20 Lessons Learned From My First Year Freelancing - youramericanmoney
Author: Michelle
Description: * In order for me to support my blogging activities, I may receive monetary compensation or other types of remuneration for my endorsement, recommendation, testimonial and/or link to any products or services from this blog. Please read my disclosure here.* It is now officially a week after my one year anniversary working for myself. It has […]
Date: 2015-12-28T10:00:00+00:00

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# 20 Lessons Learned From My First Year Freelancing

posted on 28 December, 2015

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* In order for me to support my blogging activities, I may receive monetary compensation or other types of remuneration for my endorsement, recommendation, testimonial and/or link to any products or services from this blog. Please read my disclosure here.*

It is now officially a week after my one year anniversary working for myself. It has not been a perfect year. In fact, it has been a bit of a hot mess. I have learned a lot about myself, my problem areas, my strengths, and my weaknesses. I’ve learned that I can imperfectly take care of myself without a regular job.

I’ve just figured out my earnings for the year and figured out the difference from what I used to earn from my old job. I earned $20,000 less than what I was making before. However, I also cut my expenses prior to quitting my job by around $13,000 and I continue working on decreasing my spending every day!

I should mention that I was out of the United States for 2 months and traveled extensively during the fall. I basically worked for 9 months last year based on the time I spent traveling. Considering that I started freelancing from scratch I feel pretty good about the results that I had I didn’t really have money coming in until April.

I learned a lot along the way and I wanted to share with future freelancers some of what I learned in the hopes that it will help you out as you decide if working for yourself is for you.

I became self-employed as a result of my blogging experience. If you would like to start a blog click here for more information.

## The following are 20 lessons learned

## from my first year of freelancing

- Always have two computer chargers-I had 2 chargers break this year and fortunately was able to get my replacements for free. I have a MacBook Air so those chargers were $80 a piece. Each time my charger broke it was when when I had a deadline THAT DAY or was broke and waiting for a check to arrive.

- Say Yes!-I said “yes!” to a number of opportunities that ended up either being a great opportunity that helped me grow my business substantially or a good opportunity to figure out what I didn’t do well or didn’t enjoy doing…for other people LOL!

- Love Your Low Paying Clients-Your low paying clients are a valuable part of your business. I had a number of low-paying clients this year and I appreciate them so much. I was able to learn the in’s and out’s of running a business while working with them. After I learned those lessons I was able to raise my rates and grow my business.

- It’s Ok to Change Your Business Model-There were a number of different services that I offered when I first started freelancing, I discovered that I didn’t like providing certain services and as a result of that I decided to shift my business to a different model and am a lot happier!

- Try, Try, Try again-If you are uncomfortable with pushing yourself when things don’t work out, self-employment is probably not for you.

- Try, Try, Try again-I had to say this twice because it’s so crucial. There is a level of perseverance that you have to have tap into in order to continue on.

- Squirrel! It is really easy to become distracted by just about everything. I really had to figure out how to stay focused without anyone telling me what tasks I should be working on. It’s not as easy as you think.

- Network Like a Boss-People who work for themselves, especially virtual entrepreneurs run the risk of becoming recluses. It doesn’t matter if you have a bricks and mortar business or virtual you have to connect with other people in order to thrive on a personal level and in order to grow your business. I made a special point of attending social events, networking weekly, and I even ran a Meetup group that had nothing to do with my work. That Meetup group also provided me with: new friends, leads, and something fun to do.

- Organization is Key-You have to be 10x more organized than you would ever expect. I just spent the last week organizing: my home, my closets, drawers, and and my business. I learned the hard way that disorganization will affect: getting projects done, the ability to pitch for new projects, and having a clear idea of what was going on with my business.

- Set Goals-The months that I didn’t have clear goals my business suffered. In fact, it’s a good idea to set audacious goals that you might not meet but will keep you focused. I’ve already spent time setting audacious goals for 2016. If I meet half the goals that I’ve set it will be pretty awesome!

- Prioritize Your Retirement-Freelancers, employees, etc. have to prioritize retirement. Fortunately there are options online to piece together a retirement package. Check out what I’ve done to recreate the benefits package that I used to have when I worked for someone else.

