With most new freelance writing projects, the client will tell me how they prefer to pay. In most cases, they are open to negotiating this, but I usually move forward with whatever method they prefer. With that being said, I have worked with some clients that let me choose how to receive payment. This is always a difficult decision, and I usually decide on a case by case basis.
As outlined in my freelance writing income report, I receive payment in three ways during most months: PayPal, check, and bank wire. PayPal is the most common method, with check coming in second, and bank wires last.Â
The main benefit of PayPal is that you can request and receive payment within a matter of seconds. If you are not the type who likes to wait for checks in the mail or give out bank account information, you will want to rely on PayPal. Of course, this online payment service is not perfect. They take a fee out of each payment you receive, which can cut into your profits over time. For a basis of comparison, I usually pay somewhere between $100 and $200 month in PayPal fees.
By opting to receive payment by check, you will get the full amount that is coming to you. With that being said, are you willing to wait for payment to arrive? Some freelance writers have no problem with this, but it can be nerve racking to check the mail for payment everyday of the week. Did the client really send the check? Did it get lost in the mail? These are the types of questions that will be going through your mind until your money arrives. If you are lucky, you may find a client that is willing to overnight your check to ensure its safe and timely arrival.
Finally, the bank wire option is quite similar to PayPal. In order to do this, you will need to supply your client with information such as your bank account and routing number, name and address on the account, etc. From there, they can wire your payment directly to your account. This is a great option because it is quick, and fees are kept to a minimum. Of course, check with your bank to make sure that they do not attach high fees to bank wires; some do, some don’t. The downfall of a bank wire is that you have to give out personal information. Are you willing to do that? I would suggest that you only rely on the bank wire option if you trust your client completely.
So what option do I choose when presented with the opportunity? Despite high fees in most cases, I usually opt for PayPal. This allows me to receive funds quickly, and then transfer the money into my personal bank account when need be. While check and bank wire offer benefits, I personally feel most comfortable with PayPal.
How do you prefer to get paid by your freelance writing clients?Â
In my last freelance writing income report, I talked a bit about missing some of the income goals that I set for myself. In my opinion, it is very important for every freelance writer to set goals. While this may seem like a broad topic, there are actually three types of goals that you can consider setting for yourself.
1. If you are like most freelance writers, you probably dream of making a lot of money; I know I do. For this reason, you should set income goals that you can chase. You can break your income goals down by day, week, month, quarter, or year. Personally, I set goals in this area for each month, as well as the entire year. By having these numbers in front of me everyday, I can chart my progress to make sure that I am staying on track.
2. You should consider setting timeline based goals. For instance, you may want to set a goal of becoming a full-time freelance writer by the end of 2008. This is one of the most common time based goals, but certainly not the only one.
3. As I have mentioned in the past, day to day project goals are very important. This is why I always have a to-do checklist sitting on my desk. While getting through my daily work is not a huge accomplishment, it is a small goal that I set for myself each day. Even though I have been doing this for a while, I always feel a sense of accomplishment when the last item on my daily to-do list is checked off.
As you can see, not every freelance writing goal has to be based on how much money you earn. This is a common trap that many writers fall into, but one that you want to avoid. You will find that reaching smaller plateaus will allow you to reach your income goals in the long run.
No matter where you are at in your freelance writing career, make sure that you always set goals for yourself. It is very easy to slack off and get sidetracked if you do not have anything to work towards. Even if your goals are simple, you will still have something to strive for each day that you sit down at your computer.
Last month I was a bit disappointed with my freelance writing income. Although I broke the $5k barrier, I was hoping for a bit more as to get off to a good start in 2008. With a less than stellar January, I turned my eyes to February in hopes of getting back on track.
As you probably know, February is the shortest month of the year. Luckily, there were 29 days this time around; every little bit counts, right? Despite the shorter month, my income was better than January, and more on pace with what I hope to accomplish as the rest of the year wears on.
Number of Completed Projects: 24
Payment by PayPal: 21
Payment by Check: 2
Payment by Bank Wire: 1
Total Income: $5,679.97
When compared to last month, I completed four fewer projects but managed to earn $425 more. Anytime that I see a statistic like this it excites me. Obviously, my goal is to complete as few projects as possible while still increasing my income. By doing this it means that my average per project rate is increasing, and hopefully, the amount of time that I am spending on work is decreasing.
With the first quarter coming to an end after March, this is a big month for me. As I have preached in the past, it is always good to have both short and long term goals. One of my mid to long range goals at the end of last year was to set an income record pace during the first quarter of 2008. If I am going to meet this goal, I’ll have to break $6k in income this month. While this is more than possible, it is not a given by any means.
Did I reach my February income goal? No; I was hoping to crack $6k and possibly approach $7k. With that being said, it was still a solid month and one that I hope to improve upon in March.
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