Making It All Work as a Freelancer
I like to experiment and try out new ways of working and living, and when I come up with an idea, I tend to act on it right away. That means that I’m often changing the way I think, and that something I was gung-ho on a week ago might have fallen off the radar today. When something works, I use it. But if it stops working, or I figure out a better way to reach the same goal, I make a change.
For example, for years I followed the philosophy that it’s better to earn more money when you need it rather than cut down on your spending. As freelancers our earning potential is theoretically limitless (since there’s no boss putting a cap on our income), but there’s a point where slashing your budget bottoms out and you can’t cut any more. So for years I would add various activities and things to my life and say, “I’ll just earn more to cover it!” An outside office. Personal training. Daycare. Cable (when we watch only one TV show).
Then, about a month ago, I had a session with my life coach Kristin Taliaferro and was complaining about how stressed out I felt. Don’t get me wrong: I work part-time hours and always manage to cover our bills, but I put a ton of pressure on myself as a business owner. Kristin said, “You know, every time we have a session you’re looking for new projects and new challenges. Have you ever thought about cutting down on your expenses instead so you don’t have to hustle so much?”
I felt immediately that she was right. I’m Type-A when it comes to work but at the same time I have an anxiety disorder — not a good combo. Doing less and having less on my mind would help me chill more. Within a few days my husband and I had taken our son out of his ultra-expensive daycare and cancelled the cable. I quit personal training, and stopped renting the rent-by-the-hour office space I used when I needed time and space to get work done (which was costing me about $200 per month). Like I said — when I get an idea I like to take action right away!
With all the cuts, we’re saving over $13,000 per year. I did the math: That’s maybe two or three writing assignments, five Premium e-course students, or eight 1-hour mentoring sessions per month that I don’t have to drum up and manage. That’s 1,300 copies of my e-book Get Unstuck that I don’t have to work to sell every year.
Of course, there are trade-offs: My husband and I now juggle childcare duties depending on who has work when. I’ve been working out with weights at home in lieu of training. (So far, so good.) And when I need a quiet place to work, I’ve been heading to the reading nook in our bedroom or to the local bookstore instead of the rented office space.
But then, there are the advantages: Two mornings a week I get to spend time with our son at a friend’s house, where we plan activities like baking, singing songs, and making playdough. I learned enough from four years of personal training to create a fun routine I can do at home. And did I mention how nice it feels not to have to hustle quite so much?
If you’re ever reading old entries on this blog and wondering why I said X when I now clearly do Y, it’s because, as I mentioned, I’m always experimenting. I learn a lot as I go through this freelancing journey, and I’m always trying to share what’s working for me right now. As a freelancer — an entrepreneur, a business owner — you have the freedom to choose your own path, and to correct course along the way. Take to heart the advice you read here (and on other blogs, and in books and magazines) that resonates with you, and ditch the tips that don’t work for your lifestyle or temperament. Isn’t that what being a freelancer is all about? [lf]
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Mar 10, 2011 Advice, Money, Motivation, Observations, productivity
I really enjoyed this post because it is full of positive notes. As a business owner, I love to do experiment and thinking out of the box. I change the way I do business from time to time when I think it is time to change! Do not be afraid to change if the method do not achieve what we expect!
Your brain definitely works in the reverse of mine! I imagine if you freelance as a profession and not just as pocket money it’s easier to fathom the idea of just earning more to cover expenses, but I can’t imagine the pressure of sending out query letters knowing that if a certain number of them are rejected I’ll end up missing rent. I think that would stress me out more than anything!
Was that ever a concern for you over the course of your freelancing career? I feel there is a certain level of confidence you have to have to take on a significant amount of new expenses and believe that you’ll be able to match those expenses with new projects. I don’t know that I personally have that level of confidence.
Good question. I’ve been doing this for almost 14 years and have survived through many ups and downs, and have always been able to support my family as we moved to bigger houses, brought a child into the family, started hosting exchange students, etc. So I think that I’ve proven to myself that I can do it. During down times I worry, and then remember that I made it through the last famine and I’ll make it through this one too. Also, I think I just happen to be an optimistic person — maybe stupidly optimistic! But it’s always worked out.
