelancers and business owners?

Talking Points

• Freelancers are business owners, they just don’t always know it
• Freelancers end up spending their time working in their business instead of on their business
• The difference is a difference in mindset. To be a business owner, you will need to think like a business owner
• Freelancers who want to grow have to start thinking about business like a business – including marketing, finances, vision, and strategy
• If clients can’t tell the difference between you and a cheaper freelancer, they will go with the person who is cheaper
• To build a successful business, it’s important to understand what really adds value to your business
• You need to have a strong story in order to reach clients
• You have to be able to say no when asked to do something that’s outside of your expertise or the scope of your business
• Your authority needs to be part of your branding and marketing
• Putting the time into building the business
• The three personality types that every business needs
• The entrepreneur personality is the one that can’t be hired out
• Working for a small agency before going solo can help you understand more of how the business end works
• People who want to start an authority business need consulting skills
• When you own a business, you set aside time to work on your business no matter how busy you are with client work
• The time commitment involved in building a business

Quotable Quotes

“As soon as you hang your shingle out there, you started a business, whether you know it or not or like it or not.” –JS

“I think of a woodworker, for example, who makes beautiful furniture, but if you don’t have a way to sell it, if you don’t have a way to market it, if you don’t have a way to leverage the time that you put into it, if you don’t have a way to price it properly, then you don’t have a business. You have a craft.” –RM

“If you’re not making some enemies, you’re not making any allies.” –JS

“Freelancers, in particular, need to be reminded that it took a lot of courage to do that (leave their job). But the way to not have to go back and become an employee is to create a business around what you’re doing.” –RM

Related Links

• The Freelancer’s Roadmap
• Built to Sell