Copyright 2004 Integrity IncorporatedCopyright 2010 Integrity Incorporated
So, you want to be an editor... who makes money
Carolyn L Burke, MA, CISSP, CISM
CEO, Integrity Incorporated
Executive Director, EAC
Copyright 2004 Integrity IncorporatedCopyright 2010 Integrity Incorporated
Did I really say money?
Copyright 2004 Integrity IncorporatedCopyright 2010 Integrity Incorporated
Each of us needs to earn a living in order to pay our bills and
save a little for the future.
Copyright 2004 Integrity IncorporatedCopyright 2010 Integrity Incorporated
But how much?
Copyright 2004 Integrity IncorporatedCopyright 2010 Integrity Incorporated
How much are your services worth?
Copyright 2004 Integrity IncorporatedCopyright 2010 Integrity Incorporated
Or, how profitable are you willing to be?
Copyright 2010 Integrity Incorporated
What do business people know?
They know to leverage their knowledge and skills to work for them, but that was last year’s talk.
• You work in order to earn a living.• Stay focused.
Copyright 2004 Integrity IncorporatedCopyright 2010 Integrity Incorporated
Warning
This presentation may or may not contain numbers, charts, spreadsheets, financial planning and target practice.
Copyright 2010 Integrity Incorporated
Focus = Having a Target
Copyright 2010 Integrity Incorporated
Aiming at the target
Copyright 2004 Integrity IncorporatedCopyright 2010 Integrity Incorporated
LAST YEARBASIC BUSINESS DECISIONSAre you a freelancer, an employee or a business person?How much are your services or products worth?Are you providing a service or a product?Are you profitable?
• ADVANCED BUSINESS SKILLS
Expanding your business's offerings
Finding more work and new clients
Setting and achieving goals
CONCLUSION
Your mission, vision and values
Running a profitable business with integrity
Copyright 2004 Integrity IncorporatedCopyright 2010 Integrity Incorporated
Our agenda this year
A freelancerHow much do you charge?What are you charging for?What are your costs?When will you be profitable?
• Who makes money Signing the contract Collecting your fees Bookkeeping The bottom line
RegularlyHow can you be profitable?Making those changes
Copyright 2004 Integrity IncorporatedCopyright 2010 Integrity Incorporated
Freelancers and Money
A freelancerHow much do you charge?What are you charging for?What are your costs?When will you be profitable?
• Who makes money Signing the contract Collecting your fees Bookkeeping The bottom line
RegularlyHow can you be profitable?Making those changes
Copyright 2010 Integrity Incorporated
How much do you charge?
• 24 hours in one day• 365 days in one year
8760 hours
• 8 hours in one work day • 220 work days in one year
1760 working hours
Copyright 2010 Integrity Incorporated
How much do you charge?
RatesWork week Hours $25 $35 $55 $100
8/5 1,760 $44,000 $61,600 $96,800 $176,00010/5 2,200 $55,000 $77,000 $121,000 $220,00012/5 2,640 $66,000 $92,400 $145,200 $264,000
Copyright 2010 Integrity Incorporated
How much do you charge?Fill in here
A Hours per day:
B Hours per year: (A x 220)
C What do you charge per hour: $
D What could you earn per year: (B x C ) $
E How much did you earn in 2009: $
F What is the difference: (D - E) $
A
C
D
E
F
B
Copyright 2010 Integrity Incorporated
How much do you charge?Projecting your fees (Income Statement)
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec TOTALSRecurring work
BaNQ 250 250 250 250 250 250 250 250 250 250 250 250 3000Institute 150 150 150 150 150 150 150 150 150 150 150 150 1800CICA 900 900 900 900 900 900 900 900 900 900 900 900 10800Joe's Website 300 300 300 300 300 300 1800Ministry of Education1200 1200 1200 1200 1200 1200 1200 1200 1200 1200 1200 1200 14400
Project workGreat book 750 1500 750 3000Another book 1500 2500 1000 5000ABC Annual Report 2750 2750Joe's Brochures 400 400Real Estate Agent 350 375 195 350 375 195 350 375 195 2760City of Alberta 200 750 1200 750 1200 3500 1200 200 9000
New clients 1000 1000 1000 1000 1000 1000 60003050 6300 4375 2995 3600 5150 7325 6195 5150 7300 5375 3895 60710
Actual Fees Earned Projected Fees
3050 9350 13725 16720 20320 25470 32795 38990 44140 51440 56815 60710 Accumulated total
E
Copyright 2010 Integrity Incorporated
Fill in here
A Hours per day: 8
B Hours per year: (A x 220) 1760
C What do you charge per hour: $55
D What could you earn per year: (B x C ) $96,800
E How much did you earn in 2009: $60,710
F What is the difference: (D - E) $36,090
How much do you charge?
