Working for yourself is very rewarding, but it’s also quite challenging. Like every job, there are pro’s and con’s, but as you put more time into building your business that you have created, you could see a significant increase in your revenue. Today, WTR welcomes Laura Pennington Briggs of The Freelance Coach, author, freelancer, and speaker. In this podcast, join us as we discuss how to evolve as a business owner and why it’s important to diversify your income.
Ingenious tactics to accumulate wealth, for people who see things differently.
Laura Pennington Briggs
Website 2: http://sixfigurewritingsecrets.com/
Website 3: http://www.legalseowriter.com
- [00:37] Kevin: Laura Briggs is an author, freelancer, and speaker. What we're going to talk about today is the financial impact of working for yourself
- [01:07] Would you mind sharing a little bit about your background and what inspired you to get to where you are today?
- [01:24] Laura: I turned to a side hustle (working as a digital freelance writer)
- [01:30] My business ultimately grew to the point where it was too hard for me to hold down my day job and side hustle. So I moved that side hustle into my full time and that's what I've been doing for the last 6 years
- [02:10] Kevin: What are the pro's and con's about working for yourself other than being hard on yourself since you are your own boss?
- [02:17] Pro's
- [02:19] Freedom and flexibility
- [02:24] Deciding how you'd like to spend your work hours per week
- [02:33] The potential to make more money
- [02:42] You set your rates and your fees and can add or remove things as it makes sense
- [02:48] More income flexibility
- [02:55] You get to decide who you work with
- [03:08] Con's
- [03:09] You are your own boss
- [03:12] You have to work many hours especially in the start-up phase
- [03:21] Paying your own taxes
- [03:23] You don't necessarily get that money dropped into your bank account every 2 weeks
- [3:30] Have to account for self-employment tax, Medicare, social security, and income tax
- [03:45] Your business bleeds into every aspect of your life
- [04:02] Because so much of it is in your mind, it's always around (not as easy as a corporate job)
- [04:11] Kevin: What I have found with running WTR is there's a lot of prep work before you actually start the podcast (research and new ideas that you're always thinking about)
- [05:38] Laura: I always feel like the pro's always count so much more than the con's
- [05:44] Any job and career is going to have some negative aspects
- [06:00] Kevin: Financially speaking, working for yourself can be more flexible. How has it impacted you financially speaking?
- [06:08] Laura: I grew my business pretty quickly after leaving my full time job. Once I was able to dedicate more time to it, I saw my revenue increase significantly
- [06:18] I've been able to scale my business to the 6 figure point for the last several years
- [06:28] I look for ways that I can diversify my income (evolving as a business owner)
- [07:13] I'm always raising my rates and ways that I cannot just get paid once for something
- [07:42] Other avenues like books, courses, coaching (additional revenue streams)
- [08:29] Kevin: So you have multiple income streams basically for the reason of you wanting to increase your income efficiently
- [08:36] Laura: I wanted to bulletproof my business (if things go wrong)
- [08:45] I never wanted my income or my business to be so reliant on one particular thing
- [09:33] Kevin: Anything can happen on any given day. You have to have something else you can count on
- [09:48] Laura: I was doing some research for a client one day on disability insurance and I found a statistic for people age 20 and older, there's a 25% chance where you'll have at least one year of your life where you sustain some type of disability or get in an accident (or not able to work)
- [10:19] Kevin: We believe that you have a lot more to be had by first avoiding a loss before you go chasing rates of return, and that's what you're doing. You're hedging against that potential loss to make sure you have a base to cover you
- [10:32] Laura: Even if you can't fully protect yourself against the unknown, you can minimize how much it hurts you
- [12:24] It's a good idea to not live in a fear mentality, but instead be a realist and acknowledge that a loss could potentially happen and if it does, you should have plans to cover yourself
- [12:39] Kevin: Do you have any tips of what our listeners could look for to help create more income streams?
- [12:53] Laura: Look for things that a lot of other people have questions about
- [12:58] When I was just doing freelance writing, I had a lot of people ask me how they could get started
- [13:10] Built these into books and courses
- [13:21] From day one, you start building your platform (your followers)
- [13:31] Start building that platform so you have an audience of people that are interested in listening to you
- [13:38] Much easier to sell to them than a cold customer
- [14:36] Look for things that interest you and things that you're naturally good at
- [14:55] Kevin: Before we close for today, I'm going to ask you for a value bomb, which is something that in your experience our listeners could look to avoid doing and something they could do to help about that?
- [15:11] Laura: When you start your business, get yourself an accountant and CPA who knows how to do taxes and planning for an at home business planner
- [15:24] Not all CPAs are created equal and the one who did my taxes the first time didn't claim all the deductions I could've claimed
- [15:51] Look for someone who has experience
- [15:55] You want to be protected when you file, after you file, if you get audited
- [16:06] Could save you money and a lot of anxiety and concern
- [16:40] Kevin: Is there anything else you'd like to share with our listeners?
- [16:48] Laura: I have a podcast called Advanced Freelancing if you want to check that out where I talk about what's going on in the online work world