The Entrepreneur Forum | Financial Freedom | Starting a Business | Motivation | Money | Success

Welcome to the only entrepreneur forum dedicated to building life-changing wealth.

Build a Fastlane business. Earn real financial freedom. Live your best life.

Tired of paying for dead communities hosted by absent gurus who don't have time for you?

Imagine having a multi-millionaire mentor by your side EVERY. SINGLE. DAY. Since 2007, MJ DeMarco has been a cornerstone of Fastlane, actively contributing on over 99% of days—99.92% to be exact! With more than 38,000 game-changing posts, he's dedicated to helping entrepreneurs achieve their freedom. Join a thriving community of over 90,000 members and access a vast library of over 1,000,000 posts from entrepreneurs around the globe.

Registration at the forum removes this block.

Discussion: are most freelancers better off starting their own business utilising their own skills?

RobbieFoston

Contributor
LEGACY MEMBER
User Power
Value/Post Ratio
93%
Sep 12, 2021
27
25
London, UK
Hola Fastlaners,

I've been having similar discussion on here lately but wanted to open it to more people and a broader topic of conversation.

My question is this:
Should freelancers leverage their skills to start their own business?

This is just something I've observed and it seems that if you're really good at a particular skill, you're better off building your own business (outside of offering your services to others) in order to make the most money from your skillset.

For example, if you're a great direct repsonse copywriter you should probably launch a product or scalable service and drive traffic from your copywriting. Same if you're an email marketer etc. This is probably a bit more difficult if you freelance in an area that doesn't directly drive sales (eg. design).

Based on my observations it seems you have three options:
1. Continue freelancing and increase rates: of course this is capped by hours working and rates you can charge.
2. Start an agency and scale your service using others.
3. Launch your own business and use your skillset to get it up and running.

What do you think? Interested to hear thoughts (especially from those with experience in these areas)!
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

Ajbuck68

Contributor
MEMBER
Read Fastlane!
User Power
Value/Post Ratio
110%
Jun 7, 2024
21
23
Based on my observations it seems you have three options:
1. Continue freelancing and increase rates: of course this is capped by hours working and rates you can charge.
2. Start an agency and scale your service using others.
3. Launch your own business and use your skillset to get it up and running.
I agree that 1 and 2 suck. I've been exploring them (tech consulting). 3 is great, but you also missed #4.
4. Selling on value rather than hours or project size.

Say you're really good at making websites. Anyone can go to upwork or fiverr and see how quickly it's a race to the bottom on rates for building websites.

So differentiate. Instead of selling a website, an easily obtainable result that any 15 year old with an internet connection can make these days, sell value. Figure out how to generate leads and customers for your customers through better websites. Then instead sell them an increase in leads and customers.

Ask a small business owner how valueable a website is and most will say something between $500-$5,000. Ask them how valueable a new customer is and that could be between $1-$100. Well if you can get your customer a steady stream of new customers every month, that is infinitely more valuable than the website itself. Suddenly the same website project you sold to the 1 man business for $1000 can also be sold to the a midsize business for $25k or more. And you'll also find the focus is on what you sell. Now they no longer nitpick for weeks about fonts and element placements down to the pixel because you sold a website, but they focus on the leads and customers coming in because that's what you sold.
 

heavy_industry

Legendary Contributor
EPIC CONTRIBUTOR
LEGACY MEMBER
Speedway Pass
User Power
Value/Post Ratio
580%
Apr 17, 2022
1,741
10,091
Should freelancers leverage their skills to start their own business?
What kind of question is this?

What do you actually want?

A job means trading your time for money. This caps the maximum amount of revenue at whatever your hourly rate is.

Building a CENTS business can enable you to detach your time from the money, and the upper ceiling might be 2-1000 times higher, depending on the industry.

Unlike a job in which you only do 1 thing, a business requires you to have a broader perspective and competency in 10 different skills - which you are going to use synergistically to build and maintain the system.

Business also requires a very high degree of resourcefulness, problem-solving abilities, and willingness to think with your own head.


"Should I start a business" is something I expect to see on Reddit, not on the Fastlane forum.

If you need to ask for guidance on the most basic of things, run away from entrepreneurship. Because you will encounter problems that are orders of magnitude more complex along the path.
 

Become a Fastlane Member Today to Read More or Comment.

This thread has
4
more posts!

Join MJ DeMarco's Inner Circle and Rub Shoulders with Other Millionaire Entrepreneurs

Imagine a multi-millionaire mentor by your side EVERY. SINGLE. DAY. Since 2007, MJ DeMarco has been the driving force of Fastlane, contributing on over 99% of days—99.92% to be exact! With over 38,000 posts game-changing posts, he's dedicated to helping entrepreneurs achieve freedom. Join 90,000+ members and access a vast library of 1,000,000+ posts from entrepreneurs worldwide.

Fastlane isn’t just another community led by an absent guru. By joining, you enter MJ’s inner circle—a supportive home where you’re never alone. Embrace true mentorship and transform your entrepreneurial journey with the Fastlane Forum.

Basic Membership (Monthly)

  • Read all threads in the main forums/categories.
  • Post comments in existing topics.
  • React to any comment/post.
  • Post new topics/threads.
  • Sort big threads by best posts.
  • Cancel anytime

$5 per month

Join Now

Basic Membership (Yearly)

  • Save 22% vs yearly
  • Read all threads in the main forums/categories.
  • Post comments in existing topics.
  • React to any comment/post.
  • Post new topics/threads.
  • Sort big threads by best posts.
  • 30% Off a Yearly GoalSumo.com Subscription
  • Cancel anytime

$47 per year

Join Now

VIP Insider Membership

  • Same as basic plus...
  • Guaranteed read and response from MJ DeMarco*
  • Access to the private Insider forum for more advanced users.
  • Bookmark any posts
  • No non-sponsor ads
  • 50% Off a Yearly GoalSumo.com Subscription ($34 Value)

$119.88 per year

Join Now

* If you post any question or problem within the INSIDER forum, this guarantees MJ will read and respond to your post to the best of his ability at least one time. This guarantee does not imply a lifetime dialogue or a personal ongoing mentorship. Again, MJ has authored more than 38,000 responses at this forum since 2007.


Post New Topic

Please SEARCH before posting.
Please select the BEST category.

Post new topic

Guest post submissions offered HERE.

Latest Posts

New Topics

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Ideas needing execution, more!

Join Fastlane Insiders.

Top