Hi there, {{ subscriber.firstName | default('friend') }}!
When I moved this newsletter to its new monthly format, I decided to start including my monthly business snapshot.
I've gotten a lot of positive feedback about that addition. However, I also received a few questions that went something like:
“How are you earning that amount in such few workdays? Are your rates way higher than mine? What am I doing wrong?”
First of all, you aren't doing anything wrong. But I also understand that seeing facts and figures from someone else's business usually inspires some introspection and a closer look at your own approach.
So let's start by talking about my work schedule.
Right now, I aim for a three-ish-day (heavy on the “ish”) workday. I work full days Monday through Wednesday. That typically means arriving at my desk around 8:45am, taking a quick lunch break in the middle of the day, and wrapping up around 4pm.
I treat Thursday as my “flex” day. Occasionally, I'll dedicate a few hours to answering emails or finishing up some projects that crept past Wednesday. However, I also like to keep this day for laundry, shopping lists, errands, appointments, and other life admin stuff that takes a lot of time.
On Fridays, I keep my boys home from daycare. We spend time playing together, going to the library or playground, running to the grocery store, and generally doing whatever else we want. I cherish that time with them and, by reserving Thursday for all of those other tasks, feel like I'm able to be less stressed and more present.
That's my typical approach to each week, but it can vary. Sometimes kids are home sick from daycare and I need to shuffle things around. Or sometimes a big project demands more time. And while three days is my ideal, there are still times when I'm at my desk in the evenings or for an hour or two over the weekend.
If we keep the math simple and just count workdays Monday through Wednesday in a given month, that usually comes out to anywhere from 12-15 workdays per month.
Alright, now let's take a closer look at my income. If you missed my business snapshots in previous newsletters, here's what I invoiced in previous months:
- January: $8,200
- February: $9,750
- March: $11,450
- April: $13,100
So here's the big question: How am I doing that? There isn't one simple answer here. There are several factors that influence my ability to earn at this level (and in this limited amount of time), mainly my:
- Experience
- Rates
- Efficiency
1. Experience
I'm also careful to remind people that I've been freelancing full-time for nearly a decade (in fact, my 10-year freelance-iversary is coming up in early July!).
I was not earning at this level in the early days (or years) of my freelance career. And my years of experience have had a hugely positive impact on the other two elements on this list: my rates and my efficiency.
2. Rates
Because I've been at this for so long, I've built up a lot of credibility, expertise, and proven experience in a fairly specific niche. And that means I'm able to command a higher rate.
I also recently took on a retainer agreement with a software client doing some customer success work. That contributes $3,000 to my monthly income, but isn't the same type of work as cranking out blog draft after blog draft. Of course, it still takes time and energy, but in a different way. Plus, it's provided a nice predictable base for my income each month.
3. Efficiency
This one is a big piece of the puzzle that probably gets talked about less than it should. At this point in my freelance business, I am almost alarmingly efficient. This takes shape in a number of meaningful ways:
- I'm a freakishly fast typer and couldn't crank out work anywhere close to the level I do without that underrated skill.
- I've developed a lot of templates and processes that help me streamline and speed up routine aspects of client work that would otherwise take a lot of time.
- I've built a database of expert SMEs, sources, studies, and other resources I can use to simplify my research process.
That level of efficiency means I aim to submit at least one finished draft or project (perhaps even two) every single workday. That's not to say I'm doing the entire thing in one day. But in terms of actual project completion, that's the target I shoot for.
And with that in mind, there's another thing I need to mention: I am absolutely hustling Monday through Wednesday. As in, I start each week wondering how the heck I'll get everything done in only a few days.
Is it stressful? Yes. I often feel like I'm trying to cram a five-day workweek into just three days. But, for me, grinding Monday through Wednesday is a worthy tradeoff for my flexible Thursday and my Friday with my boys.
Whew! Okay. I hope that helps you make a little more sense of the math. I'll leave you with this final reminder:
You don't need to earn what I earn. Or work the schedule that I work.
This approach works well (mostly) for me in this season of my life, but it's certainly not the gold standard for success or a model you need to work toward.
As with any other aspect of your business, find what meshes best with you—your needs, your schedule, your values, and your goals. Ultimately, that's the prize you need to keep your eye on.
My Monthly Business Snapshot:
- Total invoiced in April: $13,100
- Number of clients I worked with: 10
- Total days worked: 14ish
- I had two weird experiences this month where my work disappeared from the internet in one way or another. I shared those experiences (and some tips) over on LinkedIn.
- Also on LinkedIn, I shared two things I'd do differently if I could start my freelance writing business all over again.
- Somebody impersonated me on Twitter this month (🙄). I got the account suspended right away (thank goodness), but it's still infuriating.
- A kind subscriber let me know about the LinkedIn for Journalists Premium Program. I applied and was accepted, which means I'm no longer paying for Premium. 🥳 I didn't know that was a thing, so I figured I'd share here. I recommend checking it out to see if you fit the criteria.
- I did a couple of virtual coffee chats with fellow freelancers, which I always enjoy.
- This isn't business-related, but I joined a book club at a local bookstore and went to my first meeting in April! We read “Remarkably Bright Creatures” and now we're reading “West With Giraffes” for our May meeting.
Interesting Reads and Resources This Week:
Here are a few things I sunk my teeth into these past few weeks. If you're looking for some advice or commiseration, go ahead and give these a peek!
Noteworthy Freelance Writing Gigs:
Looking for some new freelance writing gigs and opportunities? You're in luck, because I've rounded some up for you.
Non-Writing Freelance Gigs:
I don't just show love to the writers. Here are some non-writing freelance gigs you can check out.
Find More Tips, Tools, and Resources:
Want to know where else you can find me and learn from me? I've got you covered.
That's all for this month! We had pink eye rip through our household these past few weeks, so I have my fingers crossed we'll have a healthy streak for a while now.
I'll catch you next time. As always, happy freelancing! ❤️
