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Freelancers: what to do when it feels like competition is holding you back

Freelancers, it can feel like you have a lot holding you back like a lack of resources or huge staff, so what do you do when your competitor is outpacing you?

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The best gift of all for freelancers

Almost all freelancers I’ve met to date complain about competition, and how it is killing their business. That’s a load of crap! Competition is the best thing you could ask for, hands down.
Competition tells you the market needs your services.

Competition pushes you to be your best, think outside the box, and look critically at your value proposition.

Competition can raise your rate – let those other guys take the low-paying gigs.

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Who needs accountability when you have competition sitting there every day working as hard as you are to build a business? If you decide to relax and blow off those great ideas, your competition will be happy to enlighten you of the outcome.

My own experience with a competitor

Just recently, I found out that someone I trusted decided to replicate exactly what I’m doing and has even geared this venture to the same market as mine. Initially I was devastated, this organization is bigger than me, with more influence (at least it feels that way), and they know my strategy.

Then it dawned on me – if I’m going to be the top dog in this race, I have to step it up. The only other choices were to walk away and count my losses while they are small, attempt to join forces (which still may happen), or continue to move forward at my super slow pace and enjoy a few small wins along the way. I want to play big this time, and this was my wakeup call – my competition is pushing me to be a better freelancer.

How I set out to win

I sat down and made a list of my assets (client list, market reach, personality, community, etc.) and then made a list of the competitor’s assets. The reality was they don’t have nearly as big of a jump on this venture as I originally thought; making my over-the-top initial response pretty silly. I could not only build a great list, but I have assets that would take them years to build. Not to mention I have the first-to-market advantage with tremendous success.

Now, instead of just resting on my laurels of a previous, singular success, I am pushing forward and closing my gaps. I immediately defined the one hurdle that has the potential to stop me in my tracks: making big a reality. So I reached out to a mentor that I have watched think big and then make big happen to help me.

What typically holds us freelancers back

Asking for help has never been my strong point, but I’m doing it regardless of how uncomfortable it is. There are two more areas that will hold back the success of growth if I do not address them: 1 – a team, and 2 – money. Freelancers tend to let money hold them back by thinking there isn’t enough or it is hard to obtain. That is simply not true; all I have to do is start asking. Within 48 hours, the first sponsor was on board and a volunteer team has stepped up to help me get to the top. Onward and upward. Thanks, competitor.

What’s holding you back? It isn’t your competition. Take a harder look, be willing to take on the opportunity, and grow your freelancing business. Believe in yourself and let people help you. Even the competition.

#Freelancers

Emily Leach is a pioneer in the world of uniquely-talented people who feel empowered to go beyond conventional jobs and create businesses from unique vantage points and perspectives. She is the founder of the Texas Freelance Association, the first statewide association of freelance workers in the country and The Freelance Conference, the only event of its kind poised to become THE conference for freelancers across the nation. Her belief that those working for themselves deserve the same respect as those working for major corporations drives her tireless fight to ensure this growing population of “genetically unemployable” solo-preneurs are represented and offered some of the same opportunities as those working for large corporations. Because of her knowledge and expertise, Emily has been a leading-edge organizer and speaker for TEDx events throughout the U.S. Southwest. Currently living in Austin, Texas, Emily’s outside interests include rowing, sailing, traveling, scuba diving, snowboarding, whitewater and cycling – basically, having adventures and living life to the fullest.

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3 Comments

3 Comments

  1. Dave Osh

    May 21, 2015 at 12:32 am

    Emily is touching one of the most important challenges that derails many freelancers. Competition is just one step prior to collaboration. Unfortunately, the freelancing landscape is shadowed by fear of competition instead of inspiring growth with generous sharing, supporting and mentoring. Collaboration will create a larger cake and Emily paves the way for this transformation.

  2. Job at home

    June 10, 2015 at 3:09 pm

    Too bad some freelancers actually think of their job as some kind of a race or competition. It's one thing when your competitor makes you strive more and generally get more motivated, but it's a completely different and negative thing when it becomes some sort of a rivalry.

  3. Pingback: Could this be the best planner for freelancers in history? - The American Genius

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Business Entrepreneur

This Uber for chefs will bring a home-cooked meal to your home

(BUSINESS ENTREPRENEUR) Who doesn’t love a home-cooked meal? Now with this amazing startup service, you’ll soon be able to get one without having to cook it yourself.

