Will freelancing give you the basic skills to run a small business?

Show Notes:

Will freelancing give you the basic skills to run a small business?

  • Financial management
  • Marketing
  • Sales
  • Customer service
  • Leadership
  • Project management
  • Time management
  • Delegation
  • Network
  • Team building

Raw Transcript

Get ready for freelancing strategies, hacks and tactics to help you skyrocket your success brought to you by Freelancer masterclass calm. You’re listening to freelancing school with your instructor Mike Volkin

Welcome to another episode of freelancers school. I am Mike Volkin. And today’s topic is about the business skills that you need to run your freelancing business. So the topic is will freelancing give you the basic skills to run a small business? So what I did is I outlined 10, the top 10 business skills that you need to run a small business and then how that correlates to freelancing. So if you aren’t familiar with some of these or if you feel like you need to brush up on some of them now is the time to start researching and look at courses online. Of course, I’m going to push Freelancer masterclass. If you want something more specific about one of these topics, you can go to any one of the sites like udimm. com umy.com. And look for a skill specific. For example, the first one on my list is financial management, right? So if you want to learn how to manage your finances as a small business owner, I’m sure I haven’t looked it up, but I’m sure who to me has a class on that. We do talk about money management in Freelancer masterclass, but something like outta me who has an entire course not just a class dedicated to it will go into much more depth. You’ll learn how to read p&l statements and balance sheets and all that good stuff. So if that’s what you are lacking and skill sets, it might be good to brush up on financial management. Another skill is marketing, of course, right? Because you want to market yourself. And that goes goes along with the third point, which is sales, marketing and sales kind of go together. There’s a gray area there. But when you’re on the phone trying to quote unquote convince a prospect to join or to sign with you, that would be sales marketing is getting your name out there getting your services out there. Customer Service, you might not think that freelancing has to do with customer service. But yeah, when you have clients, they are your customers. And you have to make sure they are treated appropriately. You have to know what to say and how to say it, how to communicate with them, not all is aligned with customer service. Another point I wanted to talk about was leadership. You know, I was lucky enough to learn leadership skills in the army. Some people are just natural born leaders. I am not a natural born leader. If you’re one of those people that always likes to sit up front at the head of the class, it likes to lead a conversation lead a networking event, those are your natural born leaders, but even natural born leaders need coaching and leadership themselves. So I would highly recommend everyone taking leadership courses I did I loved it. I changed the way I I lead not only projects but teams and it’s a skill that can always use improving. Project Management is another One of my list you know, as a freelancer, you’re going to be juggling many clients, hopefully. And each one of those clients might have many tasks, hopefully. So the more you clients you have, the more you have to juggle, right? So you have to figure out how to manage all that not only all the tasks, but all the timeline associated with the due dates to start dates. And if there’s other team members involved, they have to be managed as well. Maybe you’re the one being managed or are doing the managing but whatever the case, project management skills are necessary All right, I you know, I use teamwork calm if you’ve heard me. So I podcast before talk about teamwork. There’s Trello. There’s a sauna, all these other project management platforms that help you organize and keep all your tasks and projects aligned. That’s a big part of product management, and also managing your calendar appropriately that that helps you manage not just projects but your life. And that goes right into my next bullet point which is time management. You have To Be very careful managing your time as a freelancer This is probably one of the most tricky bullet points want to talk about today because as a freelancer, it’s very easy to lose yourself in time. You might find by the end of the day, you didn’t know client work because you’re doing busy work, you know, you’re checking your bank account or updating your social media before you know what the time is up. And you have to be self disciplined in freelancing too. So that’s why I talked about all the time. You have to live and die by your calendar every single day, put client management work in there, put your own prospecting in there because if you don’t prospect then you’re not going to have clients right? So you have to be always be prospecting, abp what I call it and manage your calendar, live and die by it, even the little things should go on your calendar. last three tips here delegation, you really have to understand how to delegate This is a big problem that I see with other freelancers trying to delegate tasks to the others, and it’s really mostly a communication issue. The freelancers would give out the wrong tasks, meaning they would give tasks to people who aren’t doing Students do it. Or they would just give them an improper deadline that has no meaning behind it just an artificial deadline. And lastly, the biggest problem I see with delegation is the way they communicate the tasks like they’re not polite about it, they don’t give clear direction they don’t manage up, okay, if you don’t know what that term means manage up should take Freelancer master class because we give a whole class on it. But Google managing up it’ll make a big difference when you’re learning how to project manage and delegate tasks to others. One of the other things you have to understand as a freelancer that also correlates to basic skills running a small business is networking. You have to be able to network whether you’re an introvert or an extrovert you there’s going to be times you’re going to have to network, whether you like it or not, whether it’s a small group gathering, or it’s a conference or a trade show, whatever, you have to get yourself out there. A lot of freelancers come to me saying oh, I just want to use up work and Freelancer in fiber and guru calm and all those sites and make my full time career that way. That can be done. It will be very difficult, though. Very difficult, you’ll have dry spells, you’ll be stuck in one way to market one way to prospect clients. And that is not a good way to run your business. I mean, what happens if the internet goes down at your at your place for a couple days? What are you going to do for prospecting? You know, so you have to have some other ways to prospect and networking is something that you should get good at. And if you’re not good at it, you know, the one of the things you can do is just go outside, sit in a coffee shop somewhere and just make a couple conversations with people and just kind of let it grow from there. Okay, and then sooner or later, you’ll be given speeches at big events, who knows, but you got to come outside your comfort zone a little bit as a freelancer. Okay, the last tip I have for you, is team building. If you don’t know how to build a team and you want to scale your company, then team building is an essential skill. Now it might seem obvious, and you might thought not think you need training on something like this. Oh, I know. build a team owners go to Upwork and find some freelancers and, and build my team that way. There’s more to it than that. You have to understand what you want your team to do. How are you going to deliver it? What processes are you going to use to manage the team? How are they going to work together? What happens if things goes bad? What’s your contingency plan? There’s a whole bunch of things you have to consider on team building and I bet if you go to EU to me, you will find some courses on building a good team. All right, I hope these tips helped until another day. Have a great one.

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