Top Money Mindset Challenges Freelancers Face And How To Overcome Them
/Being a freelancer and solopreneur is truly a rewarding experience, as it gives you the chance to live your entrepreneurial dreams and an opportunity to work for yourself. But being a solopreneur presents a unique set of challenges that traditional businesses with employees might not face. The worst part is, in most cases, is that there isn't much information to prepare you to navigate those challenging waters. So, are you thinking about kick-starting your solopreneur journey? Here are some key challenges you can expect to face and what you can do about them.
1.It can get pretty lonely
Even if you're naturally a lone wolf, being a solopreneur in any form means you don't have a readily available team to collaborate with. For example, you're in charge of every aspect of your business process, which can be very stressful and even make you vulnerable to psychological risks.
The best way to handle this challenge is to connect with other colleagues and peers. For example, connecting with other freelancers that share your niche can help you in various aspects of your business. It also gives you some form of support, as you can share or exchange useful tips with each other. In addition to your colleagues, you can also find mentors in your field to learn from.
Some of my favorite communities include local Meetup groups in your area and B-School by Marie Forleo.
2. Being distracted by the next big thing
Since many solopreneurs have the freedom to pick and choose their next projects, another challenge that usually presents itself is the bright shiny object syndrome, which can be very distracting. When this happens, you tend to get easily distracted by other projects that may seem more rewarding than what you have already tasked yourself with. This may lead to numerous unfinished projects or feeling overwhelmed which can lead to shutting down.
To avoid the bright shiny object syndrome, always stick to your current project to completion before you start thinking about the next one. Trying to do so many at once is the fastest way to not finish anything. And this leads to the next point.
3. Choosing a niche
Creating an area of expertise is a vital part of any successful business. And this presents a challenge to many aspiring solopreneurs. The last thing you want to do is enter any market without knowing who your ideal client is or trying to target everyone. For example, if you want to be a freelance copywriter, it's best to first focus on a single area — health, fitness, business, lifestyle, etc. With time you can add other areas of specialty to your list.
As I always say, the riches are in the niches.
4. Time management
Since many solopreneurs work from home and are their bosses, one other thing you might have to deal with is time management. Speaking of working from home, you might want to check out how to get renters insurance, as it's important to create an environment that allows you to concentrate on your business. Getting renters insurance will provide liability coverage. In fact, when I first started my bookkeeping business, my home was robbed. I had just moved into an in-law unit in a cute part of town and the neighborhood experienced a rash of break-ins. They stole my laptop and other electronics. Unfortunately, I didn’t have renters insurance so I had to cover the losses out of pocket. Therefore, I highly recommend getting some form of renters insurance. It costs less than $10 per month and is totally worth it.
Overall, perfecting your time management is an ongoing practice. Your health, family responsibilities, and other obligations can make time management a bit difficult. My favorite tool for time management is to schedule my work day the night before. I block out the time I need for certain tasks and be sure to include my workouts and time with family in my schedule.