- Side Hustles Matter-I was lucky enough to find a couple of side hustle that I absolutely loved. I am still working them and have become friends with my co-workers. The great thing about these side-hustles is that they pay well and pay pretty quickly. These side-hustles helped my finances stable as I grew my business.

- Join a Mastermind Group-My Mastermind group helped keep me focused and on task for the majority of the year. In fact, I noticed a huge difference in my focus when we went on hiatus from the end of October until the beginning of January in my productivity. I am so happy that we will begin meeting again in January and I am hoping to join a mastermind group for podcasters in January (wish me luck!)

- Take Risks-I took risks all year long. Working for myself in and of itself was a risk. Changing my process was a risk, going to conferences was a risk and for the most part those risks paid off.

- Entrepreneur or Self-Employed-You will have to decide which one are you. I went into freelancing not to be self-employed but to clear the space in my life, in my head, and professionally to become an entrepreneur. Whatever you decide to do is ok, but knowing your long-term trajectory will help you when you’re making business related decisions.

- Have a Business Bank Account-I have a dedicated account for my blog The Shop My Closet Project and another account for my income related to freelancing.

- Run Your Numbers Weekly-I now run my income and outflow on a weekly basis. It seems a little intense but I am able to make adjustments to my business and pitch more if I’m finding that I don’t have enough money flowing in.

- Emergency Funds are Your Best Friend–My emergency fund dwindled pretty quickly last Spring. I am now in the process of replenishing my emergency fund. Have an emergency fund will help you manage the inevitable drop in income that happens when you’re waiting for your checks. I am still trying to figure out why businesses still use physical checks and whenever possible I request that my pay be sent via: Paypal or Chase Pay. I actually had two checks (from different businesses) lost at the same time. The first check I discovered in a pile of snow and I had to bake it in the oven in order to deposit it. The other check is still missing at this point and I will let that client know to cancel the check and add that pay to an upcoming check. I also use Digit.com to save money a little bit at a time.

- Opportunities Are Everywhere-It is unbelievable how many ways there are to make money. It is unbelievable how many people need help with their business. It is also unbelievable how many ways there are to help people via online tools such as blogs or podcasts. I am in the process of monetizing my website and the #1 rule is that whater I share with my readers has to be of value and helpful. It’s a win-win.

- I can do this! I spent a lot of time dealing with situations that made me feel like I won’t capable of doing things like: working for myself, meeting the one, losing weight, etc. This year has helped me rediscover my inner bada@@ who can do anything that I put my mind to, it’s a pretty awesome feeling.

I’ve been honest in saying that this year hasn’t been perfect. It has been a hot mess. I’ve waited for more checks than I care to admit, I needed a bigger emergency fund, and my credit has taken a hit.

Despite the negatives I’ve: begun speaking at conferences, grew my rates from $12 to $70-$150 an hour, have begun growing my passive income (which is a huge goal of mine), and have already been invited to attend a HUGE event in January that will be a great experience personally and professionally.

If you asked me if I would put myself through this experience again the answer would be “Heck yeah!” I will share my goals for 2016 on Wednesday.

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#### Michelle

I am an obsessive foodie, but not self-righteous with it, love travel, meeting new people, helping you look good, and am freaked out by people who don't enjoying reading...something! Grab a Perrier, read my blog, feel free to drop me a line! Hope to hear from you soon.

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### Comments

1. Tonya@Budget and the Beach says

   28 December, 2015 at 7:09 am

   Couldn’t agree more about the emergency fund.

   Reply

   - Michelle says

     28 December, 2015 at 7:25 am

     If I ever receive my checks I could build it up even faster LOL!

     Reply

2. Jason @ TheButlerJournal.com says

   28 December, 2015 at 11:17 am

   You’re right about taking risks. The ones that I’ve done this year have helped me a lot. I plan to take a lot more next year.

   Reply

   - Michelle says

     28 December, 2015 at 1:03 pm

     It’s so scary to take risks but it’s important in life to occasionally put yourself “out there.”

