It's all about what you can pass on...

I've learned a LOT the past two years about freelancing and business.  And one thing I realized is it's about what you can pass on to someone else.  What do I mean by that?  I mean that it's great to be a freelancer and be getting tons of work and blah blah blah, but you're limited.  You're not building equity in something.  You have nothing that you can pass on to someone else.  Cal Engel photographer could make a great living but at the point I decide to be Cal Engel something else I stop the photographer thing and it ends.  Years of hard work, no sleep, blood, sweat, and tears that will come down to nothing if you don't build it right.  Instead of being Cal Engel Photographer you need to start a company and not name it after yourself.  I could be the greatest wedding/family photographer ever but who's going to want to buy the company from me when it's named after me?  Come up with something clever and make that your name.  Build a stable of other photographers you can turn to for jobs you don't want to take or don't have time to take and get a percentage off the top.  Build a company and you will have something with value.  Work for yourself and you'll pay your bills, but you won't have anything to pass on.