Rachel Renock is the Co-Founder and CEO of Wethos, a platform which helps freelancers make more money by leveraging proprietary data to guide users on successfully pricing, executing, and billing their projects. Wethos currently serves over 80,000 freelance businesses and Renock has raised over $14M in VC funding for the company. She’s been featured in Forbes, TechCrunch, Business Insider and the New York Times in pursuit of her mission to put more money into the pockets of independents everywhere.

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Guest Resource

Wethos.co – Take the guesswork out of running your freelance business with Wethos.

Wethos Pro – Get access to Wethos Pro for 30 days for FREE!

3 Value Bombs

1) Freelancing doesn’t necessarily mean you’re alone. The future of freelancing is collaborative, and if we can enable people to harness their networks to drive business growth, that’s going to be a huge game-changer for this entire freelance economy.

2) Independence is like freedom. The freedom to choose what you work on, and who you work with. Even if you are teaming up and collaborating with other people, you do have that freedom.

3) A lot of the marketplaces that exist today for freelancers create this false competition, when in reality the natural behavior for this community is to collaborate, share resources, and help each other out.

Show Notes

**Click the time stamp to jump directly to that point in the episode.

Today’s Audio MASTERCLASS: Redefining Independence: Changing the Game for Freelancers

[1:31] – Rachel shares something that she believes about becoming successful that most people disagree with.

You have to be willing to embarrass yourself. The path to becoming successful is filled with a lot of mistakes and a lot of announcing something that maybe doesn’t come to fruition – or talking about things that maybe you’re not a full expert on yet.

[2:51] – Rachel’s origin story and how she built Wethos.

She met her Co-Founder, Claire, at a big ad agency in New York.
They were able to grow their business and do about $1.4 million in revenue in about 18 months.
They realized that it is hard to scale a service-based business, which led them to develop a software platform that provides tools, resources and services to about 80,000 freelance businesses.

[4:26] – How freelancing is reshaping traditional employment.

There are a lot of people choosing an independent path.
There is a large influx of more senior and experienced people entering the space who are newer to being a business owner and newer to being a freelancer.
Today, there’s a misconception culturally that freelancers are like employees.

[6:11] – Can freelancers understand their profitability instead of just focusing on productivity?

It’s challenging because you’re selling something that hasn’t happened yet.
The lack of a feedback loop between the two systems – bookings and billings – is really a huge challenge, and it’s forcing a lot of people to make decisions about their business using guesswork.
The way you operate a service-based business is very closely tied to your ability to be profitable and to manage your money.

[8:37] – A timeout to thank our sponsors!

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FranBridge: Many EOFire listeners have launched franchises in a variety of industries outside of food – and FranBridge Consulting has guided them to these premier opportunities! Sign up for a free consultation with Jon – or get a free copy of his book, “Non-Food Franchising” – at FranBridgeConsulting.com!

[11:47] – The future of freelancing.

Freelancing doesn’t necessarily mean you’re alone. The future of freelancing is collaborative, and if we can enable people to harness their networks to drive business growth, that’s going to be a huge game-changer for the freelance economy.

[13:34] – Key skills and attitude that are necessary for freelancers to succeed.

What’s holding people back generally is raising their rates.
A lot of the marketplaces that exist today for freelancers create this false competition, when in reality the natural behavior for this community is to collaborate, share resources, and help each other out.

[16:23] – Balancing independence with collaboration.

Independence is like freedom. The freedom to choose what you work on, and who you work with.
Understand that even though you’re running your business, you don’t have to do it alone.

[18:16] – Rachel’s key takeaway and call to action.

Just get started. Send one email out to someone you know in your network and tell them you’re available to do freelance work. You don’t really need anything to just get started. All you need is your first project.
Wethos.co – Take the guesswork out of running your freelance business with Wethos.
Wethos Pro – Get access to Wethos Pro for 30 days for FREE!

[20:55] – Thank you to our Sponsors!

HubSpot: The HubSpot Sales Hub supercharges your sales process so you can find, track, and close deals all in one powerful, easy-to-use platform. Make the switch to HubSpot Sales Hub at HubSpot.com/sales.
FranBridge: Many EOFire listeners have launched franchises in a variety of industries outside of food – and FranBridge Consulting has guided them to these premier opportunities! Sign up for a free consultation with Jon – or get a free copy of his book, “Non-Food Franchising” – at FranBridgeConsulting.com!

Killer Resources!

1) The Common Path to Uncommon Success: JLD’s 1st traditionally published book! Over 3000 interviews with the world’s most successful Entrepreneurs compiled into a 17-step roadmap to financial freedom and fulfillment!

2) Free Podcast Course: Learn from JLD how to create and launch your podcast!

3) Podcasters’ Paradise: The #1 podcasting community in the world!

Redefining Independence: Changing the Game for Freelancers with Rachel Renock

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