Freelancing Tips and Freelancing Trends of 2019

hey guys how are you so I just wanted to do a quick commentary about freelancing becoming an entrepreneur becoming your own boss there has been a huge growing trend since 2006 I saw a piece of data from 2006 I think in u.s. or 7 million freelancers by 2020 I think they're supposed to be 42 million independent contractor freelancers that includes of course software developers web designers what we're press professional is what I call web professionals check out my previous video about that and of course any other type of freelancer could be climber camera guy could be whatever it had what have you so why is there this growing trend towards being an independent contractor freelancer I think it's because of the the old contract the old expectation between employee and employer has been broken over the years in that people start seeing where businesses would fire lay off people if it suit their purposes whereas in the 50s and 60s to certain extent of 70s there was a culture at least in the west where once you got hired into a company you stayed there your whole life and you got a nice pension bla bla bla bla but then people started getting short end of the stick from large corporations so they started saying to ourselves well maybe I should be independent and this led to other types of thinking where people started considering the idea that maybe instead of having to adhere to a lifestyle and a set of parameters a work schedule as dictated by the man by some large corporation by HR departments perhaps you could create your own life perhaps you can create your own set of circumstances and rules maybe your rules is not to have any rules so for me if you know my background I haven't had a job working for somebody since I was I guess about eighteen years old my last job I was a bouncer so probably my last week working for somebody I was throwing people outs out of a nightclub so the whole idea of working for somebody is very alien to me considering last time I had a job I was 18 years old and give him 298 years old that was a long time ago at least 20 years ago so I can tell you that one of huge advantages of being your own boss of being the freelancer of having your own business is a choice is the freedom as I just mentioned in other videos one of the great things one of the things I love to do one of my secret pleasures is the ability to fire clients love firing clients because what am i when it comes they used to do business do business with in the early nineties with my first company which was the import-export company and they were frozen food I guess I'll call manufacturer they would go into the ocean and grab all kinds of shrimp and freeze them up and sell them and then it was a very very popular line of frozen food use in the pet industry so I got the well my company we got the exclusive rights to that line of frozen foods for the province up here in Quebec and this was highly G's only what that is I'll get back to you in a second so my company got the distribution rights for this frozen food line and even though we were a small company and I spoke to the president of that company and he knew that a very large company in Quebec wanted the rights to that and he knew that they were gonna buy us again a significant amount of the product from us and the reason he did not give the distribution to that company that larger company the owner told me he said I didn't go into business to have to deal with people I didn't like and that was a very interesting statement to me because it it taught me something about business what are the main reasons of going into business for yourself is that you have the ability you especially once you're established you have the ability to pick and choose with whom you deal with whether people that you hire people that you do people who you do business with clients etc that's why one of the things I teach in my freelance course and I also talk about in my entrepreneur course much better off with many small clients as opposed to a few big clients what are the noob mistakes what are the beginners mistakes in business that people make is they they have this dream of dealing with the big client that is the worst thing you could possibly have as a business owner you want to have many many many many many small clients why because when you have many small clients they have no power no leverage over you and if you fire them it doesn't have any impact in terms of your bottom line or hardly noticeable impact so what does that mean give me example let's say you have two big clients and roughly each clients worth half of your income for a year now what will happen is that you will build up an infrastructure and the workflow to satisfy these two big clients and there's a cost to that and then what happens is that you become very dependent on each of these two big clients if what are these big clients should leave you and you lose half your income that hurts really hard especially if you have an infrastructure in place you have employees or rent to pay or leases to pay based on satisfying the requirements of these big clients the big clients will know will likely know and smell that you're dependent on them and as a result they're gonna start throwing their weight around not all the time but many of the times I've seen it firsthand and it's been attempted on me in the past on the other hand if you have let's say 30 small clients where each client is worth I don't know - 3 % of your income something like that you know 4% depending how you look at it meaning these small clients are inconsequential of themselves let's say I'll use round numbers let's say you have 10 clients in each of these clients are worth 10 percent of your work whatever these clients starts giving you lip starts bothering you if you lose them you only lose 10 percent of your business insignificant right not important so the fact that you have 10 other clients well nine of the clients if you get rid of that tenth client because they're jerks and they're giving you headaches it's not a big deal you say can't work together sorry bye-bye or as we say up here in Quebec cell you so that is one of the huge advantages of being self-employed being a freelancer having your own business is the ability to choose with whom and how and with whom you work who you deal with this is big another big advantage of being a freelancer is you get to choose exactly the type of work that you want to do so what I do is I essentially just hire people to do the stuff I don't want to do and I specifically try to find people who are better at those things in particular another big advantage of being on your own is that you can choose when you work what time of the day with days whether you get to work on Monday or Tuesday or not whether you get to work in the mornings the afternoons at night etc etc etc there's just so many huge advantages in terms of personal freedoms that comes with being your own business owner now this doesn't come at no cost there is a cost to be you're self-employed being a freelancer the cost is in the beginning in the beginning is some rough spots as you figure out your workflows as you establish your client base as you develop your skills as a freelancer as an entrepreneur there's gonna be some rough points there's no question about it you got to learn these things that's again I put out my entrepreneur course for last course to help save you guys years and to smooth everything out for you once you get back past that initial stage where you're just establishing the mechanism this system that is your business whatever type of business it happens to be then it becomes much much much easier the last thing I'm going to mention about being your own boss being a freelancer or self-employed is that you have huge tax advantages typically you have huge taxes and advantages so depending on where you live it's going to be a little bit different here and there but essentially most governments will put into place laws and a tax system that benefits that Courage's small business development and this is important because small business employs about 80 percent of the population so if you go into small business there is some high risk and there is some problems initially but I think most of these problems could resolves if you just have a proper system in place that being said there is a huge tax advantages that the governments do provide to make it easier for you to get up and running and that's the that's the payoff that's the payoff and so for example let's say you're a software developer the cost of your computers the cost of your high-speed internet possibly the cost of yourself your smartphones etc etc etc anything any piece of equipment and his services but is related to your business can be deducted off of the income that you earn so I'm not gonna give in to details here my course is below will teach you all that but anyway the point is is that they're just huge tax advantages but make it easier for you to to build your business and to start your business and to grow your business that's pretty much it so I just wanted to do a quick commentary on the growth of the freelancer the growth of the self-employed individual it's remarkable to me because what I was doing this back in the day my I was 18 19 years old my first business even into my mid-20s and late 20s I hardly met anybody my age was a business most people at that time most people who started businesses started in their early 30s by the time I was in my 30s I was pretty much you know I was there already so it was interesting to see now at this time how the whole game has shifted where a lot of younger people are realizing the huge advantages and I just named a few of them of having your own business versus working for somebody that being said it's not easy at first so you have to have the wherewithal and and the the game plan to be able to execute on it but it's very doable let me close with this I think it's almost inevitable inevitable their business will be successful if you have a good game plan and you manage your fund the only thing that drives a business out of business is lack of money so money management skills is a huge part of building your business but anyway I won't go down this rabbit hole anymore that's it for today bye bye

Channel: Stefan Mischook

Views: 16,527

Keywords: freelancing, freelance

Id: pBPyj7QhyEI

Length: 11min 33sec (693 seconds)

Published: Fri Jun 21 2019