The Wealthy Freelancer Speaks…Are You Listening?
Some people think the title of my blog, The Confident Copywriter, refers to me. It doesn’t. Actually, the title refers to you. My regularly posted rants, raves, and diatribes are designed with you in mind…You…The Confident Copywriter. Or at least I hope you will be, which is why I bother to write the blog at all.
Case in point: The Wealthy Freelancer, comprised of my friends Steve Slaunwhite, Ed Gandia and Pete Savage. Maybe these guys are wealthy. I don’t know. The point is, the Wealthy Freelancer is you, if you follow their sage advice.
And that leads me to the point of this post. The Wealthy Freelancer: 12 Secrets to a Great Income and an Enviable Lifestyle is a wonderful, best-selling book many of my readers were lucky enough to snag, compliments of me and various contests I promote on The Copywriters Business Network and through my newsletter, available here on the blog. (Shameless plug)
Wonderful book though it is, I read something that disturbed me. It apparently disturbed you too, since I received several comments about it. So, rather than wonder, I went straight to the source, Steve Slaunwhite himself.
I asked him, “Steve, the books list some fees, such as $500 for a blog post. I’m getting a lot of questions from people wanting to know where to find that kind of work! No disrespect, but these prices seem very inflated, even for high-level copywriters. Since the book is not written for this group, but for people trying to achieve greater success in the industry, wouldn’t it make more sense to use pricing examples that are more down to earth? According to my readers, these fees make them feel very discouraged, and I doubt that was your intention.”
To which I quickly received this encouraging reply from Steve, “Good point. There are many more clients who are only willing to pay $50 for a blog post than there are who pay $500. The trick is to find those top-paying clients. It’s takes little more time and effort to find those clients, but it’s certainly worth it. There are a lot of start-ups out there who have no money. What you want to focus on is serious businesses with serious marketing budgets. Now, when I say “blog post”, I’m not talking about a short note to the blog readers. I’m talking about a substantial article of 500-750 words. Caveat: I’ve taken my share of low-paying work throughout my career. Hey, sometimes that’s what you gotta do to pay the bills! But… the goal should always be to find and land those clients who have the projects you want at the prices you want. I know my opinions here are a bit controversial. Feel free to share what I said with your readers. And feel free to disagree with me anytime. This kind of debate ultimately helps the freelancing community.”
So there you have it. I guess I’m in the middle. I don’t charge as little as $50 for a blog post, but I’m sure not getting $500! I know some of you are probably even below the $50 mark and would be happy to get 50 bucks a post, right?
So I’d like to hear from you. How do you feel about Steve’s answer? Is it fair? Does it give you hope, or does it make you feel like you’re really missing the boat? Do you think his logic makes sense, or simply sells lots of books?
10 Responses to “The Wealthy Freelancer Speaks…Are You Listening?”
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V,
I believe the answer to your question is relative as it depends upon how long you’ve been copywriting/freelancing. Starting out is tough and many times you take less than you know you are worth to not only ‘get the work’, but more importantly, MUCH more importantly, to get the ‘exposure’, name recognition and begin (and continue) to build your reputation as a writer… ultimately establishing your value and future ‘worth’ as a writer.
Confidence breeds success and is surely a circular phenomenon. Bottom line, good writers will eventually get noticed and will be successful; the only variable is time as a function of connections, exposure and relevance… and oh yes, timing, which we all know, is everything.
M
I agree with you both, Michael and Victoria. I read the book, and honestly, I thought several of the fees which were quoted therein were inflated. That said, deciding what to charge for your work is a very personal choice which depends largely on what type of lifestyle you want to live and how you define “wealthy.”
Additionally, a person has to decide exactly what type of copywriting they most enjoy. Not everyone wants to go after the Fortune 500 companies with unlimited marketing budgets. Yes, there are a ton of startups with no money, struggling non-profits, and starving artists’ groups which might not have money, but have an incredible mission and message nonetheless. Copywriters can still target these groups, develop a stellar portfolio, and earn a good living–albeit maybe not one in which they become “wealthy,” as defined in the Wealthy Freelancer.
Victoria – This is a great post, and I’m glad you and your readers have brought up this point, because I think it requires some clarification. (BTW, please forgive me for the long response!)
