Uncovering the Myths That Hold You Back from Wealth in Freelancing
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Chapter 1: The Creator Economy Landscape
In the realm of content creation, there's no middle ground. On one side, you find flourishing creators who can afford spontaneous trips around the globe. On the other, there are those who toil for over twelve hours a day, struggling to make ends meet. For these individuals, the idea of a vacation feels unattainable.
“The top creators are massively successful, while long-tail creators are barely getting by.” — Li Jin for Harvard Business Review
In this landscape of stark contrast, which group do you aspire to join?
As someone who has consistently achieved over $10,000 in monthly income, I’m optimistic about reaching six figures within a couple of years. However, my journey wasn't always this prosperous. There were months when I earned a mere INR 3000 (around $40) from my writing endeavors, despite producing over 100,000 words without any financial return.
In this article, I'll discuss the five misconceptions I held that impeded my progress in my writing side hustle. Drawing from my two years as a full-time writer, I trust you'll find these insights valuable.
Section 1.1: Myth 1: Hard Work Equals Higher Income
Countless individuals labor for 14–15 hours daily yet receive minimal compensation. Conversely, the top 10% of creators may only work 1–3 hours a day while still earning six figures monthly.
Have you ever pondered the reason for this disparity?
Often, hardworking individuals invest excessive time on ineffective tasks. To truly succeed, your efforts must be focused and aligned with your long-term objectives. Visualize your goals for the next five years and ensure that each action you take moves you closer to that vision.
By concentrating on the right tasks, you can expedite your success. This is where the 80/20 rule comes into play: 80% of your efforts yield only 20% of your results, while the remaining 20% of your work generates 80% of your outcomes. Aim to focus on that crucial 20%, finding ways to automate the other 80%.
Section 1.2: Myth 2: Only One Can Thrive
The world is abundant, offering opportunities for everyone to succeed. If someone else is ahead of you, don't harbor jealousy; instead, view their success as motivation. Their achievements indicate that success is attainable.
Utilize your competitors as a resource to accelerate your growth: learn from their missteps, analyze their strategies, and apply what resonates with your own journey. This approach is a swift path to wealth through your side hustle.
Subsection 1.2.1: Myth 3: Income Determines Value
Your income does not dictate your worth.
“Life is what happens when you’re busy making other plans.” — John Lennon.
Life is fleeting, and you have around eighty years to make the most of it. Engage in your passions, explore new places, and prioritize self-care.
What’s the point of earning money if you’re perpetually overworked or feeling drained?
Chapter 2: Reassessing Your Marketing Strategy
Before you rush into marketing, recognize that the quality of your offering is paramount. If your product is subpar, no one will be interested. Concentrate on delivering excellence first. Here’s a useful process:
- Develop the initial version of your product.
- Offer it free for a limited time to gather feedback.
- Refine it until it meets high standards.
Once you achieve quality, you can set a price and promote it on social media to start generating income.
For freelancers, it's crucial to establish a strong portfolio first. Aim to have at least 25 high-caliber articles published before considering your rates. Your portfolio showcases your expertise and determines your value in the market.
Lastly, Myth 5: Immediate Earnings from Your Side Hustle
It's essential to understand that while you will eventually earn from your side hustle, it's unlikely in the initial stages. The first few months should be about honing your skills, producing quality content, receiving feedback, and understanding your audience's needs.
As you improve, financial success will follow. Treat your side hustle as a long-term endeavor, letting your curiosity and desire for self-improvement guide you.
Final Thoughts
In the thriving creator economy, shifting your mindset can be the crucial first step toward achieving financial independence.
To summarize, here are the five myths that may be obstructing your journey to wealth through side hustles:
- Hard work = More money? No, smart work is key!
- Only one person can stay at the top? Many can succeed together!
- Your income defines your worth? You define your worth!
- Market as soon as you create? Improve first, market later!
- You must earn from your side hustle immediately? Focus on enhancing your skills first; the money will follow!
I recently launched Freelance Superheroes, a training program designed for writers aspiring to earn online without quitting their jobs, attract gigs beyond platforms like Upwork and Fiverr, and become indispensable. Secure your spot today!
If you found this information helpful, you may also enjoy:
- How Much $$$$ Did My Most Viewed Medium Article Make
- Problems That Come With Writing Alongside a Full-Time Job (And Solutions)
- The Journey of Gaining 130k Followers and Earning $26k in a Year
Author’s note: This draft began on 16.11.2023, and it was completed thanks to Medium’s Draft Day initiative. Learn more at MediumDraftDay.com.