What is Your Profit Motive?

As a freelance writer, you’re in business to make money. How much is up to you. You can write a lot and get paid little or write a little and get paid a lot. Chances are you’ll fall somewhere in between. But one thing is for sure, there are only so many hours in a day, so the amount you make may be limited, especially if you’re writing books or articles for magazines.

If you’re writing books, you can only work on one at a time. The amount of time it takes to research and write a book is staggering while the advance you may receive pays for only a fraction of that time. If you’re a good multi-tasker, you may be able to pound out an article or short story or two while working on your book, but most writers put all their energies into such a massive project.

Writing articles actually pays better in the long run. If you have acquired some steady markets, you’ll be writing constantly and the money will pour in regularly.  If you’re just starting out, you may find yourself strapped for cash between assignments.

So what is your profit motivation? Are you content to make a little while pursuing other creative projects—for this you’ll need a working spouse or a rich benefactor? Or do you need to earn a living to help support a family or yourself if you live alone? Many married women writers claim they’re making a living just like any male writer, but what if they weren’t married and couldn’t depend on their husbands’ paycheck to take care of most or all of the bills? While it may be okay to do this in the beginning, after a while your spouse will grow tired of paying the bills by himself.  The opposite it also true for husbands taking up freelance writing while their wives work at a steady job to pay the bills.

Even if you’ve been publishing and making a modest living at writing, you may he guilty of practices that hinder you from making more money. Maximizing your profit requires you to budget time and money carefully. Will you be able to live on say $12,000 a year or less? Perhaps you had better decide if you love your daily Starbucks latte more than writing!

You need to budget everything. Leave nothing to chance. Periodically review your bills to see if you can lower any of them. This will mean not having the latest smart phone or that big-screen Plasma T.V. that your neighbors have. And while you’re at it, better decide to move from the McMansion you live in now to a more modest house.

But budgeting isn’t all about sacrificing the things you love for your writing. It just means that you need to prioritize. List the things that are most important to you. If that cup of Starbucks coffee or that giant SUV that you drive is important to you, then perhaps you better give up on your dreams of becoming a writer, unless you want to write press releases or advertising copy.

As much as you need to learn about writing to improve your skills, so you should learn about the business of business if you expect to keep your profits growing. You’ll be running a small business. Don’t kid yourself into thinking it’s anything else. Talk to other small business owners. What do they do to make sure they stay in business? While your business may be slightly different than theirs, the procedures are the same, even down to what to deduct on your tax return.

Set up daily and monthly schedules and stick to them. Self discipline is very important in freelance writing. It’s not all about spending leisure time at the café reading Twitter messages from your peeps on your smart phone. It’s about working hard and enjoying your time off, knowing that you’ve done the best job you could getting pieces finished and sent in on time.
   
Review your methods periodically. Weed out the bad habits. Are you allowing too many interruptions to devastate your schedule? Are you letting too much time slip by before you get an idea and propose it to editors or your agent? Are you learning from your competition?

To be a successful freelancer, you have to periodically review your assets and liabilities. You  can’t afford to imagine there isn't room for improvement. Above all, freelancer writers don't believe in giving things away for free. If a publisher isn’t willing to pay for your work, pass them by. You can’t pay for groceries with a freebie.

Staying Afloat Without a Paddle

As important as the quality of your writing is to freelancing, so should your financial base. Too many beginning writers only daydream about how wonderful it would be to strike out on their own and get paid for their writing. In order to stay afloat while freelancing, especially in the beginning while you’re opening markets and gathering clients, you must have money to pay your bills.

If you’ve ever bought a house, you know how careful you have to inspect it. Once you sign the sales agreement, you’re stuck with it, no matter what problems may arise. The same goes for severing the financial cord to your fill-time job. By doing thorough research and planning carefully, you’ll be able to concentrate on your writing and not have to worry about how you’re going to buy food or pay for heat and fuel for your car.

When I began freelancing, I decided that if I had to work part-time at any point in my freelance career that I would only get a job at something related to what I was doing. I figured that if I working thinking and working with writing or any of the subjects I wrote about then I might also gain some knowledge or insights to help me in my writing. I wrote about travel and tourism, so I worked as a travel agent. I wrote about the Internet and technology, so I learned to design Web sites for small businesses. I even did public relations writing—I got plenty of press releases and learned to write good ones from them.

But the job that has offered me the most opportunities was teaching what I loved to do best—writing. No, I didn’t teach in public school or college. Over the years, I’ve taught continued education courses at a number of colleges and universities as well as community evening schools in my area. I knew that I really couldn’t write all day and all night, so I scheduled my classes during the evening hours. No course is longer than eight weeks and each session runs for two hours. I work as an independent contractor, thus setting my own schedule and creating and writing my own courses. Once a course is “in the bag,” I just have to reap the profits.

The experience I gained teaching writing courses propelled me into an even more lucrative sideline—business writing workshops. I earn more in a 6-hour day doing this than writing two or three articles. But instead of presenting these workshop constantly, I’m selective and only do them occasionally.

Another sideline related to my course work is lecturing. I’ve amassed loads of information on a variety of subjects, as well as photographs of the same. I began assembling these into one-hour lectures that I present at retirement centers and at conferences. Again, once a lecture is all assembled, it’s easy to draw from my inventory and reap the profits.

When, do you ask, do I have time to write? Believe it or not, I have a lot of time because I set my own schedule. All my teaching venues know that if something comes up, I may need to cancel a class and make it up later. All have been very accommodating. Plus, I get all sorts of ideas when teaching others.

My Web design business kicks in when times are slow. It takes a lot to put a good site together, so I take on only one client at a time. The pay is usually worth it.

During the recent economic downturn, my ability to turn a profit with my other ventures has paid off handsomely. All of these ventures come under the umbrella of Bob Brooke Communications, my brand name and the company I created.