More Money, Less Time
Successful freelancers aren't just good at their craft; they're good at running businesses. Herein I'll give you some pointers in our discussion and it relates to all freelancers, not just writers, and artists but artists of all types ...musicians, actors, dancers, singers etc.
"They know what their numbers are, they know what their best markets are, they know how to promote themselves and their writing for maximum effect, efficiently," says Gwen Moran, a freelance business and financial writer.
"If you don't treat it like a business, it's a terribly stressful, sporadic-paying way to make a living at best. You need to tend to the elements that make it -- that makes any other type of business successful. You need to be sure that you're innovating, and, in our case, that's reinventing yourself and adapting to technology and developing new developing skills. You may need to become better at social media. You may need to be able to put together a simple video or slide show. You need to be marketing yourself, you need to be selling."
Another aspect of it is looking at the ROI - return on investment: appraising your talent, time and evaluating your projects' worth beyond the payday.
The strategy has become crucial. Lisa DePaula, whose articles have appeared in EAQ., GQ, and other major consumer publications and rags, says "the days of the nice cushy jobs and contracts are over... Nobody is being paid what they used to get paid."
Here's how to get the most value from your talent and work.
1. Put Passion and enthusiasm through a cost-benefit analysis.
Enthusiastic, passion projects may not pay well, but they sometimes serve a benefit. "I have various jobs that can be dry and humorless at times, but my thinking always is "I'm trying to be working on at least one thing that I'm passionate and enthusiastic about," says Alan Siegel, who has written for the 'Ringer and Slate.' "that's not always a financial concern: it's more for my sanity and mental well-being, I think . I always want something to look at going forward to, work wise."
"That creative 'je ne sais quoi [(zhuh nuh say kwah)]' work is very, very important of germane importance, because it also strengthens the work discipline, ethos and ethic that may not be considered as creative," says Moran, who has contributed to numerous national publications. "When you're writing the 100th service piece on '100 Ways ro Do Something Better' with or without a thingamajig, thingamabob or widget ... exercising those creative muscles, mapping and staying in the per-conscious, always can help you find fresher ways to tell those stories."
It's not as easy as it sound, I tell you.
Journalist Stephen Fried, the author of several nonfiction books ( including A Thing of Beauty: The Tragedy of Supermodel Gia ), says return on investment is "almost completely uncontrollable ... It's more intangible, a thing you look back in retrospect to try not to do the same dumb thing again."
The goal is "to always have long-term projects and more regular money making projects going on at the same time. If not, you just, at a certain point in time,burn through savings ( as I am doing writing my current book and writing this email )."
I say you are doing something wrong when tour certain 'creativity' gets fed while your checking account and soul starve.
Here's my tale.
For nearly 30 years, I have not relinquished my dream to become the next Robert Ebert. When I got the chance to review movies a couple of times a month for The Weekender (Scranton, PA), I was thrilled. After three-plus years, my passion and enthusiasm was depleted. The reason lay in the three 'R's namely Arithmetic. (All of the following are rough estimates, especially as movie tickets prices changed over the years.)
--Forty minutes: Amount of time spent traveling to the multiplex and back home.
--Two Hours:Length of time of your average movie.
--Three hours: Twenty-five dollars: What I was making per review.
--Seven dollars: The coast of a matinee ticket.
--Two dollars: Cost of gas.
That left me with $16. Divide that by five hours and 40 minutes (my time invested). That's $2.83/hr, slight above the minimum wage at the time... for 1978
Glenn Stout, an author ( The Selling of the Babe: The Deal that Changed Baseball and Created a Legend ) and writing consultant, has taken jobs that pay little or even nothing. He knows the benefit. Maybe his name gets in front of people or it leads to a paying gig, you never know.
Stout stops when "there's no upward benefit. It's both financial and creative. It's not taking you anywhere toward more interesting stories that pay better or are higher profile."
Exactly: The energy I spent dissecting I, Frankenstein and If I Stay for pennies per word could be spent on pitches for better-paying work. My schedule opened; I could take another assignments. Now I could entice editors with my film experience at different outlets, such as reviewing basketball movies at Hoop.com. What I got paid for those two months of reviews would have taken me a year to make at The Weekender.
And I get reimbursed for the cost of some of the movies, travel etc ....which I watched in my house.
2. Conduct your own financial analysis
"One of the mistakes that writers and artists make often is trying to guess how much thay should charge for something or how much they should bid on a project to be sure that the client will accept."
Moran, says, "I think writer and artists need to take a step back and really look at what their financial needs are." That means the expenses you incurr in running a business: a desired salary, taxes, office supplies, overhead etc.
The average professional has 1,400 billable hours in a year . Take your expenses, divide by that 1,400, and you get your hourly rate.
