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Kat Boogaard’s journey into freelance writing isn’t all that distinctive: She was working full-time in advertising however yearned for extra flexibility, creativity, and management in her work. Reflecting on her previous initiatives and assignments, she seen that writing was a standard thread. So, she give up her full-time job to construct a contract writing enterprise.
Her progress path, nonetheless, has been fairly unusual. For one, she has constructed a secure and viable enterprise, attaining six figures in income yearly for the previous 5 years and even bringing in multiple-six-figures in 2021 when she expanded her enterprise with subcontractors. However, she’s additionally made the intentional choice to cut back over the previous couple of years, stopping her work with subcontractors, reducing down consumer initiatives to what she might handle on her personal, and lowering her income by over $100,000.
Under, she shares extra about this new path, the ways in which choice has helped her life develop, and her recommendation for anybody making an attempt to develop as a freelancer—on their very own phrases.
Years in enterprise: 9
Variety of workers: I subcontracted actually closely just a few years in the past, however now it’s simply me.
Location: Appleton, Wisconsin
Preliminary capital invested: Little or no! All I actually wanted was a pc and a dependable Web connection. Investments in issues like accounting software program, my LLC paperwork, and a few preliminary workplace provides my first 12 months in enterprise added as much as solely $1,629.43 (and that included medical insurance).
Monetary assist for enterprise: I had household assist whereas I obtained my enterprise off the bottom. (I used to be dwelling with my boyfriend—now husband—who lined hire and meals, and my mother and father pitched in the place they might, together with paying my automotive cost for one month.) I additionally acquired a $20,833 PPP (paycheck safety program) mortgage in the course of the pandemic.
Income streams:
- Freelance writing weblog posts and ebooks for software program shoppers within the “world of labor” house
Creating assets and publishing recommendation for fellow freelancers (a modest slice of revenue, $4,000 to $11,000 per 12 months)
Progress Journey
What’s been your proudest monetary achievement as a enterprise proprietor?
I’m most pleased with the 12 months that I paid over six figures to different freelance writers by means of subcontracting. This was 2021, when there was numerous uncertainty and wrestle within the freelance group. I used to be thrilled that my enterprise had the credibility to efficiently experience these waves—whereas additionally pulling different freelancers onto the boat with me. It was so rewarding to transcend sharing recommendation and provide actual alternative and revenue to different freelancers.
Subcontracting was one thing I resisted for a very long time, each as a result of it appeared intimidating and likewise as a result of I felt like I used to be benefiting from different freelancers by getting a slice of the work they had been doing.
However I discovered methods to make it work for my enterprise and different freelancers by:
- Solely taking assignments that warranted a excessive sufficient price that I might pay subcontractors greater than pretty whereas nonetheless protecting a proportion
- Elevating my charges with shoppers that had been overdue for a worth hike
- Creating outlined processes in order that subcontractors might deal with the artistic work and never the logistics
It additionally took some time to determine the money stream as a result of I’m a cash-based enterprise that does primarily Internet 30 cost phrases. That meant I used to be usually paying subcontractors for his or her work earlier than I really obtained paid. However my accountant (and my actuary husband) had been tremendous useful in determining how you can set sufficient apart in order that I might pay my subcontractors inside 24 hours of receiving their bill, even when the consumer took a number of extra weeks.
What have you ever discovered is value paying for that will help you develop, and what have you ever been capable of obtain extra scrappily?
Some issues I’m all the time comfortable to put money into embrace:
- Certified skilled assist: I fairly actually don’t know what I’d do with out my accountant. From quarterly estimated taxes to gross sales taxes on my merchandise to my end-of-year return, he makes that entire course of a breeze. Plus, the peace of thoughts I get from understanding it’s all taken care of appropriately is priceless. I even have two lawyer contacts that I can attain out to for recommendation and assets. One helped me arrange a contract template that I take advantage of when onboarding new shoppers, and now promote for different freelancers to make use of.
- Accounting software program: I’d even be misplaced with out QuickBooks. I take advantage of QuickBooks Easy Begin, so it’s pretty inexpensive (although it felt like a hefty funding after I was beginning out). At $320 per 12 months, it prices greater than an Excel spreadsheet however is nicely value it for the extent of group (and the way skilled it makes me look with my shoppers).
- Desktop pc: I spent the primary 12 months or two of my freelance profession engaged on my tiny, gradual laptop computer. I lastly sprung for a giant iMac after that. Contemplating how a lot time I spend hunched in entrance of a display screen, I’ve zero regrets about getting a quick and dependable pc setup.
