How to Think Like a Business Owner
Freelancers, are you thinking beyond client work? In this episode of Finances for Freelancers, Victoria Nabarro FPFS, Chartered Financial Planner and founder of Veda Wealth, shares how to invest, scale your business, and build financial freedom.
We cover smart ways to reinvest, outsource, create passive income, and set financial goals for growth. If you want to move beyond the freelance hustle, this episode is for you.
You can listen (37 min) and subscribe here:
Now available on: Apple Podcasts | Spotify | Podlink
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Key Takeaways:
1. You’re Not Just Freelancing — You’re Running a Business
“Even if you don't officially have a brand, you are a brand.”
Victoria wants freelancers to own their title: you're not just self-employed. You’re in charge of marketing, finances, product delivery, and growth — you are your own business. Shifting your mindset from service provider to business owner isn’t fluffy. It’s what empowers you to plan, price, and invest with confidence.
2. Automate How You Split Your Income
“Any time you get paid, you allocate into these different pots.”
Use one simple system to split every payment — into tax, running costs, personal pay, future savings, and reinvestment. No overthinking. Victoria recommends setting fixed percentages that work for your situation, and using banking “pots” to make it automatic. It’s about clarity and consistency — not spreadsheets and stress.
3. Reinvesting Helps You Earn More — and Build Value
“What that's going to mean is they're going to have a whole other income stream coming into their business.”
Whether you’re upgrading your systems, building a course, or hiring help — reinvesting into your business is how you grow beyond time-for-money work. Victoria’s advice: even a small reinvestment can unlock scalable income, free up your time, and increase the value of your business in the long run.
4. Outsourcing Isn’t a Leap — It’s a Math Problem
“It makes total sense. It's just numbers and you don't need to think about it anymore.”
If someone else can do the task for less than your hourly rate, and you can fill that time with paid work — outsource it. Victoria breaks it down with examples and shows that often the numbers already justify it. You don’t need to wait until you “feel ready.”
5. Start Investing — Even If It’s £10
“Wealth building is a very long process and it's all about having the right habits.”
You don’t need to earn six figures or read the Financial Times every day. Victoria encourages you to start with whatever you can — even £10 a week. The most important part? Just getting started. Build the habit now, and scale up later.
6. Build Your Emergency Fund
“Three to six months' worth of cash that is going to get you through paying the bills.”
Before you invest or scale, you need safety. An emergency fund is a financial buffer between you and panic. For freelancers, this isn’t optional — it’s a must. It keeps you afloat if your income slows or stops, and gives you room to make better decisions.
7. Protect Your Income Like It’s Your Greatest Asset
“We all know if you are not working, you are not earning.”
As a freelancer, your income stops the moment you can’t work. Victoria stresses the importance of income protection insurance — something many freelancers overlook. It’s not expensive, it’s easy to set up, and it can save you from serious financial stress during illness or injury.
8. Passive Income Takes Time — But It Pays
“It all requires a little bit of work... but it’s the absolute dream to be making money while we sleep.”
There’s no such thing as totally passive income, but it is possible to build income that doesn’t rely on constant effort. Whether it’s a digital product, a course, or a subscription, Victoria encourages freelancers to explore ways to earn while they’re off the clock — or even asleep.
9. You Don’t Need to Be an Expert to Invest
“With a bit of YouTube and a bit of Google, ChatGPT and an investing course, you will be able to make a start.”
Financial education doesn’t need to be overwhelming. Victoria recommends learning just enough to get started, and not waiting until you feel “ready.” With platforms like Vestpod, robo-advisors, and low-cost ETFs, it’s never been easier to take those first steps.
10. Your Skill Is Your Backup Plan
“Your worst case scenario is you try... and you have a skill that's clearly in demand.”
If you’re scared to take risks, remember this: your freelance skill is a fallback. Victoria reminds us that even if your big idea doesn’t work out, you’re still employable, bookable, and valuable. You have something people are already paying for — that’s a safety net many people don’t have.
Final Thoughts
Freelancing can feel like a financial tightrope — juggling invoices, chasing payments, and wondering if you’ll ever feel secure enough to exhale. But as Victoria puts it, you’re not just hustling for clients. You’re building a business. Once you claim the identity that you’re a business owner, everything shifts. You stop thinking short-term. You set systems, pay your future self first, and stop apologising for wanting more than just enough.
And no, you don’t need a finance degree to get started. Just a few smart habits, some pots in your banking app, and the courage to believe that your skills are worth scaling.
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