The average professional, Moran says, "has 1,400 billable hours to sell every year . Take your expenses, divide by 1,400, and you get your hourly rate. Taking projects below that number means 'you're actually losing money on every project that you're doing , and you're increasing the load of how much more you'll have to do to meet expenses." Moran says."
Cost i snot the only reason to say no. Joseph D'Agnese, a veteran freelancer and co-author of The Money Book for Freelancers, Part-Timers, and the Self-Employed: the Only Personal Finance System for People with Not-So-Regular Jobs, advises writers and artists to beware of the "time-suck clients" and those with ever creeping requirements.
These people weren't content to hire a writer, or an artists ... sit back, and wait for the project to get done. In D'Agnese's experience, it was "too many questions, too much talking, hand-holding. They want advice. Then it was like, 'Wait, am I a counselor on the publishing industry or an expert at selling art and art marketing to you?'" Writers and artists also need to learn to say yes... as well as no. "As beginners, we don't often know how much to work or how much we can achieve unless we push ourselves," he adds. D'Agnese was nervous to pursue additional projects until he discovered he could juggle multiple assignments.
Moran advises writers and artists not to undersell themselves. There are markets for humor writing and children's books that pay well, and if you can illustrate as well them you can make even more as the graphic artist and illsutrator if you search them out. Moran has found them. She has been paid $1.50/word for her humor pieces. Or, if you can't find those markets , social media makes it easy to cultivate a following and a reputation in a field of expertise while earning clips.
3. Diversify your portfolio
Stout expands his repertoire because it's essential for a professional's survival: "when you start getting narrower and smaller, that's when it gets really, really difficult."
"it's making sure you're in the mix and making sure you don't get overlooked," he adds. It's about trying to establish some presence in a variety of fields and showing that you don't always just pull the ball, you can play ball to. You know how to do other things."
Widening your scope applies to whatever you're doing or working on. "Look at the multiple facets of the assignments." Moran says. "When you are on a call with an interesting source, maybe ask that additional question. So, what else is happening in the market? What else is happening in the market? What else is going on in your field or work that's interesting to you? That might yield a nugget of a new idea that you can then pitch to someone else." Network... network... Can different tips and tricks be highlighted? Where did this source go to school?
D'Agnese advises writers and artists to examine their contracts and retain as many rights to the article or piece of creative work they've written or created as possible. Try to get a retainer contract if you can, so you continually get paid, royalties might be an idea... Those pieces can be recreated, remade into other items, repackaged, reformatted, and resold, adds D'Agnese, who self-published a collection of his math, science and engineering pieces.
"You want to be able to increase and possibly make an income, a steady income on those articles and creative endeavors long after they've appeared the first time, so you're selling your work again to a new audience each time and that is upping your ROI," ( and often times articles can become a full fledged book or novel ) he says.
4. Refine your process
Some of the obstacles to ROI are self-imposed, especially for new freelancers. The longer you do this, the more assignments you can handle and the quicker you can complete them.
"In broadcast journalism, they talk about 'getting clear' -- no hems or haws, no false starts," D'Agnese says. Newcomers practice to the point "where they can deliver a sentence without fumbling and stumbling over what they were writing... I think with writing you ROI goes up when you do as little rewriting as possible." Writers and artists must dismiss the concept of perfection and "focus on the fewest number of passes that I can do to deliver really good if not great work. You try to get to the point where you can write clearly that very first time." for example, D'Agnese has learned to write as soon as possible after getting an assignment. It's easier to edit when something is down. Plus, you usually know enough to at least get started; that means less work is required to finish the article or work of art.
D'Agnese remembers hearing years ago about a young reporter at the Washington Post who filed great stories with fewer number of interviews required. It took time for D'Agnese to realize David Remnick's shrewdness. "Every hour I spend on the phone is not a good return on investment at all," he says. "Think first, then make those calls very carefully and think about, 'Am I getting the best possible person that I need to make this article sing? Overtime, you kind of drill down to that 'automagically'."
5. Deposit time (and money) into relationships
But talking does pay in other regards, Stout is a huge proponent of talking on the phone (or to strangers you meet at the airport or mall), which is "way more efficient and much more collaborative" than through email , chat or social media. "in my experience working with writers, and artists of all types and genres" he says, "we come up with more ideas talking (and brainstorming)." Moran participates in her clients' brainstorming sessions, knowing they will generate more great ideas and assignments and in the process increase her value.
Another welcome diversion is attending writing conferences and conventions or joining a group or groups where you engage with other writers and artists . "you need to keep putting input in there, whether it's a conversation or a conference." Stout Says, "Sometimes it can be emails. You have to keep feeding it, because you can't feed it yourself. It gets tired of you. You get tired of you. Through the interactions it's generative. It builds up."
