Comments on: Freelancer’s Survival Guide: Money Part 5 http://kriswrites.com/2009/07/09/freelancers-survival-guide-money-part-5/ Fri, 10 Feb 2012 19:25:45 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Ryan http://kriswrites.com/2009/07/09/freelancers-survival-guide-money-part-5/comment-page-1/#comment-323 Ryan Mon, 13 Jul 2009 13:33:28 +0000 http://kriswrites.com/?p=899#comment-323 Thanks for doing this guide Kris! It couldn't come at a better time for me as I work on looking at writing as a business. Thanks for doing this guide Kris! It couldn’t come at a better time for me as I work on looking at writing as a business.

]]> By: Kris http://kriswrites.com/2009/07/09/freelancers-survival-guide-money-part-5/comment-page-1/#comment-321 Kris Fri, 10 Jul 2009 19:15:29 +0000 http://kriswrites.com/?p=899#comment-321 Glad you folks are enjoying the posts and finding the advice useful. You're exactly right, Mark, and I forgot about the 80/20 rule because I don't follow it. (Thank heavens) But so many folks do and that can be scary. Patrick, sounds like you're making the right choices at the moment. It's tough out there right now, and I don't advise anyone to make risky changes right now, unless they have to. Planning is always the key--and I hope the Guide helps with that. Glad you folks are enjoying the posts and finding the advice useful. You’re exactly right, Mark, and I forgot about the 80/20 rule because I don’t follow it. (Thank heavens) But so many folks do and that can be scary. Patrick, sounds like you’re making the right choices at the moment. It’s tough out there right now, and I don’t advise anyone to make risky changes right now, unless they have to. Planning is always the key–and I hope the Guide helps with that.

]]> By: Mark Terry http://kriswrites.com/2009/07/09/freelancers-survival-guide-money-part-5/comment-page-1/#comment-320 Mark Terry Fri, 10 Jul 2009 19:03:00 +0000 http://kriswrites.com/?p=899#comment-320 Excellent advice. Not only do I make sure I have multiple clients, I'm somewhat cautious about the so-called 80/20 rule, which for those who don't know it, 80% of your revenue comes from 20% of your clients. (This rule can be applied to a lot of things, but in the case of revenue and freelancing, it tends to be true). It does apply, but it makes me nervous. 80% of my revenue is too much to lose, so I'm cautious. I would point out that one year I had a big client that earned me more than $60,000. Typically now it's around $30,000, which isn't pocket change, but, well, HALF of that great year. If that client were to ask me now why I have diversified, I'd say, well, it's because although you're a great client, I can't count on how much money I'll earn from you. To that end, I've recently started a publishing company that will start publishing an e-newsletter to a niche market in my area of expertise. Will it take over my business? It could. Do I want it to? Hmmm. Back to diversification. On the basis of a single e-newsletter? Makes me nervous. But that e-newsletter with other clients? Sure. That e-newsletter with other e-newsletters? Possibly. So I'm doing the same thing. Diversifying. Having multiple clients. (Because one thing I've learned in 5 years of full-time freelancing, it's that things change). And taking a hard, hard look at changes in the industry and trying to adapt to it. Excellent advice. Not only do I make sure I have multiple clients, I’m somewhat cautious about the so-called 80/20 rule, which for those who don’t know it, 80% of your revenue comes from 20% of your clients. (This rule can be applied to a lot of things, but in the case of revenue and freelancing, it tends to be true). It does apply, but it makes me nervous. 80% of my revenue is too much to lose, so I’m cautious. I would point out that one year I had a big client that earned me more than $60,000. Typically now it’s around $30,000, which isn’t pocket change, but, well, HALF of that great year. If that client were to ask me now why I have diversified, I’d say, well, it’s because although you’re a great client, I can’t count on how much money I’ll earn from you.

To that end, I’ve recently started a publishing company that will start publishing an e-newsletter to a niche market in my area of expertise. Will it take over my business? It could. Do I want it to? Hmmm. Back to diversification. On the basis of a single e-newsletter? Makes me nervous. But that e-newsletter with other clients? Sure. That e-newsletter with other e-newsletters? Possibly.

So I’m doing the same thing. Diversifying. Having multiple clients. (Because one thing I’ve learned in 5 years of full-time freelancing, it’s that things change). And taking a hard, hard look at changes in the industry and trying to adapt to it.

]]> By: Robin Brande http://kriswrites.com/2009/07/09/freelancers-survival-guide-money-part-5/comment-page-1/#comment-318 Robin Brande Fri, 10 Jul 2009 00:04:59 +0000 http://kriswrites.com/?p=899#comment-318 Kris, these posts are all so wonderful and informative. Thank you so much for doing them, and for all of your teaching time in general. Thanks for paying it forward. You set a great example. Kris, these posts are all so wonderful and informative. Thank you so much for doing them, and for all of your teaching time in general. Thanks for paying it forward. You set a great example.

]]> By: Freelancer’s Survival Guide: Money Part 5 | Foreclosures For Profit http://kriswrites.com/2009/07/09/freelancers-survival-guide-money-part-5/comment-page-1/#comment-316 Freelancer’s Survival Guide: Money Part 5 | Foreclosures For Profit Thu, 09 Jul 2009 21:24:12 +0000 http://kriswrites.com/?p=899#comment-316 [...] See t­he o­rig­in­al­ po­st­:  F­r­eelanc­er­’s­ S­ur­vi­val Gui­de: M­­on... [...] [...] See t­he o­rig­in­al­ po­st­:  F­r­eelanc­er­’s­ S­ur­vi­val Gui­de: M­­on… [...]

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