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How to Build Financial Stability as a Freelance Writer

July 23, 2021 | By Women Writers Women Books | Reply More

How to build financial stability as a freelance writer by Fiona Thomas

Do you find yourself refreshing your bank balance hourly? Hoping that some long-forgotten invoice will be paid just in time? Or do you simply refuse to believe that freelance writing can offer you the same job security as working the regular 9-5?

I’ve been a full-time freelance writer for almost four years now and last year, published a book on the topic. Since my second non-fiction title Out of Office: Ditch the 9-5 and Be Your Own Boss became a bestseller, my writing career has gone from strength to strength. But it’s not necessarily the book sales that have given me financial stability, so let me share my tips with you on how to find financial stability as a freelance writer.

Work towards having multiple income streams

One way to avoid this inevitable event having a major impact on your bank balance is to have multiple income streams. Over the years I’ve made ends meet by blogging, writing for social media, writing for magazines, writing press releases and hosting writing workshops for beginners. I’m grateful to have had them on the back burner, especially during the early days of the pandemic when lots of businesses tightened their purse strings.

To build new revenue streams for your own business, begin by writing a list of every job you’ve ever had. Then make a note of all the different skills you used for each particular role. Also, write down any subjects that you were passionate about when you were at school and/or university. Finally, think about the things that seem to come naturally to you but that the average person tends to find difficult e.g. writing for Instagram, writing product descriptions, plot outlining. Depending on your career history you should now have a list of multiple skills that can be transferable to your current business in ways you’ve not previously considered.

Utilise email marketing

This is one of the things that I just wish I’d done sooner. Here’s the thing: nurturing your email list is all about playing the long game. You’re probably not going to make a sale on the first newsletter you send out, but if you’re serious about building a loyal audience of potential clients then it’s almost guaranteed to work. Focus on providing value in your weekly (yup, weekly) newsletters in the form of tips, free resources and recommendations. Then a few months down the line when you announce you’ve got capacity for new clients, people are already warmed up, they know, like and trust you and will be ready to sign on the dotted line.

Look for in-house work

One great thing about freelancing is that it puts you in a position to take on temporary or part-time contracts that most people don’t want. Keep your eye out for part-time work or maternity leave cover on job sites, or sign up to receive notifications by email. I know that looking for a job might feel like you’re moving backwards, but if you find a role doing the work you love, then it’s still progress. Working in-house can also offer a unique chance to make some stellar industry connections that you might be able to call on for freelance writing work in the future. You’ll probably brush up on some of your lesser-used skills as well.

Well-thought-out packages

Consider the rule of three when creating your packages. Consumers like to have freedom of choice, but too many options can be off-putting. Offering three packages at different price points (a bargain, an affordable amount and a considerable investment) gives everyone a choice. As you’ve probably already guessed, a lot of people will opt for the middle package. This is known by psychologists as the ‘centre-stage effect’, which suggests that the location of a product between two others has an impact on purchase decisions.

Make life easy for new clients

It amazes me how many freelance writers complain about lack of work when they have websites that are impossible to navigate. If someone wants to check out your services to hire you in the future, make sure your virtual shopfront is up to scratch. Include links to some of your published work, a recently updated blog, a services page with examples of the type of work you offer and a simple way for clients to purchase or at least make an enquiry. I personally think it’s a good idea to make your prices clearly visible on your website, otherwise clients might assume you are completely out of their budget and never make contact. If you price each project based on the work required, I suggest including a starting rate or day rate to give the client a ballpark figure and they’ll be more likely to get in touch to find out more.

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Bio: Fiona Thomas is a freelance writer with work published in Healthline, Grazia, and Huffington Post. Her most recent book Out of Office: Ditch the 9-5 and Be Your Own Boss has been featured in Stylist, Forbes, Daily Mail and was shortlisted for Business Book Award.