It seems like everyone is leaving office nowadays to work freelance. But is it a viable choice for everyone or a profitable solution for the select few? Lets dig deeper into the economy of freelance writing to help you understand, whether it is suitable for you.
When Did Freelancers Become Mainstream?
Did you know that about 34% of Americans are freelancers? Over 53 million people in the USA choose freelance work as their full-time or part-time jobs. It is predicted that in three years the number will grow, and every other American will be a freelancer. Soon after that, full-time non-freelance jobs can turn from a staple of a stable economy to a rare opportunity for the privileged few.
Is it really any surprise that people choose to leave their 9-to5 jobs to pursue new creative and professional challenges? There are numerous opportunities to showcase your skill set and earn extra cash. You can drive an Uber in the morning, write academic works in the afternoon, and design websites at night. But even the realization of personal potential would not sway people to leave their offices if the pay wasnt good enough.
How Much Do Freelancers Earn?
Freelancers make $700 billion a year, making up about 5% of the US economy. But what does it translate into for an average freelance writer? There are several ways writers charge their clients: per project, per word, per hour, and on retainer.
The majority of writers (60%) charge $0.10-$0.19 per word, though some have considerably higher rates reaching $0.5-$1 per word. Those freelancers who charge per project usually receive $100-$300. Some agree to complete projects for as little as $25, but there are exceptional writers earning a whopping $500 per project. The hourly rate for freelance writers is anywhere between $15 and $100, with 47% of the writers getting $30 to $50 per hour. This data was provided by the ClearVoice survey among freelance writers.
Of course, there are successful freelance writers earning more than $100,000 a year, but most make around $50,000. The rates obviously depend on the niche, experience, and even the writers self-promotion skills. Despite these promising numbers, newbie freelance writers are always afraid they wont have financial stability after they leave their day jobs.
How To Ensure Your Financial Stability As a Freelance Writer?
Freelance work can seem like a roller-coaster: you never know how much money you will get next week or next month. Thats why it is important to create a safety net before plunging into the unpredictable waters of freelance academic writing. Here are some suggestions to ensure your financial stability:
- Keep a budget. You need to know how much you spend every week or month, and what your main expenses are. Calculate, how much money you spend on food, utilities, going out, etc. This will help you understand the minimum amount of money you need to make.
- Create a savings account. Since you cannot predict your income, you should set aside a significant sum of money in case you go without new orders for a week or two. Whenever you are in luck, save some money for the rainy day. This will make you feel safe in the knowledge that even if you dont have a paycheck coming, you wont go broke.
- Build relationships with clients. Of course, you can take orders from new clients, but professional freelance writers prefer to work with the same customers, again and again, providing extra services and building relationships. This way you get to work with people you trust, and whose needs and requirements you understand. And you can always ask for testimonials and referrals to get new customers.
As you see, freelance writing is a profitable business opportunity with thousands of writers earning enough to support themselves and their families. And any pitfalls the occupation possesses can be overcome by careful planning and creating a financial safety net.