In yesterday’s InkwellEditorial.com newsletter, we discussed some time-saving tools freelance writers should invest in to make more money. I broke the list down into two categories – tools to invest in immediately, and those to purchase a bit down the line – after you have more of a business/life plan in place.
Today, I’m going to outline some simple guidelines for determining if/when you can afford it.
Note: Like most of the information I dispense, these guidelines are from my personal experience. Your situation may be different. So use the info I’m about to dispense and apply it according to what works best for you as a freelance writer, ok?
Freelance Writers: 4 Guidelines for Determining “If You Can Afford It”
Long-Range Plans: How does an expenditure fit into your overall business/life plan? For me, this is the most important guideline, for it goes to the very heart of your business and your life. As I said about in the post, Freelance Writers: How to Cut Your Workday in Half (Literally!) and Still Increase Your Income:
One of the things I quickly realized when I tweaked my five-year plan a few months ago is that I could cut out a lot of what I was doing or planning to do.
What I want my life to be like in a year, three years, five years, etc., is reflected in my business plan. My business plan includes what I need to spend money on to reach my goals.
I got an interesting email yesterday from a freelance writer who participated in the first ebook writing tournament last October that highlights this point brilliantly. She wrote in part:
The tourney was important in more ways than just producing an ebook. It was a catalyst that allowed me to see what I really wanted to do with my writing skills: change people’s lives for the better through my writing. Through ebooks, to be specific. Fiction and nonfiction ebooks to be even more specific.
This decision also meant I needed to start closing up my business writing shop. Putting aside a couple hundred dollars’ worth of copywriting educational material, saying no to incoming freelance projects so I could concentrate on my ebooks — all that was a bit of a painful move. I have a backup; I have money coming in from other sources while I get this ebook thing off the ground. But I have to tell you, for the first time in a long time I am so, so…what is the word? Content! I am so content right now, it’s dreamy.
I really disliked writing for other people. I have for a long time. But I didn’t want to admit it because it was a good way to make money. And a good way to prove to myself that I actually was a ‘real writer’.(Whatever that means. Insert mental image of rolling eyes.)
Anyway, I just wanted to say thanks for all your help with this whole who-I-am-as-a-writer shifting paradigm thing. It’s really cool to feel like I am finally, finally on the right track in my life.
When you KNOW what you want out of life, every decision you make should move you closer to that goal – and that includes whether or not to spend money on something for your freelance writing business.
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