Do you have a financial plan? - Deepstash

Do you have a financial plan?

  • When you decide to do freelance writing full-time, income stability is often the tradeoff. To hedge risk (as investors would say), save at least three months of living expenses saved up before quitting your day job — this will offer some relief during slow months and emergencies.
  • Make sure your freelance writing income is enough to sustain you. Ideally, you should be making equal to or more than your day job. 
  • Increase your freelance writing rates so you can afford to live on them.

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MORE IDEAS FROM Freelance Writers, Read This Before Quitting Your Day Job

When you’re self-employed, you have total responsibility. You have the potential to build a highly lucrative enterprise or go broke

If you’re not a self-starter that delivers high-quality work while simultaneously nurturing business growth, quitting your day job may be a bad idea. 

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Do you have a process for onboarding new clients? Do you set aside money for taxes when clients pay your invoice? Do you find yourself procrastinating and submitting work last minute?\

Look at your professional habits. Do you find yourself procrastinating and submitting work last minute or possibly missing deadlines? Before leaving your day job, build the discipline needed to operate your freelance business full-time.

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First, ensure that your freelance writing business has the right systems and is producing enough revenue to support the lifestyle you desire.

Consider choosing a niche, building an impressive writing portfolio and securing client retainers for stable income. Also, be sure to have a savings buffer of three months’ living expenses to tide you over during slow months. 

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Client retainers are useful for providing stable, predictable income. 

If you’re working one-off clients, try convincing them to sign a three-month (or more) retain with you before quitting your day job. 

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7 questi to ask before quitting your job for freelance writing
  • Do you have a clearly defined niche?
  • Is your portfolio and website marketing you properly?
  • Are you acting like a business owner?
  • Do you have a financial plan?
  • Do you have work in the pipeline?
  • Will you be leaving your job on good terms?
  • Are you willing to assume the risks of self-employment?

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If you already possess excellent writing skills, first focus on building your freelance writing portfolio.

 You can create relevant writing samples (usually unpaid) through guest blogging and pitching to Medium publications, which you can then list when pitching freelance writing clients. 

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If you desire income stability and you’re not a self-starter, it may be best to stay at your day job.

Freelance writers that possess discipline, business management skills and a willingness to learn and adapt are better suited to freelancing full-time. 

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Beginner freelance writers can potentially earn money after completing their first freelance writing job.

As they grow their writing portfolio and experience, they can eventually work with higher-quality clients that offer better pay. 

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Choosing a freelance writing niche has its advantages: 

  • Higher expertise = higher rates 
  • More experience = write more quickly and accurately 
  • Easier to market yourself 

When picking a niche, consider your interest, experience and background. Confirm there is a market demand for that niche. Writing within a niche where there’s no money means you make no money.

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  • Freelance writing portfolio should always be future-facing. 
  • As you gain more experience, you should also be updating your website with testimonials. 
  • Website and portfolio are more than storage for your past work.

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Don’t burn your bridges. Make sure you give your employer at least two week's notice (ideally, more) before going freelance full-time. 

Also, offer to help facilitate the transition by helping train your replacement. 

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Yes. Many full-time freelance writers generate enough revenue to support their lifestyles. 

Financially successful freelance writers tend to be self-starters nurture both their writing and business management skills. 

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RELATED IDEA

How To Get Started As A Freelance Writer
  1. Decide What To Write
  2. Build A Portfolio
  3. Practice Writing And Pursue Continuous Improvement
  4. Learn The Art Of the Pitch and Start Pitching
  5. Network

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Finding freelance work

Freelancers may find it a struggle to consistently find online freelance work.

Many people may believe that clients will come to you, but jobs are seldom handed to you on a silver platter. You have to buckle down and work hard to regularly find work in the freelancing world. However, some strategies can make that work a bit easier.

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Becoming a freelance writer

There might come a time where you want to quit your traditional desk job and move into freelance writing. If you're going to become a freelance writer, you need to write every day, without getting paid for it.

Accept that freelancing is like starting any new job. On day one, you won't do much except for showing up and setting up your work station. Then you'll go through two or three months of training before you have your first basic assignment.

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