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Planning Ahead In Freelance Writing
In freelance writing, it is essential that you plan ahead
for example, let us determine how much money you want to make and CAN make in the next 12 months. First, let us assume the salary you are seeking, say $36,000. Now, let's divide that number by 2,080 (based upon 40 hours per week over 1 year) and you will come up with $17.31 per hour (gross).
Every day, you would have to make over $138.50, and for every week you should set a target of $692.40.
Let us say you are unable to find a job for the first month, which means you have lost an estimate of $3,000, which eventually has to be added on to the yearly salary that you are seeking.
So to play safe put in a two-month period [that the time tour search might take], which increases your annual salary target to $42,000, your hourly target to $20.19 or a daily target of $.161.54 [8 hours], or a weekly target of $.807.7 [40 hours]
Now make note of this;
- Your targeted annual salary [12 months] – should be set at $.42,000
- Your hourly rate that you plan to charge would have to be greater than $.20.19, let us say $.21.0
- Divide the figure in #1 by your answer in #2 to get the total number of hours you need to work in the next 12 months to reach your goal.
- Divide the answer in #3 by 2080 [based upon 40 hours per week over 1 year] to estimate the gain you would make and the time you would take to breakeven.
- Then think about how many hours you would have to be putting in, on a weekly basis, so as to figure out how many clients it’s going to take to reach your goal.
- The result you get here is how many hours a week you have to work to reach that goal. The only advantage is that you can also work on holidays and get paid on it. This, of course depends on your social life.
- If this number seems unreasonable, then you need to go back and reassess your goals. Maybe you need to increase your rates or you need to decrease your goals.
Whatever may be the case, I sincerely hope it works out for you.
If you crack the freelance code and start charging a lot more for your services, you can make it to your goal with far-less hours and fewer clients than you have in mind, and beat out most of the freelancer writers out there who work without a profitable strategy.
Wish you the best in your freelance writing efforts.
- Making Money Through Freelance Writing
Although there are many opportunities in the net for a freelance writer, it is important to get a basic idea whether freelance writing can yield you a real income.