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Hello freelance friends, especially those who are primary parents!
I've been inspired to share my year-end numbers, for transparency and to show real numbers of someone who intentionally is part-time (thanks two small humans I'm largely in charge of, especially this year!).
I've been inspired to share my year-end numbers, for transparency and to show real numbers of someone who intentionally is part-time (thanks two small humans I'm largely in charge of, especially this year!).
Credit where due: @bizzycoy's tremendous example of an income breakdown for her freelance writing, and @jennduannfultz's gentle chiding that even though my numbers feel lower than what I'd like, they're useful for others to see. https://twitter.com/bizzycoy/status/1336328794055925764
Some context: I've been freelancing for 7 and a half years, 6 and a half of which I had a child at home with me. I am not the primary earner in our household and my last job was as an admin where I made $30K per year, so that threshold is important to me.
It took me a LONG TIME to recognize that I'm not in a place in my life where I can devote 40 hours a week to freelancing, though when I broke my ankle this summer, I had in-home childcare basically for the first time ever and I was extraordinarily productive.
Also, I am a graphic designer, with a focus on document design and...event material design. So, yeah, this year was REALLY weird for some of my clients and I had some projects I was expecting end up falling through. Thanks, 2020.
Because of the kinds of projects I focus on, my clients tend to be recurring. Some of this is due to annual events and some of it is ongoing document needs (or my Very Stupid Advertisements I do for my last full-time employer). New clients are fun but not my bread and butter.
Lastly, I do a mix of flat fee and hourly projects. Some of my clients have parameters that change constantly and the only way to be fair to us both is to go hourly. I also offer flat fee clients an option to move to hourly for certain aspects or scope changes.
Okay, here are my numbers!
Firstly, I expect to end the year at about $31,034 (barring any big projects that need quoted and bid in the next few weeks and a deposit is taken to secure a spot in my schedule). That income is from projects for 14 clients (and services).
Firstly, I expect to end the year at about $31,034 (barring any big projects that need quoted and bid in the next few weeks and a deposit is taken to secure a spot in my schedule). That income is from projects for 14 clients (and services).
My income by client has a really wide range. The lower end of the range is often one-off projects for new clients that I don't expect to work with again. The upper end is mostly clients with annual events or work for throughout the year.
(Worth adding that I keep track of my income by contact every quarter, using a spreadsheet from @AdamLehman and @TheWonderJam's Gem Club, which I love. Please @ me if you have been thinking of joining and want more info about how lovely they are.)
Here are some of the different kinds of projects I worked on and the fee range. I mostly use time-estimated project fees, though I hope to move into more value-based project fees in the future. Occasionally I REALLY shoot myself in the foot on estimating or second-guess worth.
Because 2020 is a cruel mistress, I'm now tracking returning clients, new and likely to return, one-offs, and those affected by the pandemic or otherwise ended and I shouldn't count on that income next year. Some of my annual clients really had to cut back and it sucked.
Okay, but where do those clients COME FROM? Mostly direct referrals from other clients or friends. Occasionally I spot an opportunity in a community I'm a part of and pitch myself. Word of mouth is KING.
Okay, so you remember I'm part time, yeah? Here's the average of how many hours a week I worked and the average of paid vs unpaid (things like accounting, networking, brainstorming ideas). I started tracking my non-project-specific admin time last year and it's a game changer.
(A quick reminder that one of the reasons I'm part time is that I had at least one kid home, so even working a 6 hour day is a pipe dream. I have to stop so often to help with some toy, make a snack, change a diaper, etc. Both of my kids were SUPPOSED to be in school this fall.)
Here is the progression of my income across my career. This is the first time I've ever showed these numbers! Again, it took me a LONG TIME to come to terms with the fact that I won't be full-time at this for awhile because: kids! (Even with school, that's not a full work day.)
That dip in 2017 and 2018? That's when I had my second kid (2017) and then a small human to care for! You wanna know what banks love to see when they discuss a mortgage with you? Fluctuating income! I had to WRITE A LETTER about it to the bank and I felt humiliated.
My goals for 2021 are first and foremost: survive. Some of my clients are still hurting. I work with a lot of associations and non-profits that will continue on, but won't have money to throw at virtual events for a bit.
After that, I am frantically hitching my wagon to my business bestie's star as she establishes a specialty in high-end course creation. Project-specific branding, presentations, and workbooks, all incredibly up my alley!
I have discovered that I low-key enjoy the presentation projects I've had this year and am looking to do more of those where I can create something beautiful and custom for clients. (I mostly use InDesign and do not convert to editable Powerpoints at the end, though.)
I also want to expand into at least one more annual anchor client, preferably with an early summer event, since my schedule lightens up at that point. (Fall is usually slammed and December is often crickets, which is why I can spend time this week doing this.)
That's about it! Feel free to ask any questions you have and I'll be as transparent as I can while respecting my clients' privacy. Thanks for letting me blather and remember that the level of what you're doing is right as long as it's right for YOU.