First, on the topic of “wealth.” Both in our blog and in the book, the three of us are very clear about our definition of wealth. A “wealthy freelancer” is someone who consistently gets the projects, clients, income and lifestyle they want.
Notice that “income” is only part of the equation.
The stay-at-home mom who consistently brings in $1k/mo doing part-time freelance work she enjoys, AND because of this she can stay home, raise her kids and be at all the school activities… she’s wealthy (if that’s what she wants).
The dad who’s able to quit his crazy, travel-intensive job to do freelance software development work he loves AND to be home every night for dinner with his family (while earning just as much as he was before in his day job)… he’s wealthy.
The point is this. YOU define what wealthy means to you.
However, the one thing Pete, Steve and I are not shy about is the fact that in every case, being a wealthy freelancer does require you to earn the INCOME you want. It’s not necessarily about a six-figure income or being able to retire at age 40. But you need to get the “income part” right in order to fund the quality of life you want. Most of the book focuses on how to get that income to the level you need in order to create the kind of business and lifestyle that makes you come alive.
Now, on the topic of whether or not $500 for a blog post is inflated, I think I can best explain this with a story.
About 15 years ago, a friend of mine had a business that was struggling. My friend, who lives in Florida, fabricated and installed ornamental burglar bars for windows. These were very common in Florida back in the 1970s and 1980s. But by the mid 1990s, new window technology had made ornamental iron obsolete. And my friend’s business was dying and on the verge of bankruptcy.
But then one day he was approached by an architect who needed to design and build an ornamental railing for a staircase in a high-end home he was designing. He asked my friend if he could build the railing out of iron. My friend had never done this before. It was out of his league in a way. But the money the homeowner was willing to pay was REALLY good. So he took the job and told himself he’d figure out how to get it done.
Long story short, my friend made great money on the deal. The client and the architect were very pleased with the work. And before he knew it, he was fabricating railings, fences and other beautiful items for high-end homes all over the west coast of Florida. His business took off!
The point is this. You may be working in an industry where $50 a blog post is about as good as you can do. If you’re OK with that and don’t need to earn much more, I respect that. Again, you define what wealthy freelancing means to you. Income is only one of the variables.
But if you need to (or want to) earn more, I guarantee you that there are many other markets that are willing to pay more. In some cases, they’re willing to pay more for the same type of work (blog posts). In other cases, you would have to do other type of writing in order to make a better living.
Either way, increasing your income dramatically requires that you change your game. You’ll have to look at your passions, skills, value and markets differently. You’ll have to mine aspects of those passions you never knew existed or bring them to life in markets and ways that defy the mainstream.
I’m not claiming this is easy to do. It takes a lot of thinking. A lot of brainstorming. Trial and error. And lots of hard work.
But at the end of the day, if getting to this level means you no longer have to work 60-hour weeks… or your spouse can quit his/her job… or your kids can go to a better school… or you can now afford to go on that mission trip with your church… or you can now afford to do some work for a non-profit you love…
You’ll be truly wealthy.
Ed, I feel incredibly honored…not only because you responded, but because you took so much time out of your own very busy day to state your opinion so clearly. I agree that a six figure income is not a goal for everyone…but for those of us who do strive to achieve more, it’s encouraging to know there is nowhere to go but up! May I ask one more question? This discussion has spawned a sub-discussion on The Copywriters Business Network surrounding the strategy for seeking more sophisticated clients. I realize this is a common question with a broad and deep answer that isn’t appropriate for this blog…but can you share just one specific strategy for savvy copywriters who are ready to take the leap to the next level?
Nichole, good points. I hope you’ll read Ed’s response, as I feel it sheds bright light on the real meaning of the pricing points made in the book. I’ve always said, as Ed pointed out, that not everyone must earn six figures to consider themselves worthy or successful. You are successful when you believe you are, whether that means making $25,000 or $250,000. You have a small child…your ability to focus on your business is limited by your responsibilities. I am widowed and my children have flown the coop.
So I can literally work 24/7 if I wish. Based just on this fact alone, I can potentially make more money in one year than you. But this is only one factor, of course, and not the only measurement of potential success. Overall, Ed’s point is that ‘wealthy’ in in the eye of the beholder. It’s a state of mind. This doesn’t negate the fact that we’re all salivating over the numbers in the book! I for one want to know more about how to break thru to the other side. But that’s me. For you, or for a community group or non-profit, that may not be a priority right now.
