H Reader,

Happy Friday!

Don't forget to get involved in the Freelance Money Diaries if you want to! In a bid to add more transparency to freelance revenues and rates, I'm sharing a new profile every week in this newsletter.

You can remain anonymous if you prefer! I'm just looking for a good cross-section of freelancers from all walks of life.

​Just fill out this form here. ​

Anyway, here’s what I’ve been up to this week:

👉 I wrote 4 pieces for clients (Positional and a WFM tool)

👉 I started managing content for a great new project

👉 I mostly filled out a lot of paperwork for my new house which should hopefully complete next week, send good vibes, please! ​

⏱ Approx hours spent on client work this week: ~20

⏱ Approx hours spent on non-client work: ~2

💰 Total revenue this week: £3,220

Friday Freelance Tip​​ ✨ ​

Earlier this week, I put together a proposal for what seemed like a great opportunity.

An existing client had recommended me to this new brand that needed a large chunk of content every month. I reached out to a few expert writers to pull a team together and sent off the proposal.

The reply from the prospect came through pretty quickly:

Eek.

$50 a post? Bear in mind, that these were technical pieces, so not a quick word vomit exercise by any stretch of the imagination.

Even the “most they’ve ever paid” is incredibly low for the amount of work involved in this project. This got me thinking about rates and how we’re all deserving of so much more than we think.

Five years ago, I probably would have jumped at this opportunity. $250 was a far better rate than I’d been getting for most work ($100 or $150 a piece). I was stuck in the mindset that “anyone can write” so why should I demand more money for something anyone can do?

You see how your mind can fool you?

Having worked with hundreds of clients and a handful of other freelancers, I can safely say that not everyone can write.

Sure, anyone can put words on a page, but writing is a lot more than that. It’s about connecting with the reader, explaining a complex topic in simple terms, helping someone have that “a-ha” moment, and carving a very intentional journey toward a sale.

I repeat: not everyone can do that.

This whole incident came after a chat the other week with a freelancer who still charges the same as they did eight years ago. So much has changed in that time, not least the amount of experience that writer has gained over those years.

But I see it a lot: we’re scared to push for higher rates because everything feels so fragile. We don’t want to lose a prospect and, in many cases, that means we’d rather take a pay cut than ask for more.

I’ve been there maaaany a time.

Even now, when a new prospect questions my rates, I find myself wanting to justify them by harping on about my years of experience, the high-caliber clients I’ve worked with, and the great testimonials I’ve received.

But I don’t.

Because you know what, why should we have to justify our rates when no one else does? You don’t see a plumber or a hair stylist justifying their costs or customers trying to barter down their prices.

So why do we creative freelancers feel like it’s part and parcel of what we do?

I’ve talked about this a lot in the past, but I regularly run price increases — usually two a year depending on the year. And, where my rate increase request used to be this longwinded spiel about why I deserve to be paid more, it’s now just two sentences long.

In case you missed it in last week's newsletter, here's the script I use:

There’s something else I want to touch on here because it feels appropriate. There’s a real disparity between freelancer rates across the board. It’s so inconsistent that it’s almost impossible to know whether you’re being over or underpaid.

I know plenty of freelancers who balk at the idea that there are people out there earning tens of thousands of pounds a year from writing. It’s created this whole “us and them” divide which I spoke about in this episode of the It’s Fine, I’m a Freelancer podcast.

I see it every day in the freelance Slack groups I’m part of:

• “How are people earning this much when I can’t even get X?”
• “No client will pay me my rate.”
• “Clients always try and lowball me.”
• “I don’t think I’ll ever earn that, I don’t know how other people are.”

​
And, I get it. I used to be there.

But — and I’m going to give some tough love here — if you find yourself in these negative spirals, I urge you to ask yourself the following:

• What are the expectations of the industry I’m in? It’s much harder to demand a high rate in B2C niches
• What can I do differently to find clients that are a better fit?
• Am I making the most of my skills and talents in my marketing and pitches?
• What makes me stand out and how can I portray that in early client conversations?
• What do these “bad-fit” clients have in common and how can I avoid them in the future?

​
If something isn’t working and hasn’t been for a while, it’s time to try something new. Maybe the niche you’re in is dying a death or there’s not much need for your services. Maybe you’re not highlighting your offers in the right way or are tapping into the wrong pain points when you pitch. Maybe you’re finding all these clients on Upwork, where there’s an invisible ceiling to how much you can earn.

Everyone deserves to be paid fairly for the work they do. It sometimes just takes a while to figure out what that is.

Next up, we have Melissa Keen – a B2C writer who combines a full-time job with freelancing on the side.

Where are you based? Staffordshire, UK.

How long have you been freelancing? 4 years

Melissa has a full-time marketing job and operates as a sole trader.
​
​What do you do? Content strategy and content creation for Health, Beauty, Well-being, and Fitness brands.

What was your 2023 revenue? £30,000 from freelance work.

What was your net profit in 2023? After all taxes and expenses, my income was around £20,000.

How much did you pay in taxes?

I put aside around £6,000 on my freelance income for the tax bill.

What are your business expenses?

At the moment, I spend time on several websites (£200) and many books to help with my learning and skill set (£100). Plus various bits of equipment I need (laptop, internet connection), etc. Last year, I also worked with a subcontractor once to complete some research for £50.

This year, I plan to invest in several key tools, which will likely cost me around £1,000. I would also like to attend a two-day writing seminar in London this year, which is around £600.

Do you contribute to a pension?

Yes, I pay into a pension scheme with my full-time job.

What do you do with the money you earn freelancing?

Using my freelance income, I have paid off many of my expenses, such as my car and credit card, so I have very few liabilities. Now, I put £200 into my house deposit, a couple hundred into a Stocks & Shares ISA, and the rest goes into backup savings and back into the freelance business.

Do you have any hot money-management tips?

I am really careful with my money. That doesn't mean I don't buy things I enjoy – I just make sure I have the means to do so. I avoid anything that could get me into debt. I paid my second-hand car off quickly because I hate having liabilities.

I spend a lot of time increasing my financial IQ so I can put my money in the right places. I read a lot of books and watch a lot of videos, and I'm taking some online courses. I think investing in knowledge is key. Lastly, I use a budgeting sheet each month to track my exact income and distribute it in the most logical way.

As always, happy freelancing :)

Lizzie ✨

P.S. What steps can you take next?

Arm yourself with the resources, templates, and tutorials you need to find and pitch high-paying clients in 2024. Get £20 off the brand spanking new Pitch & Prosper program.

​Get Workflow Wizard, your handy library of freelancing templates, tutorials, and email scripts to help better your business.

Want to learn the exact process I use to write £1,000 posts for the likes of Shopify, Hotjar, CoSchedule, and Sprout Social? Access Create Better Content here.​​​

Follow me on Instagram and on Linkedin, where you can see the behind-the-scenes of my business.