     Reply

3. Kristi says

   28 December, 2015 at 12:37 pm

   I’m about to step into the “work for myself” world any day now. Not freelancing, but bought into a franchise. Reading this article was a pleasure and reaffirmed some things I was already taking into consideration 🙂 good luck with making your business grow!

   Reply

   - Michelle says

     28 December, 2015 at 1:04 pm

     I’m super curious about what type of franchise you bought into!! The biggest thing is to believe in yourself and work your a@@ off and always work on your savings. Good luck Kristi.

     Reply

     - Kristi says

       28 December, 2015 at 1:09 pm

       I bought an Edible Arrangements franchise 🙂 I am super excited to get back to work as I have been a stay at home mom for the last 6 years. My store should be open mid May of 2016. No matter what struggles come with it…in the end it will all be worth it because its mine:)

       Reply

       - Michelle says

         28 December, 2015 at 1:14 pm

         OMG, I would always want to eat those arrangements. I’m so excited for you!!

         Reply

4. giulia says

   29 December, 2015 at 11:06 am

   Great lessons and great tips for us, for me 2016 will be a big year full of SAY YES to opportunities and hard side hustle:P

   Reply

   - Michelle says

     29 December, 2015 at 11:31 am

     Good Luck Giulia!! I am hoping that 2016 is a great year for everyone.

     Reply

5. Jen @ KeenConsumer says

   29 December, 2015 at 4:19 pm

   I believe w/ the decrease in your income since you became self-employed, the increase in your time traveling, working less, and decreasing your expenses, they all balance out! Can we add a third “Try, Try, Try again”? Thanks for the insight on your first year!

   Reply

   - Michelle says

     29 December, 2015 at 4:30 pm

     I’m up for the third try, try, try again. Everything did balance out but for next year that process won’t work!

     Reply

6. Cat@BudgetBlonde says

   29 December, 2015 at 4:36 pm

   I definitely think setting goals for your business is a must. You need to have some idea of direction so you don’t get lost in just the day-to-day activities and making money. That is something I learned the hard way.

   Reply

   - Michelle says

     29 December, 2015 at 4:44 pm

     Cat, I will add my name to learning that lesson the hard way too LOL! I work better with goals in mind.

     Reply

7. Dear Debt says

   29 December, 2015 at 6:09 pm

   These are great! I’ve learned so much this past year about getting out of your comfort zone and raising your rates. Self-employment has been such a blessing and also a huge learning lesson for me. It’s been so great to watch you grow, girl!

   Reply

   - Michelle says

     29 December, 2015 at 6:24 pm

     Next year will be approached very differently. I have no desire to work for other people ever again in a traditional job-so I need to make this freelancing thing work!

     Reply

8. Catherine says

   29 December, 2015 at 6:48 pm

   Good for you Michelle. I admire people who have the organization alone to purse this full time!

   Reply

   - Michelle says

     29 December, 2015 at 7:59 pm

     I think that you had to understand how unhappy I was at my old job LOL! I probably wasn’t as organized as I needed to be this year, but next year is a whole different story. I have no desert work traditionally again, so the shenanigans that happened this year can’t happen in 2016.

     Reply

9. Jayson @ Monster Piggy Bank says

   1 January, 2016 at 10:11 pm

   Nice learning,Michelle! Emergency fund is really important especially that this kind of job may sometimes be not that stable. Happy New Year!

   Reply

   - Michelle says

     2 January, 2016 at 8:20 am

     My number one priority for 2016 is the emergency fund!

     Reply

10. Petrish @ Debt Free Martini says

    3 January, 2016 at 5:55 pm

    As always when I come to your blog you always have something good and educational to say. Taking a risk I believe is something hard to do but so necessary to become a entrepreneur. Thank you for sharing this year. I have learned a lot from your blog and I have stored a couple of your tips in my tool box to utilize during my second act in life. Thank you so much.

    Reply

    - Michelle says

      3 January, 2016 at 6:18 pm

      Thanks Petrish! I have some more posts coming up that may be helpful as you move towards your next life move. By the way, you know that you will have more than 2 acts in your life-you’re still young! I am so excited to hear more about your business and your next life adventure! You’re going to rock it.

      Reply

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