The 5 M’s of Business Management are Man Power, Money, Machine, Material, and Method.
Of course, these are very simple to understand, but understanding them very well is very much important.
Freelancing is a man-based job. It can be a single individual or a team of individuals working as a single company to perform the tasks or complete the gigs.
Without the manpower, there is no company, business, or freelancing. It can be possible in the future with the help of AI, but still then also manpower will play a key role to order and control the AI.
Freelancing is not only a system or desk job. It can be anything, Starting from manufacturing, to design to architecture; but in this case, I am taking the example of a desk or system job.
Every industry can have freelancers. Freelancers are the manpower of their own establishment or startup.
Money Money Money… is the base before any beginning. If you want to hire, or purchase raw materials or machines or expand your business through marketing you need money.
As oil is the fuel of a vehicle, similarly money is the fuel for a business; it can be any business, freelancing, or any traditional established business.
I don’t need to explain it more because you know the importance of money much much better than me.
In freelancing Machine is your system or computer which you will use to perform the daily tasks. You know that no machine will work smoothly unless they are maintained on a regular basis.
Here in this case, if you are a designer or a creative professional, you must have a system or computer which can perform the heaviest tasks smoothly, and you must spend a good amount to purchase big storage and configure your machine in such a way that it will be easy to perform more significant tasks smoothly with it without creating any errors or freezing in the future.
Like traditional machines, you have to keep it clean, upgrade it in a particular interval, and upgrade it with the latest technologies and pieces of equipment such as hardware.
The material in freelancing is the softwares or platforms through which you are going to deliver your projects. You must be a master of those to make your tasker in a quicker and a beautiful way. If you are still using those old softwares to work on freelancing projects then remember that you are not fit to be a good freelancer. It is a task of efficiency, Your system must support the latest file formats, latest inventions, platforms, AI integrated softwares; if you don’t know how to use them then maybe temporarily you will get the work, but in the long run, to make more profit it would be hard for you to survive with the outdated materials or technology.
The method is a dynamic system of inculcating everything to make your freelancing business overall successful. It starts with communicating with the client, planning, and executing the successful delivery of the project.
Here it includes your professional skills as well as your interpersonal skills.
Thank you, Stay tuned for more such delightful articles.