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A professional chef making a home-cooked meal with a tall cheeseburger.

Who doesn’t love a home-cooked meal that you didn’t have to cook?

No one.

And restaurants, UberEats, DoorDash, and their ilk have been banking on this desire for some time… Although whether restaurants can stay in the game remains to be seen.

McDonald's sign with a sign that says "We are short staffed. Please be patient with the staff that did show up. No one wants to work anymore."

Disrespect your essentials at your peril, but I digress.

Cofounders Heinin Zhang and Siddhi Mittal of London-based toddler-aged company, Yhangry, are bringing a solution to the problem that’s neither dragging into a restaurant during a gross
and grossly mishandled plague, nor struggling with how to perfectly word directions to your home for delivery drivers.

Essentially, you pay a certain amount per head in your dining party, which includes the chef’s time and expertise, groceries, booze if you want it, AND post-cooking cleanup. Then said chef
comes to your home, does their thing, and skedaddles.

If anything, it’s like a nice little splurge— okay, NO I can’t yet afford to keep a private chef on hand to make sure I’m not having Taco Bell sauce packets for lunch, but I COULD maybe do a
little splurge once every quarter and have some ‘Let’s pretend we’re rich’ time with a gaggle of friends.

It’s like a spa day, but for your tummy.

Now of course the idea of luxury house calls isn’t new, in and of itself, but you have to admit it is extremely cool that you can trust a centralized service to have vetted individuals who need to uphold certain standards on their books. Let’s face it, if your first thought upon inviting someone you don’t know into your house isn’t ‘What effed up ess are they gonna do in here’, you’re too well-adjusted to be reading this anyway.

I kind of love it! And I’m not the only one.

Yhangry’s raised $1.5 million USD (1,079,272.50 pounds sterling in redcoat money) through several angel investors after managing swift, and successful pivots during England’s lockdowns
last year! What started as a custom dinner party organization had to shift to virtual cooking classes! Now, as things open back up with the advent of the vaccines in Great Britain, Zhang and Mittal’s business savvy and quick thinking are being very aptly rewarded. They’ve got a ready team of 130 chefs in their rosters, Covid guidelines for all to follow, and a lot of big names
in their corner.

Nimbleness always pays is the takeaway here.

I fully wish these ladies every success, mostly because I reeeeeeeeeeeally want their home-cooked meal service to hurry up and be in my house already. What’s the English equivalent of fingers crossed… Something to do with tea? My teabags are plopped for them.

It only remains to sip and see what happens!

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Business Entrepreneur

Why receiving big funding doesn’t guarantee startup success

(BUSINESS ENTREPRENEUR) You finally got that big funding check that allows you to make your dreams come true, but most startups fail because they shoot for the moon.

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funding box

The first thing every startup needs to get off the ground is funding. It’s crucial to have enough capital to cover equipment, inventory, and employee salaries, along with other basic expenses unique to the industry. Most startups cover these initial costs through business loans and capital from private investors.

Some business owners perceive getting funded as the first milestone toward success. While receiving capital is critical for success, being well-funded doesn’t guarantee success. Plenty of well-funded startups have failed, gone bankrupt, and all but disappeared.

How could so many well-funded startups possibly go under? The 90% failure rate for startups is due to a variety of factors including bad timing, no market, and most of all – mishandling of finances.

Here’s why receiving big capital doesn’t guarantee success.

Getting investment capital provides false hope

Getting funded can make you feel invincible and cause you to be too relaxed about spending money. It’s a powerful feeling to have plenty of money and know an investor believes in your business. Investors are smart; they wouldn’t throw money at a startup unless they had every reason to believe it will succeed, right? Not exactly.

Startups in big tech areas like Silicon Valley and San Francisco often have an easy time generating large amounts of capital from investors who can’t wait to throw money at the latest startup. Many investors ignore risk and throw their money at long-shot bets hoping to invest in the next Facebook or Instagram. The size of the pot is too mesmerizing not to take the risk.

These long-shot bets carry similar odds to winning a “Pick 6” bet in horse racing. The Pick 6 is one of the hardest bets to win because you have to pick the winning horses for six consecutive races. What if the top horse becomes injured before the sixth race? Investors who toss money at random startups have to pick a startup that will continue to meet all the right circumstances to become profitable long-term. Some of those circumstances are unpredictable.

