Every few days I will receive a note from an aspiring freelance writer asking for advice on whether or not they should move forward with their career. When deciding to start a freelance writing career there are sure to be doubts in your mind. Soon enough you have to make a decision for or against this.
There are some things you can think about to make your decision easier. For one, do you really love writing? This is the first thing you should look into. If you find that you have a deep love for writing you are at least on the right path. This does not necessarily mean you should turn this into your career, but it is a very good start.
At some point you need to look into the finances of becoming a freelance writer. How much money do you need to earn every month to pay your bills? Once you know this number you can decide if working full-time in this capacity is doable. The last thing you want to do is start a freelance writing career and find that you cannot pay your bills. This will send you back to a “nine to five†in no time at all.
In addition to the above points, I always tell people to try things out on a part-time basis before moving into a full-time capacity. This gives you the chance to keep your regular job while getting a better idea of what goes into working as a freelance writer. If you begin to build your career and find that you love all aspects of it, it may be time to go full-time. On the other hand, you may learn that you don’t enjoy this path and want to give up altogether.
So, what do you think? Are you going to say yes or no to a career as a freelance writer?Â
When you decide to become a freelance writer you need to take it seriously. You are now running your own business. No, you don’t have hundreds of employees but it is a business nonetheless. For this reason, you have to know a thing or two about your finances and how they will be affected by your new venture.
Here are three financial mistakes that all freelance writers need to avoid:
1. Spending too much money. Even if you are doing well for yourself you don’t want to spend too much on your career. One of the biggest benefits of becoming a freelance writer is the low startup cost. Along with this, once you have everything you need there are not too many expenses that come up. Does this mean I should never spend money? Of course not. Just make sure you are 100 percent comfortable with your decision to spend – no matter what it may be on.
2. Not tracking income and deductions. While this may sound crazy, I have had many freelance writers come to me with an issue based around this. From day one you should track every dollar you earn and spend. This is important for many reasons, and there is no way around it.
3. Not paying taxes. This goes along with number two above. If you do not track your income and expenses you will find it next to impossible to pay the proper amount in taxes. And as you know, messing with the IRS is not a good thing. As a freelance writer you have to be serious about your tax situation. This means paying the right amount on time (quarterly) and without making any mistakes. Tip: hire a tax professional early in your career. This is one of the best moves I ever made.
If you are not careful, these three financial mistakes can harm your freelance writing career.
Being a freelance writer can get lonely at times. You sit at home all day working without any interaction. Sure, you may talk one-on-one with a family member from time to time, but this is usually more of a distraction than anything else. For this reason, I enjoy talking to other freelance writers and encourage others in the industry to do the same.
There are many benefits of communicating with other freelance writers. As noted above, it can help to break up some of the boredom associated with working alone. A quick call or email to another freelancer can give you a break and make you feel that you are still associating with others.
You can also learn a lot. I love asking questions of other freelance writers. Along with this, anytime I am stumped, getting advice from a respected professional in the field is always a great idea. Over the years, I have built up a strong network of freelance writers who are willing to talk about whatever I want (within reason). Of course, I always return the favor.
You can communicate with other freelance writers in many ways. They include phone, email, and instant message. To go along with this, you can also use forums to get in touch with others. This may not be the type of direct communication you are looking for, but it is a good start nonetheless.
Don’t be afraid to talk to other freelance writers. Most of them, including me, are willing to open up and bring others into our circle. I believe that the more people I have in my network the better off we are all going to be.Â
