The Best Way to Make Six Figures as a Freelance Writer !

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7 things to consider making your life as a writer more profitable.

If you know how to write and still can’t get it together and make a living, it’s time to do a checkup from the neck up. I’m not blaming you for not making money.

I’m saying that it’s time to assess your skills in marketing and business management. Making money is more than just outstanding content production. To make the most of your talent, you’ll need to become a business.

Is It Hard to Make Money as a Freelance Writer?

Yes. For those who have a facility for putting words on a page, the writing part is not the issue. The business of writing is where things usually fall apart. Finding the work and managing it constantly is where talented writers find their greatest challenges.

There should be a system in place to get the work done. You need an effective system to produce the work and get it out on time. However, you also need a process to track your earnings and ensure that you are meeting your income needs. That’s the business of writing and some folks just haven’t mastered that part.

Start with Project Management Tools

Get a project management app and try it out for free. Try a few before you commit. It’s like exercise equipment; you need to find one that you like using every day.

Since it’s going to help you make money, be sure to invest in one that’s compatible with your work style. Here are my top 5 choices because they are superb and have a free option.

Asana — It’s pretty easy to track exactly what you’ve done and what’s left to do when you create a project that can be broken down into tasks with individual deadlines.

Trello — As soon as you make a card, you can give it a deadline, add an attachment, put labels on it, make a checklist, write notes, and share it with other Trello users.

Wrike — This one rocks because it automatically tracks how much time you spend on each task. This is great if you charge by the hour or want to know how long a project will take. Plus, you can create a project schedule and share it.

Podio — It’s a platform for freelancers. Apart from setting due dates and creating projects, you can make a client roster, which tells you how many of them are returning clients, what sectors they’re in, and how profitable they are.

Quire — Once you get used to the keyboard shortcuts, you’ll be able to navigate really fast. You can make individual projects viewable by URL. This way, if a client wants to know what’s going on with an assignment, you can share the specs with them.

Your Work Schedule Should Include Marketing

Don’t just set time for content production, carve out time for marketing and promotion as well. You can use the project management features to schedule your tasks and your production time. I used to schedule time for email marketing and for follow-ups.

Although I worked five days a week on writing, Wednesdays were for email marketing and Fridays were for following up. I spent about three hours each day on those tasks.

Monday was a prospecting day. I would focus on identifying new opportunities depending on the project or campaign. This is just one way of approaching the tasks for finding work.

There Are More Writing Opportunities Out There Than You Can Handle

Since 2019, small business startups have set new records. In 2020 there were 4.4 million new companies started. The trend continues into this year with no end in sight.

In terms of startup numbers, the United States leads the list 71,153. And nearly 70% of these startups are home based. However, India is coming in at 13,125 startups for second place.

The reason this is a critical issue for those who are interested in content creation is the market potential. All the new companies need content to survive. They need:

• Branding services.
• Email marketing.
• Promotions.
• Product and service descriptions.
• Pricing details.
• Print summaries.
• Blog posts.
• Advertising.
• Research.
• Social media outreach.
• Video services.

Before you look for work, consider what type of freelancing you would like to pursue. The type of clients you will work with and the projects you will accept will help you determine the resources you will need.

Social Media Content Marketing Explosion

The demand for content took a sharp uptick over the last decade thanks to mobile technology. Smartphones and tablets spurred demand. The 2015 global trends report from Deloitte predicted the rise of digital content consumption, and the numbers were confirmed by reality.

More small businesses realize the need to reach out to prospective customers. The recent pandemic has clarified that connecting with prospects and customers online is not a luxury. Establishing an online presence is part of doing business.

Because of the increased amount of time spent on Facebook, Twitter, and other social media platforms by bored, housebound people seeking entertainment during the pandemic, social media marketing became more successful.

• ROI for email marketing is 4,400% on average.
• On average, marketers post to social media three or four times per week.
• During the pandemic, 85.7% of marketers increased their social media activity.
• The top social media content type for 2021 is short-form videos, according to 85% of marketers.
• The popularity of the eCommerce industry (3.5 trillion sales) has spurred more business startups. The competition for market share has led to an increased need for content providers.

