June 7, 2020  
 
Gaebler.com is a daily online magazine covering small business news. We help entrepreneurs transform ideas and innovations into greatness.

Articles for Entrepreneurs

 

Freelance Writing Business

 

Earn Six Figure Income Part 1

Written by Charles Mburugu for Gaebler Ventures

Freelance writing can yield very good returns for someone who enjoys writing and is good at it. However, there are many good freelance writers who work very hard, yet have little to show for it. How can you earn a six-figure salary as a freelance writer?

Making a six-figure income is an attainable goal even for an average freelance writer. The following are ideas that can help you reach and surpass the $100,000 a year mark.

Get serious about earning cash

If money is not an issue, you can write whenever you want, whatever you want, as little or as much as you want, without giving thought to how much you will be paid, the time it will take to complete the piece, and the possibility that you will sell the piece. If you want to constantly earn $100,000 yearly as a freelance writer, avoid the "poverty mindset" that prevents many writers from earning a high income.

Have a daily revenue target

To earn $100,000 a year, you should make $2,000 every week for 50 weeks. That comes to $400 per day for a 5-day work week, which is a very modest and achievable amount. The question then is, for what kind of writing-related work would people pay you $400 a day? Proofreading might not hit the mark, but annual reports, ghostwriting books, ad copy, or fundraising letters probably would. However, you don't have to make exactly $400 each and every day. You are safe as long as your average earning is about $9,000 a month, $2,000 per week or $400 per day.

Know the value of your time

If you make $100,000 a year and put in 40 hours per week, your time is worth about $50 an hour. Decisions about how you spend your time should be based on that figure. Between the two resources money and time, time is more precious. You can always earn more money. However, time is a resource which cannot be renewed. Once it is gone, it is gone forever.

Improve your personal productivity

Besides product sales and royalties, writers are only paid for their time. You make more money if you are more productive and efficient, and if you can write faster. Nurture habits that help you do more in less time. The simplest is to wake up and begin working an hour earlier – say at 7.30 am instead of 8.30 am. The first hour will be the most productive, since you can work in peace before the phone starts ringing and messages start pouring into your inbox.

Outsource

As a writer, you are only paid to research, think and write for your publishers and clients. All other activities don't pay and should be given to other people who can carry them out better and more cheaply. Services such as administrative tasks and routine office work can be outsourced for a modest fee.

Eliminate writer's block

Productive writers are profitable writers. You must write consistently, daily, even when you do not feel like it. The best way to avoid writer's block and sustain a continuous output is to have various projects in different formats and on various subjects. The variety is refreshing and prevents fatigue or boredom, which are the main causes of writer's block.

Charles Mburugu writes for us from his home in Nairobi. He has a graduate degree in Business Management from Kenya Institute of Management. He is interested in writing about branding, CSR and intellectual property.

Related Articles

Want to learn more about this topic? If so, you will enjoy these articles:

Good Resources for Freelance Writers
Earn Six Figure Income Part 2


Conversation Board

We greatly appreciate any advice you can provide on this topic. Please contribute your insights on this topic so others can benefit.


Questions, Comments, Tips, and Advice  Code Image - Please contact webmaster if you have problems seeing this image code
Problem Viewing Image
Load New Code

 

 

Additional Resources for Entrepreneurs

Search Engine Marketing

Social Marketing Optimization

Business Forms

Business in the Jungle - Business in Fiction - Negotiating

Radio Ad Costs

Newspaper Advertising Rates

City-Specific Resources for Entrepreneurs

Small Business Insurance

Global Entrepreneurship

China & Entrepreneurs