Career Advice: How to Be A Profitable Freelance Writer

Posted by Lima Al-Azzeh Sep 25, 2009

This is my last guest post about career and business advice for freelance writers. Kiss me, Hardy, here we go.

The #1 Rule of Business is GTM, Get The Money

Yes, Get The Money. If you aren't trying to make money, then you aren't in business. What you're doing may be satisfying and worthwhile, but business in the usual sense means "for profit".

How Does GTM Match "Follow Your Bliss"?

Earlier, I talked about being true to yourself and doing what you love. I believe that is the key to a balanced and fulfilling life. Writing for the love of it has a very important role in my own life, but much of that writing stays private and it doesn't pay the bills. Today, I'm talking about the part of your writing that you do for profit. That means, in a perfect world, combining some of the things you love and are good at, with the things that will sell.

Suite101 Wedding Style Feature Writer Annalise Kaylor took her enthusiasm and skill as a top-level makeup artist into her writing career, and then expanded the writing career by diligently studying the market and finding the tactics that work best for her. She's produced an e-book, Writing Online: Making Money and Residual Income With Online Content. At every turn, she's enthusiastic and, the reader senses, excited about writing.

The best business strategy begins with being clear about your objectives. As the saying goes, if you don't know where you're going, any path will take you there. Don't agonize over this. You can start with small objectives and work up, and you can adapt to changing circumstances. Suite101 Psychology Feature Writer Laurie Pawlik-Kienlen decided to become a full-time blogger after writing for a variety of print and online publications. Her four blogs, including Quips and Tips for Successful Writers, have lots of insightful advice about achieving different types of life goals.

Profit = Revenue - Expenses - Taxes

With apologies to all accountants, this is a very simple view of where profit comes from.

• Keep in mind that revenue, expenses and taxes each affect your profit. You should have an idea of their respective impacts on your personal situation.
• If you don't pay yourself the way you would an employee, your work time won't show up on your financial statements. Even so, treat it like an expense when you are figuring out your profitability.
• Don't chase unprofitable revenue opportunities.
• Do keep track of the time and the out-of-pocket expenses it costs you to do a job, and make sure you understand how profitable each job is.
• Limit your expenses.
• Reinvest in your business.
• Don't pay more tax than you have to!

I'm very grateful to the many Suite101 writers who have shared their writing and business tips with me. I wish I could quote each one personally. Several emphasized the importance of good record-keeping and analysis. They know which writing jobs are their most profitable and constantly choose the work that gives the best profit.

The Right Tools for the Job

To be a professional writer, you need a professional demeanour, and you should be equipped to do the job to a high standard with maximum efficiency. I consider it essential for a professional writer to have:

• a solid and growing command of written English
• accuracy in research and reporting
• the ability to write in an engaging way for your chosen audience.

Most writers today need:

• a Web presence (e.g. website, blog, Facebook page, though not necessarily all of these)
• a computer with a high-speed Internet connection
• a widely-used word processing program
• email
• a telephone number (unless you work entirely online) with voice mail.

Some writers also need:

• access to experts
• subject matter expertise or experience
• access to a library of reference books
• a travel and research budget.

Although there are more and more free services available online every day, such as Open Office, gmail, Blogger, and Skype, it still costs money and time to run a business.

Do you remember the tailor in Fiddler on the Roof? At the start of the story, he was sewing by hand. Then he bought a sewing machine, and suddenly he could sew much faster. That was a sensible investment. Make sure that you, too, have the right tools. Set aside some of your revenue to reinvest in the equipment and training you need to be as successful as possible. If you can't decide what to spend on, go for the the thing that will "pay for itself" fastest.

For information about a writing career, take a look at the Suite101 Writing & Publishing section. Many of the articles are by successful professional writers, like Janice Hally, the Feature Writer for Freelance Writing. Janice's online profile says she is "a Scottish screenwriter with more than 300 hours of prime-time television drama to her credit" and has written several books, shown in the writing credits section of her personal website.

For business information, try the Suite101 Business & Finance section. It's filled with advice for starting and running a business. Look for more free information where you live, starting with the public library and any government departments that support small business.

Be a smart, business-minded writer when you're doing it for the money.

Jill Browne