This week I started an online class through The Renegade Writer. The focus is on building the freelance business you want. I’ve been thinking about this topic a lot lately, so it seemed like a good way to explore the business side of freelancing with the help of a more experienced writer. I also considered hiring a business coach to help me strategize, but this was much cheaper, and I can always hire a coach later on.
One of the things that struck me immediately as I was visualizing my business goals is that agonizing over financial freelance goals does not serve me (or my business). Of course it’s necessary to earn enough money to cover your expenses. It’s also important to think about saving for short-term money needs (for instance, a new laptop if your old one poops out) and long-term money needs (uh, like retirement). But if you’re focusing entirely on your bottom line, then you’re missing the point of freelancing. That is, earning a living by doing what you love.
I’m very practical about money, so when I left my full time job, I calculated how much money I needed to maintain my current standard of living (including paying for insurance on my own) then gave myself a raise by bumping up my monthly income goal. I also determined how much money I needed to earn on a weekly and daily basis to stay on track.
Sounds smart, right?
Actually, trying to make a daily money goal made me crazy. Some days I made my numbers before noon, and other days I felt guilty because I spent the morning scanning clips or following up on queries, which needed to happen but couldn’t be tied to a specific dollar amount. Once I (mostly) let go of my daily goal and focused on the big picture, I became more relaxed and got more done.
Another reason I disagree with focusing solely on financial goals is that you could end up with working with people who pay in gold but treat you like crap. In addition to money, you need to factor in questions like “Is this someone whose business ethics I trust?,” “Might this assignment connect me with interesting people I can work with again?” and “Will I be proud to tell others about this project or will I have to swallow my pride and pocket the cash?” These things do matter.
Now, I advocate for earning what you’re worth, but sometimes the lower paying gig might make sense if you’re trying to break into a new industry (for instance, the technical writer who yearns to write restaurant reviews) or if you already have plenty of high-paying gigs and need a project that feeds the soul instead (again, that poor technical writer needs a break!). And I think ultimately you'll earn more writing about a topic that you're passionate about, even if that genre starts at a lower rate.
What do you think? Should freelancers follow the money or follow their instincts? Is it possible to do both? Leave a comment and let me know!