A
C
D
E
F
B
Copyright 2004 Integrity IncorporatedCopyright 2010 Integrity Incorporated
What happened to F ?
Copyright 2010 Integrity Incorporated
What happened to F?
• You didn’t charge for all the hours you worked
• You didn’t charge for work that wasn’t editing per se
Let’s change this
Copyright 2004 Integrity IncorporatedCopyright 2010 Integrity Incorporated
Freelancers and Money
A freelancerHow much do you charge?What are you charging for?What are your costs?When will you be profitable?
• Who makes money Signing the contract Collecting your fees Bookkeeping The bottom line
RegularlyHow can you be profitable?Making those changes
Copyright 2010 Integrity Incorporated
What are you charging for?
• Charge for all the hours you work• Charge for work that isn’t editing, such
as sales time, project management, administration and billing, managing the client or sub-contractors.
Copyright 2004 Integrity IncorporatedCopyright 2010 Integrity Incorporated
Let’s find out how you spend your day
Copyright 2010 Integrity Incorporated
What are you charging for?
Logging your time • Carry a notebook and pen with you.• Use one page per day. • Record each activity as you go, not
after the fact.
Copyright 2010 Integrity Incorporated
What are you charging for?
Hrs Code Time Activity1.0 H 9am-10am Staff meeting
0.5 S 10am -10:30am Called three clients about new projects 0.5 B 10:30am-11am Client call. Spoke to staff for 10 minutes. 2.0 B 11am-1pm Edited brochure
Copyright 2010 Integrity Incorporated
What are you charging for?COD
EType of work
B Billable timeN Non-billableA Admin tasksH HRF FinancialM Marketing, networkingS SalesL Long termX Time spent on special projectsT Travel time P Personal time during ‘official’ work hours
Copyright 2010 Integrity Incorporated
What are you charging for?
Tracking your time• Once a week, count all the hours spent
on each type of activity.• Log into your time log.
Copyright 2010 Integrity Incorporated
What are you charging for?
May10 B
SUN 1
MON 3
TUE 1
WED 3
THU 3
FRI 3
SAT 4
totals 18
Your time log
Copyright 2010 Integrity Incorporated
What are you charging for?
May10 B N A H F M S L X T P tot
SUN 1 0 0 0 0 0 0 0 0 0 0 1
MON 3 1 .5 .5 0 0 .5 1 1 0 1 8.5
TUE 1 1 .5 .5 0 3 0 2 1 0 1 10
WED 3 1 .5 0 1 0 .5 1 1 0 1 9
THU 3 1 .5 .5 0 0 1 1 0 0 1 8
FRI 3 1 .5 .5 0 0 .5 1 1 0 1 8.5
SAT 4 0 0 0 0 .5 0 0 0 0 0 4.5
totals 18 5 2.5 2 1 3.5 2.5 6 4 0 5 49.5
Your time log
Copyright 2010 Integrity Incorporated
What are you charging for?Daily: Complete your log book page for the
day, accounting for every minute
Weekly: Update your time log
Monthly: Compare what you’ve billed against the N and B hours, and against the total hours. Is time allocated wisely?
Annually:
Compare what you’ve earned against the N and B hours, and against the total hours.
Copyright 2010 Integrity Incorporated
What are you charging for?
• Are you working efficiently? (lower P)• Are you spending enough time on billable
work? (raise B, lower N)• Should you bill for the non-billed work? For
sales, admin time, travel? Justify N time: Write a mini essay about why you chose to work for free.
Copyright 2010 Integrity Incorporated
What are you charging for?
• On your invoice, add N, A, T, (and M, S) times. Is the total still reasonable?
• Next, send that invoice to a client. • Check in. Are they comfortable paying you for
all your time? If not, perhaps your rates are too low!
I guarantee: you are not billing for all the time you spend on a project.
Copyright 2010 Integrity Incorporated
Charge for everything you do
• Log all your time• Analyse the log
regularly• Break into
categories: marketing, hr, billable time, administration, sales, bookkeeping, planning.
