I’ve done this. I agree.
The other thing with freelancers/consultancies that are new is an inability to turn down work. It’s important to learn that not every potential client out there is going to be good for your business. It’s like dating, there has to be a good fit in order for it to work.
Also to learn to stick to your guns when you quote someone on a project. To be able to say no and walk away when they want to pay you low rates.