The Importance Of Psychology In The Business Of Freelancing
Psychology isn’t just for big brands. Freelancers can use it too. Learn how to connect better, market smarter, and grow your business.
3 minutes
As of 2020, the freelancing income stood at almost $1.2 trillion. Imagine what it will be like in the next 5 years and ask yourself what you can do to stand out.
Welcome to the third episode of Freelancing as a Business by Raenest. If you’re yet to catch up on the last one, click here to do so.
The freelancers who truly succeed, the ones who feel financially secure, build strong client relationships, and grow over time, aren’t just chasing jobs from one month to the next. They’re approaching freelancing for what it can be: a business. These freelancers are building careers. Careers with systems, strategies, clients, cash flow, and long-term growth plans. And you could be one of them.
If you're an African freelancer earning in USD, you’re already part of that global economy. So the next question is: What would you build with it? Because yes, doing great work and getting paid in dollars is a big win, but it’s not the full picture. Not if your income still feels unpredictable. Not if you're unsure where your money goes every month. Not if scaling feels out of reach.
Freelancing gives you freedom: no boss, flexible schedule, and control over the work you take on. But without structure, that freedom can start to feel unstable. If you’re aiming for consistent income and long-term growth, you need a plan, not just hustle. A business:
For example, instead of hoping to earn more each quarter, set actual income goals. Break them down month by month. Build workflows for onboarding and offboarding clients. Block out time each week to send invoices, have a contract for each project, follow up on payments, review your finances, and organise your schedule.
This shift in mindset would also impact how others see you. When you treat your work like a business, clients do, too. You show up more professionally, communicate clearly, and build trust. The kind that leads to repeat work and referrals.
🔗ICYMI, here are more growth tips you can embrace as a freelancer looking to achieve long-term success.
It’s easy to focus on landing the project, sending the invoice, and crossing your fingers that the money shows up on time. But the payment process is a crucial and often overlooked part of your freelance business. Especially if you're working with international clients. Every freelancer should ask themselves:
For Africans, Geegpay by Raenest is the preferred option for receiving cross-border, multi-currency payments. Geegpay lets you create instant USD, EUR, and GBP accounts to receive and send international payments, set up a virtual dollar card for global shopping and subscriptions, and send customised invoices with ease. You can also convert currencies for free and transfer money to over 50 countries, including the UK and Europe, at competitive rates.
Did you know that you can link your Geegpay account directly to your Upwork account? Here’s how.
Growth doesn’t always mean working more; it also means working smarter, creating value that lasts, and setting yourself up for opportunities that align with your goals. If your entire business relies on being picked from a list, you’re limiting your potential. You need to build presence, trust, and value beyond the gig economy. One decision at a time. One “what if?” at a time.
Here’s how to position yourself for long-term growth:
This is the part most people avoid. But as you already know, when you start earning from international clients, especially in different currencies, understanding tax compliance is essential for maintaining a stable business. Every country has its own tax laws, and as a freelancer working with international clients, you need to stay on top of them. For example:
Keeping detailed records is also key to staying on top of your tax obligations. Track every payment you receive, noting the client, the amount, and the currency. Be sure to record the exchange rates used for international payments. Equally important is tracking your business expenses, such as software subscriptions, office supplies, and internet costs. These expenses can potentially be deducted from your taxable income, lowering your overall tax liability. Be sure to keep all receipts and documentation to support your claims.
When working internationally, you might find yourself paying taxes both in your home country and in the client’s country. Many countries have tax treaties that help prevent this. These treaties allow you to avoid paying tax twice on the same income. Countries like Nigeria, Ghana, and Kenya have tax treaties with several others, and understanding how these treaties apply can reduce the amount you owe.
As your freelance business grows, managing taxes on your own can become more complex. At that point, working with a tax advisor who understands international freelancing will help ensure that you stay compliant, minimise tax liabilities, and avoid penalties. A tax professional can guide you on tax deductions, residency rules, and how to navigate the intricacies of cross-border income. Similarly, for the sake of continuous proper structure, it could also be profitable to invest in legal advisors and business coaches as you scale.
And with that, we wrap up our class on Freelancing as a business. Freelancing doesn’t have to feel unpredictable. It just takes a little planning, a bit of focus, and the right mindset. It’s all about taking small steps and finding the structure that works for you. As you build your foundation, remember that the freelance world is global, and you’re already a part of it. Take your time, keep growing, and before you know it, you'll be running a business you’re proud of.
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