I really (REALLY) need to read this today. I’m in the midst of changes I’m ready for and terrified about. These changes MUST happen, though, and I know this. I’m ready. I can do this. Like you, I tend to jump on to one idea band-wagon on Monday and find myself jumping off and on to another by Wednesday. Shifty. It’s one of the wonderful things about being our own boss…we call the shots, including which wagon we’re hitching a ride on and when.
Jenn, how exciting for you, though of course you’re terrified! I hope the changes bring you much happiness!
Congratulations on finding a bit of balance for yourself!
This post was very helpful to me. At year-end I voluntarily left a job that paid quite well to become a FT freelancer with few short-term income prospects. I had saved and we cut expenses. I celebrate the lack of a “salary cap” (I borrow a sports term for that) but my hope is that as my income starts growing again we don’t allow our expenses to grow in lock-step.
Good for you for taking the leap to go full time freelancing. I am making the same leap in exactly 8 weeks and 1 day. I always like to hear from others taking the same leap of faith. I have decided to cut my cleaning lady and accupuncturist, who has been treating my migraines. She said if I followed my heart, the migraines would go away anyway.
Wow, Elizabeth — I hope you experience all good things as you make the leap yourself!
Congrats on making the leap! I hope it works out for you.
Linda, this post hits home for me on a lot of levels. I’ve been thinking to myself lately how much we’ve let “inconsequential” expenses — from Starbucks to Netflix — pile up over the last couple of years. And it’s not that we haven’t enjoyed them, but we are perhaps less mindful of them as time passes, and put together they’ve ceased to become inconsequential. In fact, they are very consequential indeed!
I don’t know that we’d save $13K a year by cutting, but I bet it would be more than we think. You’ve given me some inspiration to try — thanks!
I feel the same way — we cut out the biggest expenses, but I haven’t had the nerve to figure out how much all those Dunkin Donuts iced mocha lattes are costing us.
You are so right on. Spending time with the child. Less work. More family. Cutting back on extraneous junk is the way to go. I’ve cut back so much, but I don’t regret one BIT, because I’m just miles from my son, his wife, and their family. You can always pick it up when he goes off to college.
Thanks for your comment! I agree…it’s more important for me to be present for my son than to spend my time trying to cover non-essential expenses.
I’m also Type A with an anxiety disorder, so I definitely feel you. That childcare expense is a killer, particularly when you’re starting out and may not be subsidizing it 100% with steady work. It’s all a balance we’re constantly re-assessing and fine-tuning, I think — which isn’t a bad thing at all, just tricky!
So you know how I feel! Yes, childcare was super expensive. We’re working in creating the right balance for us.
This business has slid so much, many of us have cut expenses out of necessity. When a job used to pay $1000 and now pays $5, well, the math is cruel…and the whole mess starts to ratchet downward. I also live in AZ where your worst mistake in life is that house you bought. I do a blog on coping… http://hopeycopey.blogspot.com. I am pretty frugal, but others are better at it…Mileage may vary. The weirdest thrift thing I ever encountered was people who turn utility company envs insideout and use them for other mailings. It is so hard to turn an env insideout–try it!
Sounds like an excellent plan thus far, Linda! Keep up the great work!
I’ve found myself in the same situation before. Expenses always going up, so having to work more to keep up with expenses, “keeping up with the Jonse’s.” I’m with you though, sometimes it’s better just to cut expenses. You can always buy more things, but you can never have more time.
Linda:
All good points.
I have very carefully been scrutinizing the finances on my end. Now that I have more work and $$ coming in, I am looking at our spending (and it’s relative to individual and family) to see what changes can be made.
Steve
Linda, I love that you embrace ‘course correction’! I am convinced that being flexible is the only way we will all thrive in the new economic reality. Not just writers, but everyone. I wonder if they could teach dilettante-ism in grade school?