Since a writer I know keeps very specific records, one can easily see the arc of that freelance business with a few clicks of the mouse, and a few manipulations of the spreadsheet. (By the way, you can download a similar spreadsheet from our forum). So, I thought now would be a good time to do a mid year check in.
The following numbers are approximations of that freelance writing business from January-June 2010. I am sharing these solely for your edification, so that you can observe the ins and outs, ups and downs, decisions and niches of a real, working freelance business. You can see where the money comes in, and how it heads back out. You can see an approximation of working hours (and compare it to a cube worker who generally works 2080 hours per year) and you can get a final sense of what December's numbers will look like.
Total Income: $123,000 (approx)
Publishers (web content): $55,000
Translation: $56,000
Editing (magazines and individual authors): $1001
Magazines: $5300
Web (not publishers, individual sites): $4000
Book Reviewing (paid reviews and sold books afterward): $942
Passive (Google): $100
Teaching (Writing, blogging): $1031
Total Expenses: $77, 814
Fees (bank, Western Union): $1005
Food/Meetings: $200
Subcontractors (translators and writers): $67,000
Tech:$1042
Office Supplies & Postage: $807
Training: $760
Taxes: $7000
Profit: $45,186
Total Hours Worked: 620 (about half time based on a 40 hour work week)
Average Hourly: $76
Projected profit/yearly income: $90,000 working half time.
*For the benefit of the IRS, all the above are estimates*
Thanks for sharing this. My numbers don’t look as “pretty,” but continually getting better. I hope to see next year’s at a marked improvement since this year is already better than last year.
Thanks Petula. My numbers grew and improved slowly, and then I added other services (translation? editing?) and things snowballed.
Thanks for posting this. Helps to see what others are doing.
Allena, every day I find myself liking you more and more. (In a strictly professional sort of way of course, ahem). This post clearly demonstrates the level of trust and intimacy that you have accorded fellow writers like myself.
Thank for very much for sharing this invaluable bit of information and demonstrating that a writer like myself in Malaysia has a lot of room to grow and opportunities to tap into.
My best wishes go to you as always for the remainder of 2010 and may your unassuming generosity pave a path to further bountiful growth.
Cheers!
Hi Allena,
Thanks so much for sharing. One question. What do you consider Publishing (Web Content)? Does that include the income from being a guide or is that strictly articles that you post on various web sites? Thanks very much.
Mid Year Check-in How’s Freelance Writing Business Going ?
Your statistics about the business is extracted and summarized as follows :
Total Income $ 123,000 100.00%
Total expenses excluding
tax $ 70,814 57.57%
Pre-tax profit $ 52,186 42.43%
Tax $ 7,000
After tax profit $ 45,186 % 36.74%
Relative terms of the business is quite good as your net income is 36.74%. The business saved, after meeting its total expenses, net profit as $ 45,186, which is quite good too. It can be compared with your competitors as to their sales volume , profit percentage.
Your business can be or may centered around ; writing contents to the , magazines and journals, newspapers, souvenirs, webs. You can also do writing of financial analyses of current balance sheet of any company(ies), I offer myself for such, as financial analyst with your terms. If there is constraint of writing content you have to yours sales, having wide range contracts and opportunites, you can ask for the writing content you are missing for sale, but should be convinced to me. There can be another writing content (if not) , which you can add in your business like , making notes or mimeograph, for the chapters of the subjects of schools and colleges.