EP31 - The 5 Biggest Mistakes Freelancers Make (And How to Fix Them)

Most freelancers don't fail because they're bad at what they do. They fail because no one ever taught them the business side. You've got the talent and the drive to go out on your own, but the financial mistakes you make in your first year can haunt you for years—or worse, put you out of business before you ever hit your stride.In this episode, Anastasia and Myiesha break down the five biggest mistakes freelancers make when transitioning from W-2 employment to running their own business. You'll learn why co-mingling accounts is a disaster waiting to happen, how to actually set prices that cover your costs and build profit, why hourly billing keeps you broke, what startup costs you're missing, and how to avoid the tax surprises that crush new freelancers. Whether you're considering going freelance or you're already in the thick of it and feeling overwhelmed, this episode gives you the exact fixes you need to stop bleeding money and start building a sustainable business.⏱️ Timestamps:00:00 Introduction to Freelancing Pitfalls01:27 Understanding Co-Mingling Finances03:47 Navigating Taxes and Savings06:16 Setting the Right Prices10:33 Importance of Contracts and Communication12:47 Commonly Missed Deductions14:38 Dealing with Overwhelm: First Steps14:55 Importance of Accurate Bookkeeping15:07 Budgeting and Expense Management16:41 Licensing and Sales Tax Considerations17:09 Creating Efficient Systems17:34 Hiring Help vs. DIY21:07 Tracking Large Purchases24:23 Tax Filing Responsibilities25:38 Seeking Professional Help26:48 Conclusion and Contact InformationWhy subscribe? Every week, Let's Get Fiscal shares tax strategies and business finance advice that actually work for real entrepreneurs—not corporate-speak you can't use. You'll get specific, actionable tactics, real client scenarios, and answers to the money questions keeping you up at night. The goal is simple: make business finances less intimidating and more profitable.🔗 Listen everywhere:Apple Podcasts: https://podcasts.apple.com/us/podcast/lets-get-fiscal/id1831050448Spotify: https://open.spotify.com/show/08AjRNfqQJBdG1vPazii4Q?si=fb0379d3bef94f11Watch on YouTube: https://www.youtube.com/@letsgetfiscalpodcast📊 Helpful resources:Got a question for the show? Submit it here: https://www.coterietax.com/qaWant to listen to more episodes? Start here: https://www.coterietax.com/podcastNeed personalized help with your business finances? Visit: https://www.coterietax.comWhat's your biggest tax or money question right now? Drop it in the comments below—Anastasia and Myiesha read every comment and love helping with real-world situations.#FreelancerTaxes #FreelancerMistakes #SelfEmployedTaxes #FreelanceBusiness #SmallBusinessTaxes #FreelanceFinances #QuarterlyTaxes #FreelancerTips #BusinessBookkeeping #SoloPreneur #CreativeFreelancer #LetsGetFiscal