0
5
10
15
20
25
billable time
unbilled time
marketing
hr project manag.
sales
planning
financial
M T W R F Totals
Copyright 2010 Integrity Incorporated
INVOICE
Billable hours 22 hoursUnbilled hours 9 hoursProject management 4 hours
Total 35 hours
INVOICE
Billable hours 22 hours
Total 22 hours
Charge for everything you do
• Invoice your time• Your invoice
should look like this:
• Not like this:
Billable hours
Copyright 2004 Integrity IncorporatedCopyright 2010 Integrity Incorporated
Freelancers and Money
A freelancerHow much do you charge?What are you charging for?What are your costs?When will you be profitable?
• Who makes money Signing the contract Collecting your fees Bookkeeping The bottom line
RegularlyHow can you be profitable?Making those changes
Copyright 2010 Integrity Incorporated
What are your costs?EXPENSES (Income statement)Staffing Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec TOTALS
Subcontractors 500 500 500 500 500 500 500 500 500 500 500 500 6000Office 0
Computer and related 1000 300 1300Internet 55 55 55 55 55 55 55 55 55 55 55 55 660Phone 25 25 25 25 25 25 25 25 25 25 25 25 300Printer / paper / ink 35 35 35 35 35 35 35 600 55 35 35 35 1005Couriers 55 112 33 12 19 44 275Offi ce equipment 300 250 550Lease 500 500 500 500 500 500 500 500 500 500 500 500 6000
Marketing 0Web Designer 300 300 600Web hosting 10 10 10 10 10 10 10 10 10 10 10 10 120Domain name 20 20Ads 300 300 600Cards / letterhead 150 150
Skill maintenance 0EAC conference 330 330Travel 150 50 200EAC certification 650 650Books 250 250Dictionary subscription 95 95
1575 1180 1540 2605 1537 1375 1708 2340 1457 1475 1144 1169 19105
G
Copyright 2010 Integrity Incorporated
What are your costs?
Flow-through costs• Lease• Subcontractors
Rate-increasing• Skill maintenance• Marketing• Office
All tax deductions.
Copyright 2010 Integrity Incorporated
What are your costs?
• Which costs can you reduce?• Which can you delay?• Which can you eliminate?
Copyright 2010 Integrity Incorporated
What are your costs?EXPENSES (Income statement)Staffing Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec TOTALS
Subcontractors 500 500Office 0
Computer and related 0Internet 55 55Phone 25 25Printer / paper / ink 35 35Couriers 0Offi ce equipment 300 300Lease 500 500
Marketing 0Web Designer 0Web hosting 10 10Domain name 0Ads 0Cards / letterhead 150 150
Skill maintenance 0EAC conference 0Travel 0EAC certification 0Books 0Dictionary subscription 0
1575 0 0 0 0 0 0 0 0 0 0 0 1575
Copyright 2010 Integrity Incorporated
What are your costs?EXPENSES (Income statement)Staffing Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec TOTALS
Subcontractors 500 500 500 500 500 500 500 500 500 500 500 500 6000Office 0
Computer and related 1000 300 1300Internet 55 55 55 55 55 55 55 55 55 55 55 55 660Phone 25 25 25 25 25 25 25 25 25 25 25 25 300Printer / paper / ink 35 35 35 35 35 35 35 600 55 35 35 35 1005Couriers 55 112 33 12 19 44 275Offi ce equipment 300 250 550Lease 500 500 500 500 500 500 500 500 500 500 500 500 6000
Marketing 0Web Designer 300 300 600Web hosting 10 10 10 10 10 10 10 10 10 10 10 10 120Domain name 20 20Ads 300 300 600Cards / letterhead 150 150
Skill maintenance 0EAC conference 330 330Travel 150 50 200EAC certification 650 650Books 250 250Dictionary subscription 95 95
1575 1180 1540 2605 1537 1375 1708 2340 1457 1475 1144 1169 19105
G
Copyright 2010 Integrity Incorporated
What are your costs?EXPENSES (Income statement)Staffing Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec TOTALS
Subcontractors 500 500 500 500 500 500 500 500 500 500 500 500 6000Office 0
Computer and related 800 0 800Internet 55 55 55 55 55 55 55 55 55 55 55 55 660Phone 25 25 25 25 25 25 25 25 25 25 25 25 300Printer / paper / ink 15 15 15 15 15 15 15 400 35 15 15 15 585Couriers 15 112 12 12 19 44 214Offi ce equipment 300 250 550Lease 500 500 500 500 500 500 500 500 500 500 500 500 6000
Marketing 0Web Designer 500 0 500Web hosting 10 10 10 10 10 10 10 10 10 10 10 10 120Domain name 20 20Ads 300 300 600Cards / letterhead 150 150
Skill maintenance 0EAC conference 330 330Travel 150 50 200EAC certification 650 650Books 250 250Dictionary subscription 95 95
1555 1120 1720 2385 1517 1355 1367 2140 1137 1455 1124 1149 18024
G
Copyright 2010 Integrity Incorporated
What are your costs?
