One of the perks of freelance writing is that you can choose which contracts you wish to accept. If you are new to the field, you may find that the income isn’t stable, and there’s a variety of reasons for this.
Projects may end abruptly
As a freelancer, your income depends on the success of others, and with the Canadian economy in a state of flux, that success may not always be guaranteed. Projects can end abruptly, leaving you without a revenue stream.
It can be hard to find consistency
Your workload may change from month to month, with some months being quite lean. You will need to plan for this, and many writers maintain multiple income sources to ensure they have work each month.
Securing payment can be difficult
As a freelancer, you will be running your own small business. You can choose to work as much or as little as you want to, but you will be in charge of securing payment, which may not always be a simple task. Clients may pay late or not at all, and there may be little recourse available to help.
Shifting with the seasons
Corporate budgets change over time, and may be frozen when economic times get tough. The end result of this can be fewer contracts and more writers competing for the same work.
Strategies to help bring stability
While achieving consistency may not always be easy, there are strategies you can use to ensure a consistent level of contracts throughout the year.
Choose retainer contracts
Retainer contracts mean that you will be able to count on work from a particular client each month. This can benefit both the writer and the client, as you will have the time to build a strong working relationship.
Diversifying makes a difference
While building relationships with clients is important, it is also a wise move to have a diverse range so you don’t rely on just one. This will help to ensure that if one client leaves, you will still have lots to fall back on.
Keep your marketing current
Make sure that your online portfolio and small business site are updated, with new pieces added frequently. Pitching to new clients will both land you new contracts and keep your self-promotional skills sharp.
Save for a rainy day
Since you will be your own boss, it is important to try and save for a rainy day. It is recommended to keep at least three months of salary in reserve to help you through the lean times.
Words of Worth makes the best of both worlds
Working for Words of Worth (WOW) offers the perks of both freelancing and working as a “staff writer”. You will be able to choose what briefs you wish to accept, meaning you can set your schedule, working as much or as little as you wish. You will tend to be offered between 10 and 80 pieces each month.
You are in the driver’s seat
A big benefit of writing for WOW is that you will know the terms of each contract in advance. You will be told how much you need to do as well as what timelines will be set and what the pay will be. Your monthly income will depend on the length of the items you write.
Editors can help you hone your craft
Working with an editing team can be helpful in becoming a better writer. If you decide to go out on your own, you will be able to offer your clients more polished pieces that stand out from the crowd.
If you’re interested in a stable income every month, editing support and an opportunity to write about topics you care about, you may find that WOW is just what you have been looking for. Check out our Terms and Conditions to find out more and submit your application to be part of the team.