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You are a freelance writer because you want to make money. However, you must be clear how much money you want to create how you will do it, and all factors that influence your earnings.
Two crucial concepts to understand the relationship between their time and compensation are their desired hour rate and their real hourly wage .
Your desired hourly rate is the amount you calculate your customers.
Let's say, your goal is to earn $ 100,000 a year from full-time freelance letter. Let us break the conventional way and assume that you work from 9-6 Monday to Friday to Friday with an hour for lunch, and with 2 weeks a year of vacation (of course unpaid because you are a freelancer):
Now here is the friction: hardly a freelance writer, including you and me, actually working on the payment of projects 8 hours a day, 5 days a week, work. Even if you are highly productive with outstanding time management capabilities, you still have to:
So we have to make an adjustment to the $ 50 per hour we just calculated. Let us make easy and say that you actually work only 4 hours a day at the payment of projects. Now we receive your desired hourly rate :
What is your true hourly wage? It's just the total amount of money you in a year or a month shared by the total time you have shared for actual paying projects and all the work-related activities we have just discussed.
Let us continue with our example and our assumptions, and also assume that they actually work $ 100,000 in a year of 50 weeks a year, 5 days a week, with 4 hours that pay the actual paying Projects dedicated to average 100 US dollars per hour and more 4 are dedicated to hours with work-related activities.
This makes her real hourly wage 50 US dollars per hour. This is your average compensation for all the time in which you use your work.
There are 2 important points here:
If you practice good time management skills, and if you are known in your niches, spend a larger and larger percentage of your time, actually work on projects that you really pay well: You will be a true productive your writer!
Jenn Mattern left such an excellent comment, which I pulled up here to make sure you read it.
Here is a yield goal trick, which I learned more than a few years (especially for those who want to change from a full-time job to full-time freelancing).
freelancing should cover everything a traditional job covers - foundations, taxes, pension savings, health insurance, paid vacations and sick time (a common mistake is that freelancers do not bring to do not get them, and then do not plan for them) .
Most people I know tend to think about salaries in terms of what they could expect if they could earn as actual pay if they would apply for a traditional job. What I did was compared to the salaries of full-time signs about numerous US cities with their true costs for their employers. Freelancers need to think about the full compensation package of an employee - not their salary - if they want to set equivalent results goals.
I found it a difference of 30 to 40% between these two things. Here it is what it means to determine free goals:
Let's say you earn a $ 100,000 salary with full-time job as a copywriter. If you are full-time freelance freelance, you can not set an annual target of $ 100,000 when you want an equivalent lifestyle. They would have to earn k instead. This is closer to what your old employer actually paid every year through different benefits. And as a freelancer, we are responsible for all these things themselves.
With everything, if you can comment with less and so you can feel comfortable, go for it. However, if you wish that the vacation time, sick days, insurance and savings are available to you, you need to remember that you remember if you set your prices. I see new writers make this mistake constantly. They beat their income targets, but they have fighting to come from a customer payment to the next, and they do not understand why. This can be devastating, especially if you have families to support.
I suggest checking salary locations for this information in their own local region, especially if they respond mainly to local customers. However, if you are still thinking about "salaries", it is a good idea to have a standard with 30% or so to build, whatever you think you need to earn it. It's much easier to reduce your prizes later than suddenly raise, and may need to be a completely different from customers when they made a mistake.
1. What is your desired annual income? Be realistic, but do not sell yourself shortly. Remember to promote health insurance, retirement, vacation and other factors.
2. Spend a week or better to analyze a month as you spend your working time. Find out how many hours per week you actually spend about paying projects, and then determine your true hourly wage with the desired annual income and the above example.
3. Find out how you can be more efficient in marketing, and all other things you do for your business.
What are your thoughts about the desired hourly rate and the true hourly wage? How can you apply them to your free writing career?