Lost Opportunities: Your Time is Precious
Protect your energy to attract better clients and earn more
In a couple of previous articles, I’ve talked about both the importance of building trust with clients, and also why it’s vital to have healthy boundaries. I think it’s worth digging into that second area a bit more, and exploring why saying “No” can help you earn more and build up a better portfolio.
Let’s start with a bugbear for many content creators: Low-paying work.
Most of us have had to deal with it at one point, whether we’re at the beginning of our careers, or we come across a client who wants to nickel-and-dime us. I’m sure we’ve all been asked for free samples, to create content for the exposure, or with the promise of more work at some vague time in the future (spoiler: it never comes).
The thing is, many of us will say yes to that. Surely doing any work is better than doing nothing at all? Nope. It all comes down to the “opportunity cost,” and that can have a big impact on our future earning potential.
Why opportunity costs matter
So, what exactly is an opportunity cost?
Essentially, it’s the opportunities that we miss through committing our time and energy elsewhere. By saying “yes” to a low-paying project or lackluster work, we’re limiting our ability to commit to or search for better-paying, higher-profile work.
This low-paying work can trap us in a vicious cycle, meaning we lack the time and energy to seek out projects we can charge at higher rates. This makes it more difficult to focus on finding good work. If we want to escape this cycle, we must push back on lower-paid projects so that we can value our time and find clients that value it as well.
Understanding opportunity costs
Let’s break it down:
Freelancers and content creators may sometimes be forced to take on work that’s below our standard rates or that doesn’t pay well.
Although this may be necessary to meet our financial commitments in the short-term, it can be a threat to our long-term success.
That’s because time spent on low-paying work is time that’s taken away from strengthening our skills and portfolio, or searching for higher-paying work.
This opportunity cost can trap freelancers and creators in a vicious cycle of having to work many hours at low rates to meet our financial needs, and not having the time or energy to seek out better clients.
If you find yourself in this position, it might be better to say “no” to the lower-paying work and take a short-term financial hit, so that you do have the freedom to search for higher-paying work.
This is one of the strongest ways to build towards a better future in your freelance career.
Build up a financial buffer as soon as you can, so that you have some savings and aren’t reliant upon the very next piece of work to pay your rent or bills.
Benefits of retaining energy to seek out better opportunities
Understanding opportunity costs will help you build resilience in your creative career:
You will be able to properly value your time and can be more confident when pushing back on lower-quality or poorly paying work.
You can invest time and energy in improving your portfolio and seeking out higher-paying work that’s a better fit for your skills and experience.
You’ll have a proper understanding of where your boundaries are, which means you’re less likely to go beyond them.
Your self-confidence will grow, which is good for your growth, career progression, and freelance success.
How to protect your time and avoid draining, lower-value work
Here are some starting points for pushing back and creating better opportunities:
Review my guide to understanding your boundaries and establish rates and other aspects of the work that you’re prepared to do.
Get a good understanding of your financial circumstances so that you know when you can afford to turn work down.
Carefully consider any work that you’re asked to take on to ensure it meets your pricing and other expectations.
When you do turn down work, use the time that you save to develop yourself.
You can build your portfolio by creating sample pieces for the services, niches, and areas that you want to specialize in.
You can improve your marketing via your website, social networks, gig applications, third-party marketplaces, pitches, and other client acquisition methods.
You can enhance your freelance and content creation skills through study, online courses, experience, and other means.
You can optimize how your business runs to lower the burden of marketing, administration, bookkeeping, client relationship management, and other areas.
Frequently asked questions
How do I balance my short-term needs against my long-term success?
If you need to pay rent, eat, look after yourself or your family, or have other financial commitments, then clearly you should take on freelance work if you don’t have other options. But, if you can afford to spend the effort looking for better opportunities or otherwise improving your skills, portfolio, marketing, or business, then that will be time well spent.
As freelancers and content creators, it’s very easy to focus on our immediate future, and not consider how our choices now will affect our careers and income next month or next year. Sometimes, taking a short-term loss can let us position ourselves for longer-term success. I recommend carefully thinking about and balancing your short-, medium-, and long-term needs, goals, and desires.
How can I use the time I save to improve my portfolio?
Although much of your portfolio will come from the work you do for clients, there’s nothing stopping you from creating sample pieces. For example, a copywriter may come up with sales copy for an imaginary product, or a designer might create a logo for a non-existent business. Sample pieces are a way to practice your skills and demonstrate what you can do for actual clients.
Samples can be particularly useful if you’re trying to break into a new niche, industry, or type of service that you haven’t performed before. You can develop sample deliverables for what you want to do, rather than what you’re doing now, and attract clients looking for a freelancer in your desired area.
What are some ways that I can use my time to increase my freelance marketing opportunities?
There are many ways that freelancers can market themselves. You can use your saved opportunity cost to improve how attractive your services are to clients in future. Some marketing options include:
Enhancing your profile on freelance marketplaces like UpWork or Fiverr.
Building out your freelance website through offering new services, exploring different niches, or updating your blog.
Reviewing other ways that you acquire clients and making changes to your marketing approaches.
Improving your presence on professional networks like LinkedIn.
Trying out new pitches or responses to gigs when you’re looking for work.
I hope this post is helpful, and that you’re able to find clients who value your time! If you’ve found this guide useful, please share it with your friends and hit that “Like” button. Thanks!
Bravo Paul for encouraging writers to stand up for themselves. I've experienced both ends of the spectrum—work for free and incredibly lucrative jobs as well. Today, the only work I do for "free" is my own writing and writing that supports a cause I believe in. Other than that I charge what my work is worth.
It's important to charge what we're worth for another, perhaps more altruistic reason: it helps all other writers as well. If all writers were to insist on their proper rates, or at least close to that, it would be a lot more difficult for clients to get away with offering poverty-level fees.