Happy New Year!
In this episode I discuss seven simple and proven strategies to put more money in your pocket and to make your writing business more enjoyable in 2014.
Here’s to having your best year ever!
The notes that follow are a very basic, unedited summary of the show. There’s a lot more detail in the audio version. You can listen to the show using the audio player below. Or you can subscribe in iTunes or on Stitcher to get this show delivered straight to the Podcasts app on your smart phone, tablet or iPod.
#1: Lead with Content Projects
Focus your business on content. Companies have a consistent, sustained need for content and most can’t create it all in house. Content can include case studies, articles, white papers and e-newsletters.
Resources for getting started or learning more:
- Gordon Graham, White Papers for Dummies
- Casey Hibbard, Stories That Sell.
American Writers & Artists (AWAI) has programs on writing content for businesses:
- White papers
- Case studies
- Email newsletters (by Michael Katz)
But don’t wait until you feel 100% ready. You just have to act.
#2: Commit to Prospecting Every Month
Make prospecting a weekly habit. Approach companies that see the value in content and are already producing white papers, case studies, etc.
Consistent outbound prospecting is the best insurance you can buy.
#3: Boost your Productivity With Periods of Intense Focus
Productivity is an underused profit and freedom lever. It’s a way to get more free time, produce better work and increase your effective hourly rate.
Try the 50-minute focus technique. Set a timer. Don’t check email, make calls, etc. Then take a 20-minute break. Then repeat. Try working in two-hour blocks.
Start journaling in the morning. In The Artist’s Way, Julia Cameron calls this practice “morning pages.”
Focus@Will: An amazing music tool that streams music that’s scientifically proven to help you focus and minimize distractions.
It’s not hard to boost your productivity, yet it can have an immediate and lasting effect on your business.
#4: Raise Your Fees by 20%
Start with new clients—don’t be afraid to experiment. The best time to try this is when you’re booked solid, and you get a new prospect.
If you’re nervous about raising your fees, buy “insurance” by prospecting harder and smarter for the next 90 days.
#5: Set Aside Income for Personal and Professional Development
I’ve consistently spent 3% to 7% percent of my income on coaching, mastermind groups, training, books, courses, conferences, retreats, etc.
Big advances often come from investing in yourself.
If you can’t afford to commit to 5%, don’t worry. Start by setting aside 1% or 2%, then gradually bump up the percentage as your income increases.
#6: Pay Yourself FIRST
Two elements to paying yourself first:
- Finances
- Lifestyle.
Finances: Try taking 90% of what you earned last year and make that your new salary—which will leave some money in your account. Every quarter or semi-annually, evaluate your account balance and consider paying yourself a bonus if business is strong.
Lifestyle: Start putting your lifestyle first. For many of us, becoming a freelancer was a lifestyle choice. Yet, we often operate out of fear and take on more than we should. As a result, our lifestyle suffers.
#7: Add a FUN and Exciting Element to your Life or Business
Allow yourself a regular indulgence. This could be going to the movies, golfing, hiking, swimming, getting a massage or spa treatment, going for lunch with your spouse, or anything you enjoy.
Give yourself permission to have some fun. After all, freelancing is a gift—take full advantage of it.
Want More of This Stuff?
Want to get more tips and strategies for boosting your writing income? There are
three ways you can enjoy these tips and strategies, share them with friends and help me grow this movement to banish the starving writer syndrome:
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Finally, if you have a question you’d potentially like answered on a future show —or if you’d like to be considered as a guest for a future episode — please let me know: ed at b2blauncher dot com.
Thanks again for your support!
Till next time,
-Ed
