Being a full-time free-lance writer isn't just about getting assignments and writing them. It's also about making enough money to survive.
That means not only making the money, but having enough of it at the right time to pay your bills. And therein, as that Shakespeare fellow said, is the rub.
One of the difficulties with being a full-time freelancer is balancing projects with needed income. One reason it's difficult is that most writers don't like to think in those terms.
The natural inclination is to look at the money you've got in the bank in judging your financial condition. With a freelancer that's like setting your course by looking in the rearview mirror. You need to be concerned with prospective income.
Prospective income usually means two things. Either projects you have completed, invoiced and not been paid for yet, or projects you have been assigned and have not yet completed. Taken together these tell you how much money you're going to have coming in over the next 30 to 90 days
As a rough guide:
If you have more than three months expenses either assigned or invoiced, you're in excellent shape.
If you have a month's expenses either assigned or invoiced, you're right at the minimum.
If you have less than a month's expenses in the pipeline, you're in serious trouble, you're going to run out of money and you need to get more work immediately.
With 30 days expenses or less prospective income you're probably not going to be able to meet all your bills on time. You are also extremely vulnerable to any slowdown or screwup in payment.
And, conservatively, you can expect a delay or screwup on one out of every 10 invoices. (More in August, of course -- see previous post on Ides of August.)
There is nothing like expecting a payment any day to meet the mortgage and, when it hasn't arrived in 30 days, calling the editor and being told: "Whoops! we lost the invoice. Just re-submit it and we'll get you paid -- in another 30 days or so."
Actually there is something like that. That's explaining the situation to your long-suffering Significant Other.
It's an ugly situation and you don't want to be there. Believe me, you really don't.
So, in addition to worrying about deadlines, you have to be thinking several months ahead in generating assignments. And you have to keep a close watch on what's assigned and outstanding.
A hassle? You bet. It's also unnatural for most writers. But if you can't do it you had better not quit your day job.
1 comments:
"But if you can't do it, you had better not quit your day job."
Amen to that! You need to think about your career in terms of money. If this is how you make money, it doesn't pay to only write on a whim, or wait for the muse.
And unfortunately it may result in you taking on a project you aren't too excited about.
For me, it's a matter of finding balance between the have-to writing, and the want-to writing.
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