Showing Revision 4 created 10/19/2020 by Erin Gregory.

1. Title:
   The secret to being a successful freelancer
2. Description:

   Too often, freelancers are told they have to choose between being creative or making money. Financial advisor Paco de Leon debunks this thinking -- and gives practical advice on how you can set yourself apart and get paid what you deserve.

3. Speaker:
   Paco de Leon
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   I used to be really bad at earning money.
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   Early on, I was
   a junior financial planner,
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   and my job was to help people
   manage their wealth.
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   But my salary was so low
   that I started riding my bike to work
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   to save money on gas,
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   and I started a garden
   to save money on food.
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    Now I run a bookkeeping agency
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    that specifically serves
    creative businesses.
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    [TED: The Way We Work]

    ¶

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    [Made possible
    with the support of Dropbox]

    ¶

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    This might sound strange
    coming from a former financial planner,

    ¶

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    but I'm not a fan of capitalism.
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    Almost everyone I work with and know
    and love is an artist, including me.
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    So I know, the way the system is set up,
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    freelancers and artists
    are too often way underpaid.
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    They often feel like focusing on money
    will corrupt their creativity,
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    or they think they're just not
    that good at making money anyway.
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    But the truth is, we can be good at it,

    ¶

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    and in fact, we have to be,
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    because our freedom is at stake:
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    our freedom to create, to influence
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    and to use the power of money
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    to change the very exploitation
    that keeps artists broke to begin with.
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    I'm not struggling anymore,

    ¶

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    and I've learned a lot
    since being a financial planner,
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    and I just wanted to share that knowledge.
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    So here's what I've learned and done.
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    One: what you do.

    ¶

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    When it comes to your offer,
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    you have to be able
    to answer the following question:
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    Why would anyone hire you
    over your competition?
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    If you can't answer that question,
    neither can your potential clients,
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    which means you can't charge more for
    the thing that makes your work special.
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    Price becomes a differentiator,
    and bidding becomes a race to the bottom.
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    What sets you apart could be what you do,
    why you do it or how you do it:
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    a string quartet that arranges
    and plays hip-hop medleys
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    or a branding firm that has a unique way
    of marketing technology to Baby Boomers
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    or a prop and set designer
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    who's known for crafting
    beautiful papier-mâché miniatures.
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    Two: who you do it for.

    ¶

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    After you determine what sets you apart,
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    position yourself for your ideal customer.
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    In order for this to be effective,
    you must narrow your focus.
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    Without focus, you try to be
    everything for everyone,
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    and you end up being nothing for nobody.
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    Then, use the kind of language
    that appeals to your target customer.
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    Create the kind of marketing materials or
    the kind of portfolio that attracts them.
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    Then be in the real-life
    and virtual places they are.
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    For example, if you're a videographer
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    and you want to work
    with mission-driven companies
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    that bring clean water
    to places where it's scarce,
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    create a video trailer that shows exactly
    how the power of film moves people to act.
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    Three: when it's time to talk money,
    understand the real value that you create.

    ¶

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    You're not just being compensated
    for the time that you work on a project.
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    You're being compensated
    for everything you've learned
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    and everything you've done over the years
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    that make you excellent at what you do.
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    Ask yourself questions like:
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    How does your service
    impact a customer's bottom line?
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    How do you create efficiencies
    that generate cost savings?
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    How much money can your customer make
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    from a product that
    you helped them create?
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    For example, if you're a freelancer
    that helps YouTube creators
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    develop merch like T-shirts and dad hats,
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    mention how much money
    you've helped your clients generate.
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    Or, if you've created a diversity
    and inclusion training program
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    for corporations,
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    talk about how much time and money
    a company saves purchasing your product
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    instead of developing their own.
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    Four: make sure your price includes
    your taxes, your overhead and your profit.

    ¶

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    When you're a freelancer,
    you are your own business,
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    so you're responsible for marketing,
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    accounting, taxes, legal, insurance,
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    overhead and profit.
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    If you price too low,
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    you've already negotiated
    against yourself.
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    And if a potential customer
    balks at your pricing,
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    don't apologize.
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    Just say that you're running a business
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    and you can't afford
    to do the work for less.
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    Instead of corrupting your creativity,

    ¶

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    focusing on making more money
    could actually enhance it
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    by giving you the freedom of choice.
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    Because when you earn enough
    working with clients that value your work,
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    you don't have to compromise
    by working with clients who don't.