Canada Revenue Agency (CRA):
“you can deduct any reasonable expense you incur to earn business income”
Tax deductible expenses lower the amount you will owe tax on, thereby raising your overall income.
Copyright 2010 Integrity Incorporated
What are your costs?
• Which other personal or household costs could become tax deductions?• Entertainment sales meetings• Internet and phone business expenses• Insurance convert plan to include CGL• Car travel• Clothes / makeup deduct if you present
to an audience
Copyright 2010 Integrity Incorporated
What are your costs?
• When you plan a tax deductible major purchase, consider which tax year the purchase will fall into.
• Pick the year with the higher business revenue.
Copyright 2004 Integrity IncorporatedCopyright 2010 Integrity Incorporated
Freelancers and Money
A freelancerHow much do you charge?What are you charging for?What are your costs?When will you be profitable?
• Who makes money Signing the contract Collecting your fees Bookkeeping The bottom line
RegularlyHow can you be profitable?Making those changes
Copyright 2010 Integrity Incorporated
Profit
• Profit =
Revenues
- Expenses
J an Feb Mar Apr May J un J ul Aug Sep Oct Nov Dec
($)
Revenues Expenses Profits
Copyright 2010 Integrity Incorporated
Lower expenses
• Reduce all unnecessary expenses
J an Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
($)
Revenues Expenses Profits
Copyright 2010 Integrity Incorporated
Raise revenues
• Raise your rates• Add admin fees
J an Feb Mar Apr May J un J ul Aug Sep Oct Nov Dec
($)
Revenues Expenses Profits
Copyright 2010 Integrity Incorporated
Income Statement
REVENUES Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec TOTALSRecurring work 2500 2800 2800 2800 2500 2500 2500 2500 2800 2800 2800 2500 31800Project work 550 3500 1575 195 1100 2650 4825 3695 2350 4500 2575 1395 28910
3050 6300 4375 2995 3600 5150 7325 6195 5150 7300 5375 3895 60710
EXPENSES Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec TOTALSStaffing 500 500 500 500 500 500 500 500 500 500 500 500 6000Office 895 610 595 1395 707 845 607 980 627 595 614 639 9109Marketing 160 10 530 10 310 10 10 10 10 310 10 10 1390Skill maintenance 0 0 95 480 0 0 250 650 0 50 0 0 1525
1555 1120 1720 2385 1517 1355 1367 2140 1137 1455 1124 1149 18024GROSS PROFITS
1495 5180 2655 610 2083 3795 5958 4055 4013 5845 4251 2746 42686
Actual Fees Earned Projected Fees
Gross Profits
G
E
H
Copyright 2010 Integrity Incorporated
Reduce taxes
Finally, look at other expenses you could deduct.
This will lower your profitability, but will put more after-tax money in your pocket.
Copyright 2004 Integrity IncorporatedCopyright 2010 Integrity Incorporated
A freelancerHow much do you charge?What are you charging for?What are your costs?When will you be profitable?
• Who makes money Signing the contract Collecting your fees Bookkeeping The bottom line
RegularlyHow can you be profitable?Making those changes
Copyright 2010 Integrity Incorporated
Signing the contract
A look at the EAC
Standard Freelance Editorial Agreement
Copyright 2010 Integrity Incorporated
Signing the contract
A contract:• clarifies assumptions• includes a statement of work• provides recourse • includes a schedule for delivery and for payment• is a legal relationship
Copyright 2010 Integrity Incorporated
Signing the contract
1. Task
2. Delivery
3. Payment
4. Termination
5. Special clauses
6. Indemnity
7. Applicable laws
8. Schedule A – definition of terms
Copyright 2010 Integrity Incorporated
Signing the contract
3. PAYMENT
The agreed-upon editorial fee of _____________, based on a flat fee or an hourly rate ($_____ per hour), is to be paid by the Client to the Editor in the following manner: __________.