Good insights, Michael. And good to hear from you again! Hope you’re still on a pleasant ‘high’ from your volunteer work in Haiti.
Victoria – Regarding your comments to Nicole, I’d like to add something. I don’t see the income thing as a tradeoff. It’s about getting the most value out of every unit of effort/time you put in. So even if you can only work your biz 10 hours/week, it’s about finding ways to get, say, 20% or 30% more income out of that time.
That buys you choices. It means you now have the freedom to work 20% or 30% fewer hours and spend that time with your kids instead. Or maybe use that time to do something for yourself. Or you could keep working those 10 hours/week and use that extra income to help pay your mortgage down. Or put more $ in the kids’ college fund.
The point is this: I wouldn’t get caught up in the Income-Time curve we talk about in the book. I would instead focus on maximizing the return for every unit of effort put forth.
On the point of finding better-paying clients and projects, you’re right in that this is a broad subject that requires deeper discussion. However, here is some food for thought.
First, you have to think long and hard about what makes you different. What kind of value you bring to the table. Who could benefit from your skills, knowledge, talents and experience.
Because if you think of yourself as just a freelance copywriter, you’re toast. You’ll be treated as a commodity. And that’s a game that has no winning end. A game filled with daily struggle, fear and scarcity thinking.
So, take a few days to think (and I mean REALLY think) about what makes you different. What skills, experience, certifications, knowledge, aptitudes, results, problem-solving history, track record, client roster, past client history and insights do you have that set you apart. Not from everyone out there, but from most. (The term “unique selling proposition” is misleading. You don’t need to be “unique”; you just have to show how you’re different enough.)
Once you have a clearer picture of your DNA, think about industries, sectors, organizations and markets that would be willing to pay more because of these qualities.
You’re right that in many cases, we’re talking about the corporate market. But that doesn’t mean Fortune 500. I’ve made a very nice living as a freelancer over the last 6 years working for companies no one’s ever heard of. Certainly not Fortune 500, or even close. I’ve also met copywriters who do really well in the non-profit sector. So I know it’s possible.
What did I do? I took my experience and knowledge (software sales) to position myself as a sales-focused copywriter for software companies. The combination of my proven sales experience and knowledge of lead generation in the software industry made me an attractive resource for many prospects. Once I was able to clarify this and take action, my business changed quickly. I was the same guy, same skills, same experience. But by positioning myself differently, everything changed.
So… look for the intersection of your DNA and the markets that are willing to pay more for the value you bring to the table. Don’t knock it. I know it may not seem possible on the surface. But take some time to really think through these questions. The answer to this dilemma will come to you when you least expect it. I promise you!
Ed, I can’t tell you how many blog posts, articles and ebooks rans through my head as I read your response! As always, you are dead on. I can’t thank you enough. Fantastic advice.
Ed, positive mindset is so incredibly important. I agree this is the often what is missing…copywriters get caught up in “gotta make money” and forget that quality of life, and the quality of one’s time, is equally important. For my readers, I want to mention that many of you have wondered how to find more time in a day already crammed with things to do. I know you’ll groan when I say this, but…I once had the bad habit of quitting work at 4:30, eating an early dinner, and flopping on the couch the rest of the evening. I say ‘bad habit’, not because I didn’t work hard, because I did. But I found if I stretched my day just one hour, and reserved that time for cleaning up odds and ends (emails and so forth), I suddenly became more productive. To follow this, I created a “To Do” doc. At the end of each day, before I shut everything off and walked away, I spent 10 minutes or so quietly planning the next day…phone calls that had to be returned, deadlines that needed to be met, social media things to do…so that, when I arrived at my desk again in the morning, I knew immediately what needed doing, and my day got off to a fresh, productive beginning. You would be surprised how long that To Do list sometimes got! But it allowed me to spend my evenings in other pursuits with a clear head. If adding an hour to the end of your day doesn’t work for you, perhaps an hour earlier in the morning, or split it up into two half hours. The point is to make slight changes that make big differences…and create even bigger results!