Chapter 1: The Dangers of Playing It Safe

Freelancing became my lifeline after a series of unsuccessful business ventures left me in a precarious financial situation. Over 14 years in freelancing helped me recover from my entrepreneurial losses. Yet, as someone who writes about freelancing and personal finance, it feels odd to acknowledge that I stumbled significantly in my freelance journey.

The crux of my setbacks was my tendency to take too few risks with my work. You might find yourself thinking that earning $5,000 or $10,000 a month would be a dream come true. If that resonates with you, beware—it's easy to get trapped in the mindset that reaching a specific income level means you can relax. You might convince yourself that you're not being greedy and that you have enough to sustain your lifestyle. However, this "play it safe" mentality can severely limit your freelancing potential, as it did for me.

Stuck in a Stagnant Situation for Years

For an extended period, I remained tied to a client who offered no growth opportunities. Despite recognizing the lack of potential, I continued to write for them for years. This client acted as a middleman for those seeking academic writing services, presenting an enticing offer due to the high demand in that field. They promised a steady stream of work, and the pay rate was appealing, particularly living in Malaysia where expenses are lower than in many developed nations.

Before committing, I did some quick calculations and concluded that I could cover my living and business costs with just a few hours of work each day. I clung to this arrangement while attempting to build my own business. However, when that startup eventually failed, the limitations of my reliance on this client became painfully clear.

Engaging in academic writing did nothing to help me establish a brand; the stigma surrounding hiring ghostwriters meant that none of my clients were willing to endorse my services. Additionally, the broker took a significant portion of the fees charged to clients—two-thirds, to be exact. While they had overhead costs, their profits were substantial, which left me with minimal compensation for my efforts.

Choosing the Safe Option: A Misguided Decision

You might wonder why I stayed in such a poor arrangement for so long. The answer lies in my instinct to play it safe. I lost focus on my freelancing potential because I viewed my startup pursuits as my primary business, relegating writing to a secondary role merely to cover costs.

This led me to a poor "job proxy" situation, where I found myself in a bind. I lacked the benefits enjoyed by traditional employees—no pension, no paid leave, and no health insurance—yet I also faced the financial instability associated with entrepreneurship. All of this stemmed from my misaligned priorities.

Lessons Learned: Reflections on My Journey

After reflecting on my experiences, I identified three critical lessons that I learned the hard way:

1. Prioritize the Process Over Immediate Outcomes: For far too long, I fixated on metrics like "dollars per word" and "hours worked." While I achieved short-term results, I didn’t see any long-term growth.
2. Avoid the Productivity Trap: I experimented with numerous productivity hacks to enhance my short-term metrics, similar to putting a Band-Aid on a serious injury. True improvement requires a more fundamental shift in focus.
3. Shift Toward Building a Sustainable Business: Instead of concentrating solely on immediate revenue, I should have focused on building an asset base. Assets can be tangible items like equipment or intangible ones like reputation, which can significantly enhance earning potential over time.

Strategies for Avoiding Stagnation in Freelancing

To sidestep the pitfalls I encountered, consider these strategies:

1. Approach Freelancing as a Business: Begin your freelancing journey with the intention of transforming it into a business. If you’re not ready for that commitment, you may want to seek full-time employment with remote options.
2. Align KPIs with Long-Term Goals: Don’t restrict your focus to metrics like "revenue per hour." Instead, establish key performance indicators that support your long-term aspirations, such as hours spent on content creation or outreach efforts.
3. Embrace Imperfection: Perfectionism can stifle progress. Instead of chasing marginal improvements, be bold in your endeavors. Exploring new avenues, such as writing for different audiences, can lead to exciting opportunities.

Chapter 2: Building a Business for the Future

Final Thoughts: The Importance of Asset Building

If you lack assets, you're not operating as a true business. While freelancing may provide a sense of independence, it often masks the reality of job insecurity. I played it too safe during my time as an academic writer, resulting in just enough income to survive while neglecting asset development. Consequently, when my main client and I parted ways, my income stream vanished entirely.

In conclusion, to thrive as a freelancer, aim to create a sustainable business rather than relying solely on freelance income. This path may seem safer, but it can lead to the same financial instability typical of traditional employment. Focus on long-term goals and build assets that can generate income, even when you're not actively working. Take calculated risks, and don’t shy away from failure; perfectionism can hinder your potential for true growth.