No matter if you are starting your career or have been involved for many years, there will come a time when you need to purchase equipment. This can be anything from a computer to a printer to a fax. Of course, this is only a small list of things you will be buying.
It is important to have a budget when buying freelance writing equipment. You never want to spend more than you can comfortably afford. Even if you are tempted, hold yourself back while you consider the pros and cons of moving forward. You will probably see just how silly it is to purchase something you cannot afford.
How do I know what my budget is? Only you know this. Personally, I keep money in my business account for both monthly expenses and those that can pop up unexpectedly. If I don’t have enough money to cover a purchase I wait until the next month. This has worked out fine for me up to this point, and I expect things to stay this way.
Not only should you have a budget, but you need to be smart about what you purchase. Every so often I get tempted to purchase a new desktop computer and printer. But then I ask myself if I really need it. This usually opens my eyes and shows me that my money could be better spent elsewhere. Just because you have the money in your budget to buy something does not mean you should actually do so.
Have a budget and stick to it when buying freelance writing equipment. This allows you to advance your career without draining your bank account.
Just like most freelance writers I have clients that pay on time as well as those that wait for weeks on end before they finally get around to it. While it would be nice for every client to pay when they receive an invoice, this is not the way the industry works and probably never will be. As a freelance writer it can be difficult to deal with slow paying clients. This is particularly true if you are relying on the money to pay bills, buy new equipment, etc.
It is very important that you have a system for following up with slow paying clients. If you don’t you may find yourself waiting many months for a payment. Even worse, if you don’t follow-up some clients will forget to pay you altogether. Do you really want to miss out on getting paid for the work that you put so much time into?
I don’t like to follow-up with clients right away. In other words, I want to give them a chance to show that they will pay on time without being asked. That being said, after a week or two I usually send a quick email inquiring about the invoice. Does this always work? Sometimes yes, sometimes no. Most clients that don’t pay on time usually fall behind because they got busy and simply forgot. But this is not always the case. There are also those that are totally aware of what they owe but don’t care to pay on time.Â
While you don’t want to become the annoying freelance writer who bugs clients day after day, you do deserve to receive payment in a timely manner. There are times when following up with a slowing paying client is very important. Don’t give up until you get paid. You provided a service and deserve to receive the agreed upon payment.
I get asked a lot of questions by freelance writers and those who want to join the industry. Some of the most common are based around income. More specifically, how much money one can earn and what a reasonable income goal looks like. It is hard for me to tell others what is reasonable when it comes to how much money they should earn as a freelance writer. The reason for this is that every writer is their own person and dealing with unique circumstances. For example, a part-time freelance writer may not be able to set their sights quite as high as a full-timer.
My best answer is this: your freelance writing income goal should be based on a number you are comfortable achieving and one that will give you enough money to meet your personal needs. In other words, you first need to be realistic when setting this goal. As a new freelance writer you may dream of making $10k+ per month. But realistically you probably are not going to reach this plateau until you are more established. At the same time you need to think about how much money you need to get by. What do your expenses total each month? After you know this number it becomes clear as to what your income goal should be.
Also keep in mind that your freelance writing income goal will change over time. Early in my career I just wanted to make a few bucks to prove to myself that it was possible. From there my goal switched to earning as much as I did at my last 9 – 5 job. Presently, my income related goals are higher than I ever thought they would be.
I hope this information gives you a better idea of how to set a reasonable freelance writing income goal. Don’t let others influence your goals. This should be based on your comfort level and what you need to get by.Â
