The holy grail for freelance writers appears to be incomes six figures, or greater than $100,000. Though this sum could seem enormous, and doubtlessly unreachable, to some writers, others have already scaled that peak and are working towards a number of six-figure revenues.
The important thing to incomes six figures, or to incomes extra at any degree, comes down to five elements.
How a lot do you cost?
The quickest method to hit six figures in annual revenue is for ghostwriters to boost their charges. In case you’re presently charging $.10/phrase, for instance, contemplate doubling it, to start out, to $.20/phrase. Or, when you ghostwrite books for $5,000, contemplate bumping your asking worth as much as a minimum of $10,000.
In doubling your charge, you’re chopping in half the time it’s going to take to earn your present revenue degree. Your path to 6 figures will probably be considerably shortened.
That implies that when you sometimes write 4 books a 12 months, at $10,000 every, you’re making $40,000. By doubling your charge, you’re at $80,000 with none further effort.
One information to market rates that writers discuss with is from the Editorial Freelancers Affiliation (EFA). I’ve all the time felt that these charges are low, nonetheless, so don’t take them as forged in stone. Use them as a method to see when you’re a minimum of incomes what the EFA says try to be.
Nevertheless, after you increase your charges, not all purchasers will probably be interested by persevering with to work with you.
To keep away from a sudden drop in purchasers, one possibility is to progressively increase your charges. Shifting from $.15/phrase to $.18/phrase, for instance, could not affect your purchasers sufficient to drive them to discover a totally different author. Nevertheless, it’s going to take you longer to extend your annual income by a marked quantity.
An alternative choice is to discover a new goal market.
What are your goal purchasers prepared to pay?
Normal charges fluctuate broadly, typically relying on the shopper, so in case your present shopper base is supplying you with pushback about elevating your charges, it might be time to search for totally different ones.
Moreover, sure genres pay higher than others, as a common rule, so you might also want to think about diversifying the kind of ghostwriting you do, or the vary of ghostwriting companies you provide.
For instance, books will pay higher than running a blog or article writing, as a result of purchasers hardly ever have the experience required to product a book-length work themselves. Speechwriting is one other service that purchasers are much less prone to scrimp on when hiring a professional.
The place you discover your purchasers may affect their expectations relating to pay. Upwork, for instance, has a status for having a variety of writing alternatives, although the common pay is on the low finish. Conversely, advert businesses that exit in search of a talented ghostwriter typically perceive the necessity to pay $.50/phrase, $1/phrase, or extra, to safe an skilled ghost.
Take into consideration the place higher-paying purchasers could be discovered, and look there.
What’s your area of interest?
Writing that requires superior or area of interest experience, equivalent to medical or know-how, usually pays the next payment. Shoppers perceive that discovering a talented author who additionally has a medical or tech background will value them extra. Enterprise writing additionally pays above common, usually.
Getting to 6 figures is quicker and simpler once you’re writing for purchasers who count on to pay, say, $1/phrase, slightly than $.10. In case you keep the identical tempo of labor however are incomes 10x what you previously had been, you may see how hitting six figures will probably be a lot simpler.
In case you don’t presently have a distinct segment, and imagine that being a generalist is the perfect course for you, chances are you’ll be proper. Many generalist ghostwriters are in a position to set up a gentle stream of writing work as a result of they’ve a broad vary of subjects they’re comfy writing about.
That stated, I really feel compelled to attempt to encourage you to a minimum of contemplate creating an space of experience. Doing so will differentiate you from scads of different ghostwriters who’re additionally generalists. For instance, possibly you’ve a interest or curiosity that units you aside from different generalists, equivalent to mountain climbing or enjoying the piano. Tasks involving these subjects, no matter they’re, must be simpler so that you can land and to finish, due to the information you’ve amassed.
The much less time it takes you to seek out and win extra work, the shorter your path to 6 figures.
How briskly can you’re employed?
One other main issue, apart from pay and purchasers, is velocity.
My father, Richard C. Layton, was a gifted high quality artist who studied with a number of the greatest illustrators of his time—a number of Wyeths, Frank Schoonover, and Howard Pyle, to call a couple of. I used to be so fortunate to be his daughter, and am deeply happy with his work. His murals and work have been proven in galleries nationwide and are owned by quite a few museums and collectors. He additionally charged a premium due to that ability.
Nevertheless, he was by no means as prolific as his greatest pal, Andrew Wyeth. I bear in mind my dad commenting on how rapidly Andy was in a position to work. Dad marveled at his velocity.
Though there have been variations of their portray fashion, after all, and Andy’s well-deserved superstar standing definitely differentiated them, the truth that Andy might full a portray in lower than half the time it took my dad to complete one undoubtedly impacted their incomes potential.
The identical is true for you.
So, what are you able to do to hurry up your writing course of, or to delegate the items that decelerate your tempo? The sooner you’re employed, the extra you may earn, even with out elevating your charges.
Are you able to multitask?
Associated to the problem of velocity, can you’re employed on a number of initiatives concurrently? Having the ability to juggle a couple of challenge at a time may also dramatically improve your incomes potential.
To try this, nonetheless, it’s good to be always advertising and marketing your self. Even once you’re slammed with work, it’s good to keep in contact with prospects, go trying to find new purchasers, and take steps to attach with potential purchasers.
The flexibility to multitask comes right down to your challenge administration skills. The higher you’ll be able to appeal to new work, handle present shopper initiatives, hit deadlines, and invoice in a well timed vogue, the extra you’ll earn. It’s a piece cycle that it’s good to get began, after which maintain transferring at a fast tempo.
Incomes six figures is inside your attain, when you increase your charges, choose up your tempo, and grasp multitasking.