Mindset is the primary predictor of success in business, life, and relationships. In other words, what you think gives you the results you achieve. It’s the law of attraction thinking without all the woo-woo.
But every person requires a different mindset depending on their situation, something that a freelancer switching to a full-time business owner needs to be aware of.
Unfortunately, not all freelancers understand the mindset shift required to be successful and happy business owners. Today, we’ll spotlight five mindset characteristics necessary to go from freelancer to business owner.
So how, as a freelancer, will you have to think differently to succeed as a full-time business owner?
Related: Shift Your Mindset, Save Your Business and 3 Important Keys to Personal Transformation for Happiness and Success
By the way, there are affiliate links in this article (most likely)-that’s to keep the coffee fund topped up – but those links don’t change my opinion on anything I say about a product or service.
5 Mindset Characteristics
1. All decisions are yours.
True, as a freelancer, you get to decide who you work with and for how much money, and for how long. As a business owner, though, your decisions are on a much grander scale – budgets, products, customer service, technology – all your decisions, no one else’s.
But this means there is no one but you to make the when and how’s of your business like you would working for someone else (or as a freelancer). There is no waiting for permission. You can not take days or weeks off from a new business.
Successful business owners understand how fast day-to-day operations and opportunities happen. They can change directions at any given moment – for the best interest of their business.
2. Learning, Mentorship, and Success.
Transitioning from freelancer to full-time business owner requires many things, including a mindset shift, education, and, if you’re lucky, a business mentor.
Business mentors are essential for new business owners as they can help streamline your systems and process and assist with potential pitfalls. Many community colleges have free programs for new business owners. Utilize all the free services you can get your hands on – learning consistently is key to success.
Think of your learning just as a doctor has to maintain their licensure to practice medicine. You must continually learn and stay active in business as trends, technology, and compliance constantly change.
Besides, being a business owner, you need to learn new things like POS (point of sale) systems, insurance, marketing, leases, banking, etc. If you want to read my success and failure as a brick-n-mortar business, not to scare you, you should at least read to get a good chuckle at how green I was to have a retail store.
Related: 10 Resources To Make You a Better Entrepreneur and Finding Growth By Changing Your Mindset
3. Your Bank Statement Won’t Lie to You.
For many freelancers, knowing and understanding your numbers is the difference between success and failure. The same theory applies to being a full-time business owner on a much larger scale, where money is flying out faster (on most occasions) than coming in your first or second year in business.
Learning where your money is spent every day, week, month, and quarter is the key to success as a full-time business owner. As an owner, you probably won’t have the additional income of your freelancing or outside job to assist with cash flow.
If you hate numbers, better start looking for someone who does, like an accountant. To remain successful, you need to know precisely where your money is – and isn’t at all times. Ultimately, you need to know what sales you make, costs (spending), profit, and daily losses.
4. Your new love interest.
Going full-time as a business means you will be married (most likely) to your business for the first year (at least). Sleepless nights, long hours, and being the only person responsible for the success or failure of your business.
Continually remind yourself that you love the business and work ‘on’ it daily, not ‘in’ it. Because if you start thinking like an employee, you will become an employee, and your business will fail.
5. Being uncomfortable, scared, and tired is your new norm.
A lot of freelancers have either a part-time or full-time job besides freelancing. When you switch to a full-time business owner, you are the business (at least for the first year or two). You will need to develop:
- Thick Skin – rejection and criticism will become your friend.
- Risks – there will be more risks you will need to take to be successful.
- Courage – you’ll need to channel your inner introvert (if you are not already one) to succeed. Being a business owner is lonely – isolating at first.
Related: 7 Simple Everyday Strategies To Avoid Business Burnout and Risking Personal Well-Being
Freelancer to Business Owner Reminders
Time isn’t linear. As a freelancer, you set your schedule to fit your lifestyle. As a full-time business owner, while you might not be tied to a specific location, you will constantly be connected to the business.
Your mind will constantly think:
- What are the financials?
- How are customers being serviced?
- What could you do better for your clients or customers.
There will be little time away, especially in the first few years – you will breathe, eat, wake, and sleep your business.
Stop waiting. Most people underestimate the time it takes to transition to full-time business owner from freelancer, so today is the day to start shifting your mindset.
Most freelancers have a general idea of what is required to run a business because many freelancers are micro-business owners (if you will). During your transition, find yourself a mentor or coach to develop the skills and experience required to grow a successful business.
Related: Cultivating The Mindset of a Successful Entrepreneur
To Summariaze
As we stated at the beginning, mindset is the primary predictor of success in business, life, and relationships. What you think gives you the results you achieve. It’s the law of attraction thinking without all the woo-woo.
But every person requires a different mindset depending on their situation, something that a freelancer switching to a full-time business owner needs to be aware of.
Go slow with changing your mindset. Success as a business owner happens when you lay a solid foundation – build piece-by-piece – over time.
As you go through your mindset shifts from freelancer to business owner, I suggest using a journal.
Since there isn’t a one perfect solution for happiness or success, I strongly believe in the five mindset characteristics required when going from freelancer to business owner full-time.
Leave a comment about what you think and what essentials are missing on our list.
More Resources to help you become the best version of yourself without overwhelm or spending thousands:
- Broken to New Beginnings: A Self-Discovery Journal of Prompts and Exercises to Inspire Reflection and Growth
- Dear Entrepreneur, Journal, Notes, Resources… for Success
- Color Me Happy: Coloring Book for Personal and Professional Growth
You can check out the Success You podcast or the Success You channel on YouTube for more inspiration, motivation, and a pep talk from someone who has worked decades to become happy and successful.
Just remember this, success and happiness is relative. What I think makes me a success someone else may think differently. What you believe to be happiness, I may not agree (though I doubt that :-)) Never stop believing in yourself – your success or your happiness!
Check out inspirational quotes right now to get you motivated.
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