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Freelancing is Trash!. Try these Instead | by Asher Adefioye | ILLUMINATION | Jul, 2023

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Freelancing is Trash!. Try these Instead | by Asher Adefioye | ILLUMINATION | Jul, 2023

Photo by Faizur Rehman on Unsplash

Freelancing, in recent years, has become a popular alternative to traditional employment. It offers individuals the freedom to work on their terms, be their own boss, and explore diverse projects. While freelancing has its allure, it is not without challenges and drawbacks. In this article, we will delve into some of the key issues freelancers often encounter in their pursuit of professional independence. Additionally, we will explore alternative online business models that may appeal to individuals seeking different opportunities for income generation and career growth. While freelancing has its perks, being your own boss also means you have to be your own HR, accountant, and janitor… all rolled into one!

Unpredictable income

One of the most significant challenges of freelancing is income irregularity. Unlike a fixed monthly salary, freelancers’ earnings can fluctuate wildly from month to month. This unpredictability makes financial planning and budgeting more challenging, and it requires discipline to manage finances effectively. Not only do freelancers have to contend with unpredictable income, but they also incur additional costs associated with self-employment, such as taxes, insurance, and equipment. This further heightens the challenge of maintaining financial stability. For instance, freelancers may need to set aside a portion of each payment to ensure they have enough money to pay their taxes at the end of the year.

Lack of job security

Freelancers generate their own work opportunities. This lack of job security can lead to periods of unemployment or lean work phases, causing stress and anxiety about finding the next gig. Additionally, freelancers do not receive benefits such as health insurance, paid leave, or retirement plans that traditional employees enjoy. This is similar to a rollercoaster, with periods of exhilaration and high profitability followed by periods of tension and anxiety as the freelancer worries about where their next job will come from. Furthermore, they don’t have a net to catch them if they fall, like an employee would have with benefits and job security. Therefore, freelancers must carefully plan and manage their finances to ensure they are able to weather the inevitable storms of the freelance lifestyle.

Self-employment taxes

Unlike traditional employees, freelancers must navigate self-employment taxes. Handling tax obligations independently can be daunting. It’s essential for freelancers to understand the tax laws in their country and keep meticulous financial records to avoid potential pitfalls. For example, in the United States, freelancers are required to pay estimated taxes quarterly and must keep track of their deductions and credits to maximize their tax return. But hey, at least you don’t have a boss breathing down your neck all day!

Isolation and loneliness

Freelancers often work from home or in remote locations, which can lead to isolation and loneliness. The absence of coworker interactions and team dynamics can impact motivation and creativity. Building a support network or joining freelancer communities can help combat these feelings. As the famous Indian poet Amit Kalantri once wrote: “When you are lonely for a while don’t get restless, if you had born alone, you are going to die alone then for some time you can certainly live alone.”

Balancing Work and Personal Life

The flexibility of freelancing can blur the line between work and personal life, leading to burnout and strained relationships. Setting boundaries and establishing a structured work schedule can be challenging, but it is crucial for maintaining a healthy work-life balance. A helpful tip for freelancers is to set aside time each day to relax and recharge. This could be as simple as taking a break from work to go for a walk or talking with a friend. Taking time to relax and reset will help increase productivity and motivation in the long run.

Marketing and Client Acquisition

Finding clients and marketing services are constant challenges for freelancers. Competition can be fierce, and building a strong portfolio and a reputable brand is essential to attracting potential clients. Marketing efforts often require additional time and investment. Additionally, freelancers have to contend with the fact that their services may be seen as a commodity, making it even more difficult to stand out from the competition. It can be difficult to build a strong portfolio and reputation when competing against larger businesses and organizations with more resources and more established brands. It’s like trying to compete in the Olympics against athletes who have been training their whole lives and have corporate sponsorship and the best coaches – while you’re only just starting out. It can be done, but it takes more effort and dedication.

Payment Delays and Non-Payment

Freelancers may encounter clients who delay payments or, more often, fail to pay altogether. This can cause financial hardship and frustration, making it crucial for freelancers to establish clear payment terms and use contracts to protect their interests.

E-commerce

Starting an e-commerce business involves selling products or services online through platforms like Shopify, WooCommerce, or Amazon. This model allows entrepreneurs to create and manage their online store, giving them additional control over branding, marketing, and customer relationships. Additionally, e-commerce businesses provide entrepreneurs with a much lower barrier to entry than traditional brick-and-mortar stores. With just a computer and access to the internet, entrepreneurs can create their store and start selling their products and services. This reduces startup costs and makes it easier for entrepreneurs to enter the market.

Content Creation and Monetization

Content creators can leverage platforms like YouTube, TikTok, or podcasting to build an audience. They can also monetize their content through advertising, sponsorships, or merchandise sales. For instance, many YouTubers have monetized their content by offering exclusive video series, merchandise, and exclusive behind-the-scenes content to their subscribers. But don’t forget, content creators can also monetize their content by becoming a professional circus clown – you know, if all else fails!

