What’s on the iPod: True Love by The Airborne Toxic Event
What a disjointed month this is turning out to be! I’ve talked with one client about work, am about to discuss projects with two more clients, my dear MIL is lying gravely ill in Phoenix, and I have this thing inside me that’s about to be removed (tomorrow). How can anyone focus on value and worth given those parameters?
You just do. That’s how.
I’m a practical person. I worry, but I don’t allow worry to consume me. Life erupts in spurts. We deal with it. It’s how we know we’re still here. Amid it all, I work. I will convalesce at home after a stay in the hospital (maybe a week), but I know me. Once the exhaustion wears off, I’m going to be itching to do something.
So I’m lining up projects. That’s my value. And worth? I know I’m worth what I charge. I make sure clients get what they pay for, which is my experience, my attention, and my skill.
No matter what stage of your career you’re in, that goes for you, too. You’d no sooner shortchange a client on skill than you would agree to write say a medical white paper if your background is in autos.
So why would you agree to write for less than you deserve?
Because you don’t know you deserve it, is my guess.
Consider this the start of our Writers Worth celebration. I’ve been holding this annual event every May for six years now in hopes of educating one more writer, giving one more person the awareness (and maybe courage) to say no to a lousy deal and get them to a point where they can ask for what they’re price is.
Ah, the price. There’s the rub.
Depending on how long you’ve been freelancing, that price (in your head) may vary. That’s not to say it shouldn’t vary somewhat in the real world, but probably nowhere near the level it does in your own head. So how do you know what you deserve as a writer?
Get a clear picture of your expenses. Start here. It’s great to say “I want to make $50 an hour!” But if your expenses require you to make $100 an hour, you’ve just sold yourself short. Factor in your living expenses, your retirement contributions (you need to make those monthly or every check), your taxes (you’re paying them now), and your savings. Figure a 15-percent tax off the top of each check, and settle on a percentage per check for both retirement and savings that you can live with — I’d suggest at least 6 percent per. Write it down per month, if you can. With taxes and savings, if you don’t have a track record, estimate them based on your intended earnings (you may have to decide what you want to earn a year first). Don’t forget equipment you’ll buy this year, if you can.
Ask yourself “What do I want to make this year?” Not what you need to make — that won’t leave you enough to have any fun. Need is what you just figured out above. This is the rest — the movies, new car, college courses, trips, etc. What would it take for you to live decently? Pick a number — say $50,000 as an example. This is your annual earnings goal.
Compare expenses and goal. Do the two totals, when subtracted, leave enough for you to live decently? If not, amend it right now. Aim higher in earnings.
Divide. I divide mine down monthly. How much is that annual earnings goal going to require me to make monthly? If you’re aiming for $50,000, that means you need to net $4,166. That’s what you need to pocket after taxes and retirement/savings. So it could be that your target isn’t $4,166, but rather $4,500 or even $5,000 monthly. That’s your monthly target.
Set your hourly rate off the monthly target. If you do the math directly, you’re going to see a rather disturbing number — $28 and some change per hour. However, we writers rarely get to charge 160 hours of time per month (basing this on a 40-hour work week). Instead, assume of the 40 hours you may/may not sit at the desk that maybe ten of it per week is billable. If you were to meet that goal, you have to come up with a figure that, when billing 40 hours a month would get you to that $4,500 goal. My calculator says $112.50 per hour. Then again, this is just an example. I’ve not taken the time to figure the taxes and savings for you. That’s up to you, so this figure will be different.
That’s in line with what you should be charging.
Obviously, your rate is going to vary based on what you want to earn, what you need to earn, and what you’re comfortable charging. Just be realistic in understanding that $29 an hour isn’t going to get you there no matter how much work you think you can drum up.
What is your biggest roadblock toward embracing your worth?
A jump start on Writers Worth Week! Hooray! Time to start tweeting and retweeting the news.
My biggest roadblock – aside from being someone who has never been motivated by money – is that I've become accustomed to giving clients more than they're paying for as opposed to what I'm worth. I know. It's my own fault.
Be proud, though. Yesterday a local editor I've been working with on some quick and easy pieces asked if I wanted to do an actual article. Their rate was way too low for the time it would take to do it well, so I said no and explained why. She understood, but still has to stick with their budget. (She was probably confused since the day before I'd told her that I was okay with the little projects I've been doing for them since I needed to make up for the Late Payer I "fired" earlier this year. But that doesn't mean filling my billable hours with low-paying work.)
Lori, I hope all goes well with your surgery and you have a speedy recovery!
I'm sitting here with an ice pack on my back for my surgery this morning. MUCH less serious than yours. I will be sure not to mention the strange coincidence of age and an increasing number of required tune-ups. 🙂
Until Paula mentioned it, I hadn't really thought about it, but I'm not motivated by money either. But, it is one of those issues where it's okay when you are being paid what you're worth, and only becomes a major issue when you're not.
I guess my roadblock in the past is not taking into account all the extras I do. I'm getting a lot better, but I still fall short at times. For example, I have discovered not everyone dissects an issue and has full-on interviews for background information, goals & objectives. Some take whatever information is sent and create copy from that. I'm not saying there is anything wrong with that. It's just not how I work. I like to know my subject backwards and forward. Some of that I can do on my own, but I still like to talk to the subject matter experts.
It's okay if you don't want to pay for that, but I'm afraid you'll need to find another business writer.
Lori, I will be thinking healing thoughts. Let me know where you want guest posts for Writers Worth & when.
Take care!
Of course my sense of worth as a writer is directly dependent on my view of my worth as a person, my self esteem if you will. Writers Worth Week is a good start and a great reminder.
Hollar if you need guest posts or other writing done while you're recovering, and take the time you need, please.
Love and blessings,
A
You get well, too, Cathy!
To Anne (and anyone else who's planning on contributing a guest post): While Lori's indisposed she's asked me to post any additional guest blog posts that come in. If you don't already have my e-mail address, DM me on Twitter @P_Hendrickson or if it's easier send me a message via LinkedIn.
Get well Lori. And I also wish your mother-in-law comfort through her illness.
My biggest roadblock used to be worrying about what the client is willing to pay instead of working out what I want to charge. I think I was operating on a "take what you can get" basis and I think clients could smell it, because they offered such low rates for demanding assignments. Now I'm confident enough to state what I'm worth. Some potential clients have gone on to other writers willing to take their rates. It's no loss.. I'd rather spend the time looking for well-paying clients than killing myself on assignments that will barely pay the bills. And it's been such a confidence booster for me to be able to say, "I charge such and such an amount," and be able to stand by my service and prices.
Get well soon, Lori.You, too, Cathy!
My biggest roadblock is moving up tiers, to the higher-paying clients. I prefer to overlap and ease one client out as the other comes in, but the universe prefers I have clean breaks to make room. More stressful, and I have to learn to trust.
I think one of the hardest parts about "embracing your worth" is that life, like you said, erupts in spurts. That includes jobs, too. It's just plain hard to make calculations like that when you never know what's coming around the corner next (or not).
Get well soon!