I’ve seen so many people do the hard work of going out on their own only to get tripped up by employee mindsets, instead of thinking like a boss, which ends up costing them time, money, and freedom. Thinking like a boss doesn’t happen overnight, it is a process of unlearning our dependence on other people controlling our lives. In chapter twenty-one, the final chapter of my new book Instant Freelancer: How to Build a Business of One, I give you six mindset shifts you have to make to start thinking like a boss.
PS: I’m skipping the monthly rundown this month to finish up this series for my book. I’ll be back next month with the roundup of resources, things to read, and hustlers in the news.
How Do You Think Like a Boss?
“Some people dream of success while others wake up and work.”
— Napoleon Hill
Now that you have all of the steps needed to go out on your own, you need to shift from an employee mindset to a boss mindset.
When you work for other people, they take care of you. Your paycheck goes into your account and has already been taxed, your 401K has increased, and your company has even covered life insurance. That nice HR person reminds you of the deadline for open enrollment. The corporate attorney handles that cease-and-desist order. Your manager sets your goals and “develops” you to reach them.
They also control what you do, how you do it, and what you’re worth. You must be at a particular place at a certain time. Even if you don’t, you still need to put in a certain number of hours or complete a certain number of deliverables to get your paycheck. And your paycheck gives you what they decide is “fair” compensation for your contributions to the overall product or service.
This learned dependence often means that when people start working for themselves, they don’t fully know how to use their newfound freedom or manage the myriad responsibilities associated with running a business. It is a fundamental mindset shift to start taking care of yourself AND break free of the social conditioning that dictates the connections between time and money, “hard work” and “rest.” You have to learn how to be a boss in a world where the vast majority of workers never work for themselves.
Freelancers, in particular, get stuck in an employee mindset because they often don’t consider themselves “real businesses” just because they’re a one-person show. This mindset leads to undervaluing their work and time, which traps them in the same cycle of overwork and underpay they had when they worked for other people. You don’t get to reap the rewards of independent work fully if you can’t break the employee mindset.
This shift won’t happen overnight—it is something that you’ll learn as you go. With that said, knowing the critical mindset shifts will help you start to reframe your thinking to get the most out of working for yourself. Here are the critical mindset shifts that need to happen to claim your freedom like a boss.
You Make the Decisions and Solve the Problems
When you work for yourself, you are the only person in charge of the decisions that drive your business and, therefore, your life. You are also the person who has to solve the problems. This means you will need to be (or get) good at more than what you’re an expert in now. You are a great (fill in the blank) graphic designer, coder, writer, etc. The world needs you and your unique skill set. But unless you are also a marketing expert, project manager, business strategist, website designer, HR expert, accountant, and lawyer— all at the same time—you’re going to have to learn some new things and wear some other hats.
Now, I’m a big believer in delegating/hiring experts when that makes sense, but chances are you won’t have the funds always to do that. And even when you do have the funds to do that, it’s up to you to decide what you need, find the right person, and integrate them into your business. Be ready to roll up your sleeves and learn new things constantly to keep the lights on and the doors open.
You Know What You’re Worth and How to Ask for It
This mindset shift should apply to everyone, not just business owners. Our society has created a stigma around talking openly about money and compensation and ultimately, what that does is reinforce power structures where people get paid less than they deserve. When you work for other people, you have the luxury (or crutch) of only having compensation conversations with your boss. When you work for yourself, you need to be very clear about your worth and get comfortable talking about money regularly with other people (clients, staff, other freelancers).
You Decide What You Do and When You Do It
You get flexibility and control over your work and life in exchange for the added responsibility. This level of responsibility can take some getting used to when you’re accustomed to other people telling you what to do. This flexibility means that you have to think carefully about what you prioritize. Many new (and not-so-new) freelancers get stuck doing the same things they did when they worked for someone else, even those they hate. When you’re the boss, you have to think intentionally about your time, revenue, and business model to ensure you’re doing what you love.
You Develop Yourself
To be successful and get those top rates, you need to be great at what you do. You also need to pivot quickly and learn new things on the fly. You have to have a process for setting your own goals and making them happen. You are the only person in charge of “developing” yourself and your business into version 2.0. When you work for other people, they perpetuate the myth that only an outside perspective can show you what needs to change. While an outside perspective can be helpful, ultimately, you know when something isn’t working and have the power to change it, whether that means taking a course, investing in a coach, or getting a new certification. The pay-off is so much better when you’ve decided what needs to shift and take the necessary steps.
You Decide When Not to Work
We’ve been taught that work = virtue/worth/value and idleness = laziness/indolence/inadequacy. When people start working for themselves, they often can’t think outside the box of the forty-hour workweek and eight-hour workday. You still feel guilty when you have a day (or hour) with nothing to do, even if financially, you’re fine. This can lead to people trying to fill their days with work, even when they don’t need the money or pricing their work so that they must constantly work to make ends meet.
When you’re the boss, you get to change the relationship between time and money; you get to decide how many hours you work in a day, week, or month. Want to work a twenty-hour week and still make the same money? Do the math and price your contracts accordingly. Of course, that has to be backed up by knowing what you’re worth and building your business model around your life, not just your bank account. Sometimes we chase a full workload because it validates us, not because that amount of money will change anything in our lives. When you work for yourself, you get to choose rest and not feel guilty about it.
On the flip side, you can also choose to work your ass off for a while to take an extended vacation or retire early. That’s the beauty—you get to pick and, in the end, the results are yours. Those days you spent working your ass off went directly into your bank account, retirement fund, and business—not someone else’s.
Working for myself is one of the greatest gifts of my life. It saved me on so many levels and has given me a pathway to a fulfilling life that I would not have been able to find otherwise. But the truth is, it isn’t for everyone. Working for yourself is not the easy route to money, but it’s the best route to freedom if you’re willing to work for it.
Not yet a hustler?
Check out my book Instant Freelancer: How to Start a Business of One for the shortest path to independent work and money in the bank. No venture capital, fancy website, or MBA needed.
Already got a hustle, but want to do it smarter?
Apply to join my Solopreneur Collaborative mastermind or consider individual coaching.
© Sarah Duran 2022
Find out more about me and my company, Fruition Initiatives, here.
Image by jacoblund from iStock
The Obvious Disclaimers…
This information is for educational and informational purposes only. It is not intended as, and shall not be understood or construed as, professional advice. What you decide to do with this information is up to you and all repercussions are on you.