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Freelancing is challenging as it requires not just excellent web development skills, but also knowledge in running a business, self-marketing, and client acquisition. In this video tutorial, the five biggest mistakes made by freelancers costing them money and potential clients are discussed. The goal is to help simplify the process and enable freelancers to focus on their dream projects. The mistakes mentioned have been observed in many web developers, causing loss of clients, time, and revenue. By avoiding these mistakes, freelancers can be more successful in their endeavors.