Before I get started with this post, let me define what I consider to be a freelance writing budget. This is the amount of money that you can comfortably spend on items that you need to sustain and/or advance your freelance writing career. Now that this is cleared up, we can move onto why it is so important to have a budget.
First things first, a budget helps to ensure that you do not spend on things you don’t need. Everybody loves new office equipment. There is nothing better than buying the latest and greatest computer, printer, fax, etc. But guess what? You probably don’t have money in your freelance writing budget to do this every few months. Don’t buy a computer (or anything else) just to do it. Instead, save your money now so you have it when the time finally comes to make a purchase.
Moving on, you don’t want to put all your profits back into the business. There is nothing wrong with spending money to make money – I strongly believe in doing this. That being said, you need to save some of your income as well. After all, you have bills to pay, expenses to save for, etc.
Finally, a freelance writing budget will make you feel as if you are in more control of your business. This is definitely a great feeling. When you know of every dollar that is coming in and out of your business you will be confident in all financial related decisions.
Do you have a freelance writing budget? If so, how has it worked out for you in the past? This is one area of being a freelancer that many people forget about. Any feedback would be greatly appreciated!
Are you at a point in your freelance writing career where you feel like giving up? This happens all too often, but it is part of the game. Although you may feel like cutting ties with your career and moving onto other things, you should consider the following before you take the final step.
1. Ask yourself why you area doing this. Are you giving up because you are not making enough money? Because you just aren’t cut out for being a freelance writer? Because somebody told you that you are making a mistake? Everybody has a reason for becoming a freelance writing, as well as a reason for giving up (if it comes to this). Just make sure you are quitting for all the right reasons.
2. Can I try one last time to make things better? There is a good chance that you don’t need to give up on your dream of being a freelance writer. Instead, all you have to do is change a few things here and there and your career outlook will begin to look better. You cannot expect every aspect of your career to go smooth. Sometimes you need to make changes to realize that you are in the right line of work.
3. Have a plan for the future. You may have already decided that giving up on freelance writing is the best thing to do – there is nothing wrong with this. Just make sure that you have a plan for the future. You don’t want to leave this career path in the dust if you have no idea what you want to do next. By doing this you will find yourself in the same position soon enough.
The point of this post is to make you think twice before giving up on your freelance writing career. Success may be closer than you believe!
When you pickup a new freelance writing client one of the first things you will discuss, in addition to project details, is payment. Not only will you talk about how much you charge, but also about how you want to get paid. All of these details are negotiable, and you should be doing what you can to get the best deal possible. That being said, you need to know where to draw the line. In other words, there is a fine line between negotiating and becoming a pain in the neck.
Once a client explains the project to you, you should be able to get back to them soon enough with a quote. Obviously, you want to base this on your standard rate. But feel free to stray away from this if the job calls for it. Remember, no two projects are the same.
The negotiation process usually comes into play when the client does not want to pay your standard rate. While there is nothing wrong with opening the lines of communication, you need to realize that there comes a point when the job is no longer worth it. Take for instance a freelance writer who charges $1k for a 750 word sales letter. This is a solid price, but maybe the client only wants to pay $500. Are you willing to work at this lower rate? Would meeting in the middle at $750 be fair to both parties?
It can take a while to become proficient in the art of negotiation. In fact, this is something that I am still learning. All you can do is try to get the best deal for yourself while being as fair as possible to your new client.
If a client is not interested in working with you at your standard rate you need to do some negotiating. The same holds true if they low ball you from the get-go. Some negotiations will lead to both parties being happy. Others will shut down the job before it ever gets off the ground. As a freelance writer you should be ready to negotiate here and there. This is part of your job.
