5 reasons why most freelancers don’t have 6 figure income!

5 reasons why most freelancers don’t have 6 figure income!

The word Freelancing sounds so glamorous! You don’t have a boss – you work when you want – just deliver the goods and check your bank account – everything seems so easy! But alas! It is not so – the life of a freelancer is a tough one – tight deadlines – non existent social life – hard labour and less money. It is a ‘dig the well and drink water’ life!

Today I am going to share you a closely guarded secret!

I am divulging it only to the readers of this blog!

So hang on – tighten your seat belts – it will be a Roller Coaster ride!

Let us look at the 5 reasons why most freelancers are failing to make loads of cash:

Reason 1: You are just doing manual labour!

The construction workers I think are one of the most hard-working persons – but do they drive Ferrari?

So hard work does not convert to pile of cash!

Smart work does!!

This problem is commonly found in translators – they charge by the word or hour – whatever way a translator charges clients – they can’t escape hard labour!

Imagine if a translator writes an eBook on ‘how to leverage translation software tools’ and price it at USD 15! – estimating 500 downloads for this eBook per month – the translator is now earning USD 7500 monthly! – it is a repetitive business!

This is a smart way of earning money.

The translator in the above example might have spent 2-3 months to write the eBook – but the income will keep pouring in life long!

Lesson Learnt: hard labour won’t make you rich – so be smart!

Reason 2: You don’t ‘connect’ with clients!

In my earlier life as a vendor manager – I regularly hired translators for my work – there was this translator ‘daniel’ I often used for Eng-Chinese translations.

Working with him was very mechanical – I send the document and after few days I used to get the translations – payment processed – end of story!

I never get to know Daniel!

For me he was ‘just one of the guys’ out there!

So once when I could not get him for a work I quickly changed loyalty.

Just like that! – no regret – no guilt – no emotions!

Then one day something strange happened.

I started outsourcing my work to a translator ‘Jessie’ and before I realized all my Eng-Chinese translation work is going to her.

Was she an awesome translator?

Yes but then there are so many other good translators like her.

Jessie’s 4 qualities that stood apart:

1- She is very courteous and always eager to go that ‘extra mile’.

2- She is Crystal clear in her communications! No useless back and forth of mails.

3- She is very passionate about her work and often she gives tips and info about the assignment – that in turn helps us to improve.

4- Jessie recently offered to be our guide – when I along with my family visits China. There is an unspoken bond!

I am not asking you be ‘over friendly’ with your clients – but in freelancing business often you don’t meet face to face with your clients – so the ‘human connection’ is missing.

So there is a high chance that your client might wander away in this ‘no strings attached’ relationship.

Lesson Learnt: Unless you set up a ‘connection’ and give a ‘face’ to your name – you are just an email address in the vendor sheet!

Reason 3: You play it safe!

Do you know why ‘average’ people are ‘average’?

Well because they do ‘average’ things!

In simpler words: “they play it safe”.

The most career threatening stupid advice someone can give you is:

“Don’t take risks!”

If someone tells you this – they are not your well wishers! – they deliberately are stopping you to succeed!

I always want to be a writer – but job pressure never allowed me – so one fine day I decided to leave my job and start writing – but do you know it actually took me 4 years to resign!!

All along I am – what if all my savings dry up? – what if I don’t make money out of writing?

So I continued ‘playing safe’ and remained stuck to my regular job!

Today – I am still some miles away from hitting the ‘6 figure income’.

But I am well on my way to it!

If you are a web designer – have you tried collaboration with other designers and pick a bigger project?

Have you tried something beyond your ‘comfort zone’?

Have you tried to learn a new skill set or the latest software tool?

More importantly: have taken a calculated risk recently?

If the answer is NO to above questions – my friend you are just doing average stuff!

Lesson Learnt: there is NO middle path – either you make it or not!

Reason 4: You love fairy tales!

Yes fairy tales!

“Buy our eBook/training material and start earning USD 10K+ from first month!”

Does it sounds familiar?

Isn’t internet filled with ‘get rich quick’ schemes!

And luckily for the makers of these frauds – you believe them! Every word of the lies they are saying.

If you have not believed in fairy tales – these frauds would never happen.

You want a ‘6 figure income’ – without the usual hard work – if this is not fairy tale what else is?

Think sensibly for a moment – if someone knows how to get rich – why will they share the secret with you?

Think hard – has Bill Gates or Richard Branson ever mailed you – sharing their success secret!

Then why these frauds are selling you get rich tricks!

Because the only people benefiting from these frauds are they themselves!

Got it?

Now listen attentively: most freelancers only day-dream of making it big!

Such dreams won’t convert into cash.

To have a successful freelancing career – you need to slog in – it is going to take time & effort – you have to think out of the box – you have to give value to the clients.

So stop dreaming it is time for some hardcore action BABY!

Lesson Learnt: don’t take shortcut – it takes more time!

Reason 5: You have self-doubt!

Can I make it big?

Some people have all the luck! But not me :-(

Only big corporations make money!

If you believe in any of the above 3 statements – welcome to my world!

Yes I too have self doubts!!

Lots of them in fact – I am not happy about my weight – I doubt that one day I will be a world-famous author – I am also not very sure whether this blog will make it big! – gosh it is a long list.

But one thing separates me from many of you out there.

I never let my doubts OVERPOWER Me!

Yes it is ok to have self doubts – we are all human – but don’t let the doubts hamper your growth – on the contrary leverage them.

Yes you read it right – “leverage your self-doubt!”

So next time you think “can I do a podcast?” – go ahead and do it anyways – the result are not always AWESOME – but in the process you will have learnt few good things about podcasting.

Many freelancer have serious doubts about making it big!

As I have said earlier – it is ok – but don’t let the doubts stop you from progressing!

Free your mind.

And continue the good work!

Soon you will reap in the profits – have faith!

Lesson Learnt: the road to success is long, tough & punishing – so STOP whining and start performing.

Do you believe what I said in this article?

If Yes – drop a thank you note below!

Even if No – vent your anger in the comment section below! I will appreciate that!!