Payment is to be made within _____ days of invoice. Any payment after the due date is subject to _____% interest per month (_____% per annum).
The Client will reimburse the Editor for direct expenses incurred in fulfilling this agreement, including: photocopying, printouts, inputting, long-distance calls, parking, travel, couriers and postage, ___________.
http://www.editors.ca/hire/sfea/index.html
Copyright 2010 Integrity Incorporated
Signing the contract
4. TERMINATION
This agreement may be terminated by either party in the event of material change of circumstance, with _____ days’ notice sent in writing to the other party at the address shown below.
If the Editor terminates the agreement, the Editor will be paid by the Client for work done up to the date of termination.
If the Client terminates the agreement, the Editor will be paid by the Client for the work done until termination or _____, whichever amount is greater.
http://www.editors.ca/hire/sfea/index.html
Copyright 2010 Integrity Incorporated
Signing the contract
This contract may be changed only by written agreement between the Editor and the Client.
Signed by the parties to this agreement on _____________ (date).
Signature: _____________________
Editor’s printed name: ____________
Address: ______________________
Signature: _____________________
Client’s printed name: ____________
Address: ______________________
http://www.editors.ca/hire/sfea/index.html
Copyright 2004 Integrity IncorporatedCopyright 2010 Integrity Incorporated
A freelancerHow much do you charge?What are you charging for?What are your costs?When will you be profitable?
• Who makes money Signing the contract Collecting your fees Bookkeeping The bottom line
RegularlyHow can you be profitable?Making those changes
Copyright 2010 Integrity Incorporated
Collecting your fees
1. Include scheduled payment terms.
2. Include a retainer or start-up fee.
3. Include a charge for late payments.
4. Invoice on schedule.
5. After 30 days, phone them.
Copyright 2010 Integrity Incorporated
Collecting your fees
• Terms• “payable upon receipt” doesn’t work• “payable on 30 days” is standard
Copyright 2010 Integrity Incorporated
Collecting your fees
Scheduling your payments
1. Regular intervals • Weekly, bi-weekly, monthly• Set up your monthly work plan to include
time to issue invoices
2. Milestone payments • 1 chapter, 20 pages, on completion• Submit your invoice with the work
Copyright 2010 Integrity Incorporated
Collecting your fees
What if you miss your work deadlines?
• Issue the invoice anyway. Let the client decide to delay payment–they may not.
Copyright 2010 Integrity Incorporated
Collecting your fees
Collection calls• Don’t feel bad—it’s just business.• You’ve done the work and are owed
compensation.
Mediation• If you need help, email EAC’s mediator
for help: [email protected].
Copyright 2004 Integrity IncorporatedCopyright 2010 Integrity Incorporated
A freelancerHow much do you charge?What are you charging for?What are your costs?When will you be profitable?
• Who makes money Signing the contract Collecting your fees Bookkeeping The bottom line
RegularlyHow can you be profitable?Making those changes
Copyright 2004 Integrity IncorporatedCopyright 2010 Integrity Incorporated
Remember these?
Copyright 2010 Integrity Incorporated
RevenuesProjecting your fees (Income Statement)
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec TOTALSRecurring work
BaNQ 250 250 250 250 250 250 250 250 250 250 250 250 3000Institute 150 150 150 150 150 150 150 150 150 150 150 150 1800CICA 900 900 900 900 900 900 900 900 900 900 900 900 10800Joe's Website 300 300 300 300 300 300 1800Ministry of Education1200 1200 1200 1200 1200 1200 1200 1200 1200 1200 1200 1200 14400
Project workGreat book 750 1500 750 3000Another book 1500 2500 1000 5000ABC Annual Report 2750 2750Joe's Brochures 400 400Real Estate Agent 350 375 195 350 375 195 350 375 195 2760City of Alberta 200 750 1200 750 1200 3500 1200 200 9000
New clients 1000 1000 1000 1000 1000 1000 60003050 6300 4375 2995 3600 5150 7325 6195 5150 7300 5375 3895 60710
Actual Fees Earned Projected Fees
Copyright 2010 Integrity Incorporated
ExpensesEXPENSES (Income statement)Staffing Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec TOTALS