No business owner wants to view their startup as a long-shot bet. However, the reality is that many startups are. You can’t gauge your potential for success based on how much funding you receive.

Having plenty of cash encourages premature scaling

When you’ve got the cash to scale your startup it seems like a waste not to dive in. Just one look around the internet reveals plenty of videos and articles encouraging entrepreneurs to scale their business. Advice online gives the impression that if you’re not scaling your business, you’re falling behind. However, scaling too soon can tank your startup.

Research conducted by Startup Genome found premature scaling to be the number one cause of startup failure. Nathan Furr from Forbes.com explains this finding and what it means for businesses. Premature scaling is defined as “spending money beyond the essentials on growing the business (e.g., hiring sales personnel, expensive marketing, perfecting the product, leasing offices, etc.) before nailing the product/market fit.” Furr says any business is susceptible to premature scaling – not just startups.

The problem is that premature scaling depletes your cash reserves more quickly. This leaves you with less cash to fix mistakes and readjust as you go along. Failure is what happens when you don’t have the necessary cash to fix mistakes and move toward success.

How to make the most of your funding and increase your odds of success

To increase the odds of developing a long-term successful startup, here’s what you can do:

Save as much money as possible. For instance, you don’t need a giant office with expensive furniture right away. Work from home and hire a remote team until an office is absolutely necessary.

Make sure the cost of acquiring each customer makes sense. Know how much money you’re spending to acquire each customer. Track all marketing efforts and eliminate the avenues that don’t generate paying, loyal customers. If the cost to acquire a customer is more than what they spend with your company, revisit your marketing strategy.

Aim for an order-of-magnitude improvement with your innovation. Skip Prichard advises startups to strive for a 10x increase in the value of whatever innovation is being provided to the world. For example, if your company is offering a lower price for a greater value, aim to increase the value 10x. Attract the early adopters who want big improvements and they will validate you.

Money is a tool – use it wisely

Celebrate when you get your funding, but keep that money in the bank for necessary expenses. Money is a tool that doesn’t guarantee success, but if you budget wisely, you’ll have a better chance at beating the startup odds.

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Business Entrepreneur

‘Small’ business was once a stigma, but is now a growing point of pride

(BUSINESS ENTREPRENEUR) Small businesses make up the majority of companies, employers, and money makers of the American economy, that’s something to be proud of.

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American small business

Prior to the Industrial Revolution, all businesses were small businesses. Independent craftsmen served communities with vital services. Small merchants opened shops to provide the community with goods. Lawyers, doctors, and other professionals hung out a shingle to offer their services to neighbors. Small businesses were the norm. Some of the most beloved American companies started out local. John Deere, Harley Davidson, and King Arthur Flour, all got their start as small businesses.

Business changes led to a attitude change

It wasn’t until manufacturing allowed businesses to scale and produce more efficiently that the idea of big business became more important. Post-World War II, the idea of a small business became derogatory. It was the age of big government. Media was growing. Everyone wanted to be on top. Small businesses took a back seat as people moved from rural to urban communities. Small business growth plateaued for a number of years in the mid-20th century. Fortunately, the stigma of small business is fading.

Small businesses are the backbone of the economy

According to the Small Business & Entrepreneurship Council, the “American business is overwhelmingly small business.” In 2016, 99.7% of firms in American had fewer than 500 workers. Firms with 20 workers or less accounted for 89.0% of the 5.6 million employer firms. The SBE also reports that “Small businesses accounted for 61.8% of net new jobs from the first quarter of 1993 until the third quarter of 2016.” Small businesses account for a huge portion of innovation and growth in today’s economy.

Modern consumers support small businesses

According to a Guidant Financial survey, the most common reason for opening a small business is to be your own boss. Small business owners are also dissatisfied with corporate America. Consumers also want to support small businesses. SCORE reports that 91% of Americans patronize a small business at least once a week. Almost half of Americans (47%) frequent small businesses 2 to 4 times a week.

Be proud of small business status

Small businesses are the innovators of tomorrow. Your neighbors want to support small businesses, knowing that their tax dollars stay in the community, and that they’re creating opportunities within their own city. Your small business status isn’t a slight. It’s a source of pride in today’s economy. Celebrate the fact that you’ve stepped out on your own in uncertain times. Celebrate the dirt under your fingernails, literally, or figuratively, that made you take a risk to do what mattered to you.

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