Online Courses and Digital Products

Creating and selling online courses or digital products can be a lucrative venture for those with expertise in a particular field. Online courses and digital products offer a great opportunity to monetize your knowledge and expertise without having to invest in physical products or a storefront. Plus, it can be done from anywhere with an internet connection, making it a great option for those who are looking to create a side hustle or a full-time business.

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Earn $680K a Year with This Wedding Industry Franchise

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Earn $680K a Year with This Wedding Industry Franchise

3 Benefits of Owning a Wed Society Franchise:

  1. Recession-resistant with a stable market due to consistent demand for wedding services.
  2. Potential for high revenue with low overhead costs and strong unit economics.
  3. Offers flexibility and control with a work-from-home model and virtual customer interactions.

Wed Society is a comprehensive franchise specializing in digital, social, print media, and event planning within the wedding industry. The franchise offers a unique niche market, providing a robust platform for wedding vendors to showcase their services and for couples to plan their weddings. Click Here to connect me with Wed Society.

Key Facts:

  • Minimum Initial Investment: $97,750 – $121,000
  • Initial Franchise Fee: $45,000
  • Liquid Capital Required: $100,000
  • Net Worth Required: $200,000
  • Veteran Incentives: $10,000 off franchise fee

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Why Taylor Swift Believes in Her Lucky Number

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Why Taylor Swift Believes in Her Lucky Number

People reports that Chiefs star Travis Kelce just attended his 13th performance of Taylor Swift‘s The Eras Tour, and the significance of that number is lost on no one.

Swift is a big fan of the number 13 — so much so that before every show she paints a 13 on her hand for good luck. Why are those digits so near and dear to her heart?

Swift was born on December 13, 1989, and explained in an interview with MTV News: “I turned 13 on Friday the 13th. My first album went gold in 13 weeks. My first No. 1 song had a 13-second intro. Every time I’ve won an award I’ve been seated in either the 13th seat, the 13th row, the 13th section or row M, which is the 13th letter. Basically, whenever a 13 comes up in my life, it’s a good thing.”

Swift isn’t the only one who leans into superstitions to give herself an extra boost of confidence. In the book Recipes for Good Luck, author Ellen Weinstein researched the superstitions and rituals of some of the most famous and successful people in modern history. And while some might seem odd or silly to others, Weinstein writes that beliefs, rituals and routines can “help you face the world with ambition and confidence and inspire you to go on making good luck of your own.”

Here are some other superstars who used pre-performance rituals to get ready to go.

  • During his playing days, NBA superstar Michael Jordan wore UNC shorts underneath his Chicago Bulls uniform. They were the same shorts he wore in 1982 when he scored the winning jump shot that brought his college team, the University of North Carolina Tar Heels, their first NCAA championship since 1957.
  • Tennis great Serena Williams has several distinctive pre-performance and on-court rituals: before a match, she’d tie her shoelaces in the exact same way and always bounced the ball five times before her first serve and twice before her second.
  • Before beginning the opening monologue of her former talk show, Ellen DeGeneres would be sure to throw a mint in the air and catch it in her mouth.
  • Rihanna has said that she doesn’t allow anything yellow in her dressing room before a show, believing it is bad luck.
  • Soccer legend David Beckham has a thing against odd numbers. His wife Victoria told The Chicago Sun-Times that their house had several refrigerators, each devoted to different types of food. “In the drinks one, everything is symmetrical,” she explained. “If there’s three cans, he’ll throw one away because it has to be an even number.”

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Barbara Corcoran Says All Good Leaders Have This 1 Quality

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Barbara Corcoran Says All Good Leaders Have This 1 Quality

Corcoran Group founder and “Shark Tank” star Barbara Corcoran knows how to run a tight ship — but she also knows when to relinquish control.

The 75-year-old real estate pioneer and entrepreneur took to Instagram on Wednesday to share advice on hiring and delegating.

Related: Barbara Corcoran: All ‘Really Successful Entrepreneurs’ Do This

First, she says, embrace your inner “control freak” — it’s part of the job.

“Anybody who’s a good boss, I’ve learned, is a control freak. It just comes with the territory, and control freaks have a heck of a hard time delegating,” Corcoran explained. “They’re the last people who want to give away what they do so perfectly.”

Corcoran says in order for your business to grow, though, it’s important to find someone who can do the job 80% as well as you can. If you find a candidate who can do that, invest in them to “build your business and move it ahead.”

Corcoran said she goes through a three-question litmus test before hiring someone to create a strong pool of employees.

Related: Barbara Corcoran Issues Statement, Warning on NAR Settlement

“I ask myself, ‘Are they happy? Do they work hard? Are they talented people in one regard or another?’ And if they are, I hire them, and I delegate something to them that’s above their pay grade, above their talent pool, so they have to reach and show me how good they are, and that’s how you develop talent,” she said.

“It’s not just a matter of delegating, it’s a matter of developing talent, and then delegating to the talent,” she added.

Corcoran’s net worth is an estimated $400 million.



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