Subcontractors 500 500 500 500 500 500 500 500 500 500 500 500 6000Office 0
Computer and related 800 0 800Internet 55 55 55 55 55 55 55 55 55 55 55 55 660Phone 25 25 25 25 25 25 25 25 25 25 25 25 300Printer / paper / ink 15 15 15 15 15 15 15 400 35 15 15 15 585Couriers 15 112 12 12 19 44 214Offi ce equipment 300 250 550Lease 500 500 500 500 500 500 500 500 500 500 500 500 6000
Marketing 0Web Designer 500 0 500Web hosting 10 10 10 10 10 10 10 10 10 10 10 10 120Domain name 20 20Ads 300 300 600Cards / letterhead 150 150
Skill maintenance 0EAC conference 330 330Travel 150 50 200EAC certification 650 650Books 250 250Dictionary subscription 95 95
1555 1120 1720 2385 1517 1355 1367 2140 1137 1455 1124 1149 18024
Copyright 2010 Integrity Incorporated
Bookkeeping
• Issue invoices using your accounting software
• Enter all receipts for expenses• The software will generate the multi-
period income statement• Add your own projections for the rest of
the year (on a spreadsheet)
Copyright 2010 Integrity Incorporated
Income Statement
REVENUES Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec TOTALSRecurring work 2500 2800 2800 2800 2500 2500 2500 2500 2800 2800 2800 2500 31800Project work 550 3500 1575 195 1100 2650 4825 3695 2350 4500 2575 1395 28910
3050 6300 4375 2995 3600 5150 7325 6195 5150 7300 5375 3895 60710
EXPENSES Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec TOTALSStaffing 500 500 500 500 500 500 500 500 500 500 500 500 6000Office 895 610 595 1395 707 845 607 980 627 595 614 639 9109Marketing 160 10 530 10 310 10 10 10 10 310 10 10 1390Skill maintenance 0 0 95 480 0 0 250 650 0 50 0 0 1525
1555 1120 1720 2385 1517 1355 1367 2140 1137 1455 1124 1149 18024GROSS PROFITS
1495 5180 2655 610 2083 3795 5958 4055 4013 5845 4251 2746 42686
Actual Fees Earned Projected Fees
Gross Profits
Copyright 2010 Integrity Incorporated
Bookkeeping
The software will:• Calculate taxes owed (GST, PST, HST)
• Prepare your year-end statement for your tax return
• Help you manage your profitability by producing reports and charts
• Help you stay on top of the paperwork
Copyright 2004 Integrity IncorporatedCopyright 2010 Integrity Incorporated
A freelancerHow much do you charge?What are you charging for?What are your costs?When will you be profitable?
• Who makes money Signing the contract Collecting your fees Bookkeeping The bottom line
RegularlyHow can you be profitable?Making those changes
Copyright 2010 Integrity Incorporated
The bottom line
You should earn enough to• Cover monthly and annual expenses• Take a few weeks off• Save 10-20% for long term investments
Copyright 2004 Integrity IncorporatedCopyright 2010 Integrity Incorporated
A freelancerHow much do you charge?What are you charging for?What are your costs?When will you be profitable?
• Who makes money Signing the contract Collecting your fees Bookkeeping The bottom line
RegularlyHow can you be profitable?Making those changes
Copyright 2010 Integrity Incorporated
How can you be profitable?
From today• Charge a reasonable rate• Charge for every hour worked• Lower your expenses• Deduct everything you can
Copyright 2010 Integrity Incorporated
How can you be profitable?
Other ideas (from other sessions)• Market your services• Specialize (and raise your rates)• Find new niches to work in• Fire your expensive clients (20% / year)• Leverage your time by subcontracting• Go through further professional development
(and raise your rates)
Copyright 2004 Integrity IncorporatedCopyright 2010 Integrity Incorporated
A freelancerHow much do you charge?What are you charging for?What are your costs?When will you be profitable?
• Who makes money Signing the contract Collecting your fees Bookkeeping The bottom line
RegularlyHow can you be profitable?Making those changes
Copyright 2010 Integrity Incorporated
Your scheduled weekMON TUE WED THU FRI SAT SUN
7 F8 A9 S
10 S A11 P12 X1 S S S S S2 H3 T4 B5 T67
M B
B
B
M
B
B
B
B B
P
B
F
B
Copyright 2010 Integrity Incorporated
Bull’s Eye
Copyright 2004 Integrity IncorporatedCopyright 2010 Integrity Incorporated
So, you want to be an editor... who makes money
Carolyn L Burke, MA, CISSP, CISM
CEO, Integrity Incorporated
Executive Director, EAC
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