Moran argues and agrees. "those types of groups are so important, not just for the professional aspect," she says. "being a freelancer a writer ( an artist) is a particular type of job, and it helps to have access to people who do things and this job and who can help you with some of the challenges that are unique to freelance writers (artists)."
I initially scoffed at joining the American Society of Journalists and Authors (ASJA) ( as well Artists, there's a similar group for Artists & Musicians ), because I was introverted and the various robust fees and cost to do so. After attending ASJA Conference in NYC, NY and Orlando, FL I'm sold American on ASJA's personal and professional benefits. I fed my soul talking to and participating in groups and workshops with other freelancers and met new ones who organizes a writing group and workshop near my homes. You get what you put into it. I filled a legal pad with tips and tricks of the trade. And landed a literary agent.
A decade into my freelancing as a third or fourth career ( I was a Commercial Artist & Photographer, a Socialworker and Psychologist, AND Computer Systems Engineer ) I have learned that businesses run on dollars and cents (sense) and hours, minutes and seconds. All need to be maximized. My smartphone, tablet and laptop dies, have to keep it charged with an auxiliary battery pack and I have atrocious handwriting, so I need a reliable replacement. My trusty math and computer skills make tax season unbearable, so I put money aside for a good accountant. I need more childcare when I'm married and have kids, so I can focus on my work and careers instead of changing diapers.
For me the cognitive ROI of the mind-set and spirit is incalculable -- and invaluable.
Four (4) Ways You Can Make More Money While Working Less
Are you one of those people who are convinced they have to put in more hours to make more money? That was my belief, too, until I started surrounding myself with successful entrepreneurs who have put systems in place so their businesses will thrive with or without them.
In an episode of my podcast, The Mentee, I spoke with Keefe Duterte, who currently owns one of the top Allstate insurance agencies in the country. He told me he went from working 110 hours per week to going into the office only two-to-three days a month -- while making more money than ever before.
This transition started, he said, when he was packing for a business trip and his daughter begged him to stay home. As any parent would do, he explained that he had to work so she could have and do all the fun things she enjoyed, like horseback riding, their nice house and vacations. What his daughter said at that moment would change everything, Keefe said.
She said, “Dad, I don’t care about any of that. I just want to be with you.”
Have you ever felt that you are missing the moments that truly matter? For Keefe, the time had arrived to reevaluate his priorities and put systems into place so his business could thrive with or without him.
Here are four things you too can do to make more money while working less:
1. Act "as if" AND "You'll become as if!"
Get specific on your goals and the type of life you want to be living. How much money do you want to be making? What level of activity do you want to have in your business? Now, imagine the people who are already performing at that level. What do they do that is different from you? What tasks are you currently doing that they delegate?
To elevate your game, act as if you are already where you want to be. One suggestion is to hire an assistant. You may be thinking, “I can’t afford an assistant.” I would challenge you to ask what your time is worth. Today, you can leverage virtual assistants internationally who can be hired for as low as $3 per hour (or for minimum wage in the United States). If you don’t think your time is worth more than those modest sums, then you will likely not make it as an entrepreneur.
2. Focus on the highest-income and impact activities.
We all have 24 hours in a day, yet how is it that some people are able to get so much more done in the same amount of time? Do they have some superhuman power you and I weren't born with?
No, they just understand that making more money in less time comes down to identifying those little hinges that swing the big doors. Ask yourself, “What are the highest-income and impact activities I can take to advance my business today?” Then execute those specific activities precisely until your desired task is done. Do not allow yourself to be controlled by someone else’s agenda (email and phone calls) until you have completed the vital tasks you have identified.
3. Surround yourself with great mentors.
The late entrepreneur Jim Rohn said that, “You are the average of the five people you spend the most time with.” Who are your five? Are they already living the life you want to be living? If not, what does this say about you and your prospects?
If you want to take your business to the next level and free up more time, surround yourself with mentors who are already living that lifestyle and can guide you along the way. One of my own mentors, Mark Anthony Bates, said, “It is tough to read the label when you are inside the box.” Very few people can objectively look in the mirror and give themselves adequate constructive criticism.
This is where a mentor comes in. This individual will be able to look at you objectively and give you actionable guidance based on his or her experience. This will accelerate your progress drastically. Here is one resource I put together on how to find high-level mentors.
4. Consistently practice daily self-improvement.
Your mind is your greatest asset as long as you learn how to leverage it appropriately. Some of the most successful entrepreneurs have a ritual of daily self-improvement. Challenge yourself to spend the first 30 minutes and last 30 minutes of every day reading something positive that will expand your mind and enhance your skillset. Your business can grow only as much as you allow it to, and that growth starts with you.
You likely moved into the world of entrepreneurship to have more freedom. Implement these four things and you will find that you do not need to trade dollars for hours and that freedom that so many seek will be your reality.
