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If you feel trapped in your business, it’s because you’re still thinking like a freelancer rather than a CEO.
Every agency owner starts as a freelancer — that’s how it’s supposed to be. But it’s not where you want to stay. If you do, running your business will become a chore, you will burn yourself out just trying to grow past $10k per month. And if you aren’t careful, it could be the death of your business.
So here are the 5 key differences between freelancers and CEOs, and how each of them run their business…
#1: Freelancers Trade $$ for Time
Most agency owners find themselves trapped in a business that will completely collapse the moment they stop working.
As soon as they stop working, money stops coming in. Not only does this make you guilty AF for the occasional rest day, but it prevents you being able to live your life.
CEO’s, on the other hand, leverage other people’s time to create money. The CEO doesn’t have to “work” for $$. There is work involved, but it’s not focused on deliverables. They are removed from the “daily grind work” and are free to live.
#2: Freelancers See Every $ They Bring in as “Theirs”
Freelancers are used to having their personal and business finances all jumbled into one big mess. They see the money they make as theirs to spend on whatever they please. (I used to be like this too.)
This is the root of “broke millionaire syndrome”.
CEO’s see money as fuel for the business.
In other words, with the money they generate, they can invest in new staff or more marketing – things that produce revenue and grow the company.
A great book you should read for more on this is “Profit First” by Mike Michalowicz.
#3: Freelancers See Themselves as the “Expert”
Freelancers are so used to being the “one” to solve all the problems or do things right.
In basketball, they’d be known as a ball-hog. They live by the saying “if you want it done right, do it yourself.”
This prevents them from ever having freedom because they just can’t allow themselves to put others in positions of responsibility.
CEO’s focus on “delegating and elevating”.
They realize that they’re very rarely the best person for the job. So they focus on finding the best people and deferring to them.
#4: Freelancers Are the Sole Point of Contact
Freelancers love being the center of attention.
Subconsciously they don’t have trust in anyone but themselves, so they do everything on their own.
They don’t believe that an employee will be able to handle client relationships as well as they do. So they never try to get it off their plate, and become their clients’ go-to person whenever there’s a fire to put out.
The shift you have to make is to see the client as having a relationship with the company more so than you. This is how CEO’s think.
#5: Freelancers ARE the Business
…And because they are, they aren’t building an asset, and they can’t sell their business.
They simply own their own jobs.
The CEO sees the business as an independent entity. They are not their business.
Their goal is to turn their business into an autonomous machine that can operate smoothly WITH OR WITHOUT THEM.
In doing so, they are building an asset that, if at some point they want to, they can sell for a large cash payout.
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