Stages of a Freelancing Business

Stage 5:  Adulthood

In general, approximately 75% of new businesses begun this year will not make it to this stage.  Why?  There are as many reasons as there are businesses, and most have nothing to do with the individual who’s starting it.  So far, in my adult life, I have attempted to start no less than 5 businesses.  This is the only one that is maturing so far. 

What Makes a Freelancing Business a Successful Adult?

As adult humans, we must deal with issues such as balancing our time and energy, paying the bills, focusing to meet deadlines and goals, and for many, there’s a continuous search for what really matters and will make life fulfilling.

An adult business deals with these same issues.  If a business is under-funded or can’t meet its financial obligations, it won’t make it.  If a business doesn’t have a strong enough direction, it will flounder.  If the business doesn’t have a leader that believes in it, it will dissipate.  If too much is expected too soon, it will collapse.  And these are just of the mistakes I have made.

The Lessons of a Mature Freelancing Business

1. Patience.  I started out believing that I had the best idea in the world, and that since I believed in it, the world would simply flock to me.  What I learned was to allow at least 2 to 3 years before I could expect my business to be supporting me.  Not because it’s not a great idea, but because it takes time to develop the marketing message that attracts the right customers; time to understand how my vision looks in the day to day doing of things; and time for me to decide who I wanted to be in the middle of it. 
2. Balance.  There is a learning curve in any business. And when you’re just starting out, most of the time you become the IT, the Administration Staff, the Receptionist, as well as the Service Provider, Customer Service Department, and Proud Business Owner.  Oh, and by the way, your family still needs and wants your attention too.  I heard once that ‘even on the day you die there will still be emails in your inbox.’  In other words, it won’t ever ALL get done, so do what’s really important first.
3. Planning.  One of my biggest challenges has been learning how to plan further out than next week.  I have always been very organized and capable of managing my daily schedule, but long-term planning has been different story.  It takes vision, determination, and a willingness to be flexible along the way.  It allows for contingency planning and bench marks.  I now have a business plan that extends out 25 years into the future.  Just think, my 6 year old will be 32 by then!  I’ve been planning for his future, why not mine?

Helping your business reach adulthood is as much an ‘allowing’ process as it is a ‘doing’ process.  Sure, you need to be there along the way to guide it, maintain the creativity, and refine it through decision making, but then it’s a matter of getting out of the way and enjoying the momentum you’ve worked so hard to create. 

By time a business matures, you will have spent years in marketing, promotion, trial and error, and pulling your hair out.  When your business continues to grow even while you’re taking that 3 week vacation you’ve always wanted, you’ll know you’ll have made it.  Congratulations.  Enjoy it for a while before you decide to start over again!