The Distribution of New Startups Tell an Interesting Story

• Finance technology startups make up 7.1% of startups worldwide. Life sciences and healthcare startups make up 6.8%.
• Technology related to artificial intelligence accounts for 5.0%, gaming for 4.7%, advertising for 3.3%, and education for 2.8%.
• Cleaning technology makes up 2.1% of the new global startups.
• Blockchain comprises 1.5%.
• Robotics covers 1.3%.
• Cybersecurity is looking at a.07% growth in new startups.

It’s clear that startups gravitate toward the internet and digital technologies. This may look more like a financial market report than a guide for freelance writing careers, but I swear that there’s a point to all this.

Freelancing Sites Aren’t the Most Profitable Sources for Freelance Income

If you want to make a substantial income as a freelance writer, it’s time to cut out the middleman and go to the source. Freelance sites may be handy for connecting with companies that want your work but they are setting the terms.

If you want the most money for your work, you’ll need to show its true value. That means flipping the pricing structure on its head. Instead of charging a standard page rate or hourly rate, set up a pricing structure that shows its true value.

If you produce press releases, video sales letters and other content marketing materials, calculate the ROI of your services. The actual return on investment may help you show the highest outcome for your service.

Pay Per Performance Fee Structures

Using performance marketing as a digital marketing strategy, you measure results. Payment is based on how users interact with the content, making it ideal for companies that are trying to reach a large audience.

If you know what metrics matter the most for a client, you can tie your work to their bottom line. If you’re focused on delivering sales opportunities to a small company, creating a performance fee structure may be a great way to go. For example, small startups are focused on rapid growth in their first five years in order to be sustainable.

Performance Fee Based on Percentage of Sales

If you can show them how your service contributes to lead generation and sales conversion, you may negotiate a sales percentage of 1 to 5%. This can be a performance fee based on total sales minus hard costs (ad spend, finance fees, commissions, etc.). For young companies that are focused on growth, this may be a great way to improve sales performance while streamlining costs.

Performance Fee Based on Specific Metrics

If you’re approaching larger companies or those with more complex marketing structures, a clear cut percentage of sales may not work. Setting your fee structure around a specific performance metric gives the company a way to see the value based on return on investment.

For example, if you provide content that increases audience engagement, increase the time visitors stay on a website or prep leads for a sales funnel, you can track the sources. Two ways to get paid may be pay per lead or base pay plus bonus.

Pay Per Lead

Pay per lead based on opt-in, pay per lead based on calls. Your content generates recent visitors to their site who opt in to receive more information. You get paid a dollar amount for that.

Base Pay Plus Performance Bonus

If you produce blog content for a client and that increases engagement and clicks to their sales funnel, you can tie your involvement to a specific metric. Suggesting a base pay plus bonus is a great incentive for a business to get a practical marketing program off the ground at a scalable cost.

The payment structure should start with the question, “What metrics matter to your business the most?” This will determine the type of performance and the strategy for bringing the most beneficial results to the client.

Command Better Compensation

A content marketing creator who can drive leads, shorten the sales cycle and increase conversion for a client is worth their weight in gold. When a company can realize the highest value output from your involvement, they will pay you what you’re really worth.

Take the time to understand a company’s cost per lead and customer lifetime value. This means building a relationship with a select few who will reward you well for your efforts.

If you can create a credible presentation that addresses the needs of a prospective client and provide a way to be compensated well for your efforts, that’s a win/win! The company may end up paying more than they would if they came up with a base pay for content, but they are getting far more than they normally would in return.

The dollar per metric payment system benefits both parties. If your content can drive leads to the sales funnel, you can command a better rate than a per hour fee or page rate. You can also receive a bonus after sales conversion most times.

Content may be your product, but you’ll need to look at all the factors involved in running your business to ensure growth. Your goal should be to reduce your workload while increasing quality and profits in your business.

Many small businesses are looking for sales and many will be flexible and adaptable in the ways they achieve that end. You can make a great living with a few key relationships with small businesses.

Conclusion:

It’s clear that in order to make a great living as a writer, you need to have a well-rounded set of skills. Whether it’s marketing and business management, or simply producing high-quality content in less time, it’s important to have a strategy in place.

If you’re interested in learning more about how to make your writing career more profitable, be sure to check out my other Medium posts. In the meantime, leave comments below and let us know what you think!