So far as the place I’m fairly scrappy, I’m not somebody who will get swept up in numerous different software program and devices. You received’t discover me with a elaborate ring gentle for video calls or a ton of specialised software program
How do you determine how a lot to pay your self versus make investments again within the enterprise?
I’m an LLC (not an S-corp), so no matter is left after I cowl my bills is technically mine—to then pay taxes on, in fact. Groan.
I don’t have a refined system for deciding how a lot to speculate again within the enterprise. If issues are going nicely, I could be extra inclined to spring for a brand new laptop computer or join a course or convention. However in current months, the freelance panorama has felt shakier—plus there’s inflation to deal with—so I’m making an attempt to maintain bills as little as doable.
Plus, since having children, my very own private bills are greater (notably with childcare within the combine). Preserving our first baby house in the course of the thick of the pandemic confirmed me that it’d be inconceivable to keep up my work over solely naptimes and evenings, so constant childcare was a non-negotiable for us (even with the hefty price ticket).
Just a few extra issues I’ve discovered useful when eager about investing in my enterprise:
- Plan for taxes first: I’ve a separate financial savings account arrange particularly for taxes. When my bill funds roll in, I put aside a big chunk (often round $16,000/quarter, though I don’t all the time want the entire quantity) earlier than I spend cash on anything. That approach I do know I’m able to pay taxes when the due date rolls round.
- Spend deliberately: Particularly if I’m dealing with a bigger expense (like a brand new pc), I’ll plan for it forward of time. Deliberately setting cash apart to cowl it makes the acquisition damage slightly bit much less.
- Log your bills: My accountant tells me he’s all the time shocked at how a lot cash enterprise homeowners go away on the desk by not logging their bills. When you spend cash on one thing for your corporation, that’s a deduction! Log it and preserve the receipt, gosh darnit.
Inform us about your group. At what level did you determine to rent workers or contractors? How do you consider when and who to convey on now?
I don’t have a lot of a group proper now—I’m flyin’ solo! However after I was subcontracting in 2021-ish, I knew it was time to convey extra folks into the fold as a result of I discovered myself turning down alternatives I used to be actually enthusiastic about.
It wasn’t even actually a acutely aware progress or monetary choice for me on the time. It was extra that I used to be getting contacted about initiatives I’d like to work on, however I simply didn’t have the capability. After speaking it by means of with just a few different freelancers who subcontracted, it appeared like an inexpensive strategy to develop my enterprise’ output and say “sure” to extra with out essentially burning myself out.
It labored rather well for a time period. However after welcoming my second son in January 2022, I needed an easier and extra streamlined enterprise. Subcontracting was unimaginable, but it surely got here with challenges and administrative duties (onboarding writers, creating briefs and descriptions, modifying assignments, paying invoices, fielding revisions, and so on.).
I noticed I felt most “at peace” and in management when it was simply me, so I made a decision to cut back to a solo enterprise—not less than in the meanwhile. That’s given me again some extra management over my very own schedule and workload, since I don’t really feel stress to be signed on and answering questions on days after I in any other case wouldn’t be working. It means I seem like I went “backwards” on my stability sheet, but it surely feels very very similar to ahead progress to me.
What particular methods or advertising strategies did you use to draw your first clients or shoppers? What are a few of your most impactful advertising methods now?
My first shoppers got here by means of chilly emailing and making use of by means of job boards. These methods can have a fairly low success price. However, contemplating I didn’t have numerous present connections or earlier work, they had been the one viable choices. As soon as I obtained one or two “sure” responses, issues obtained simpler as a result of I began to construct up credibility and a portfolio.
Lately, my high technique is to do high-quality, strong work for my shoppers and ship it on-time. That’s it. The overwhelming majority of my new shoppers and initiatives come by means of referrals and suggestions.
If and when issues are gradual, I additionally discover it useful to succeed in out to shoppers and ask for referrals. I’ve landed some unimaginable initiatives by means of present shoppers who know any person else who wants writing assist.
I’m pretty lively on social media as nicely. Whereas the majority of my on-line presence is geared towards different freelancers, I’ve not too long ago began to share extra of my revealed work and details about my providers on LinkedIn. These posts get a good quantity of traction, and since numerous my goal shoppers are on LinkedIn, that degree of visibility doesn’t damage.
What’s a turning level that basically impacted how you considered your corporation or approached progress?
Infants. Youngsters. Youngsters.
It looks like such a cliché after I say that—like I “mommy tracked” (I detest that time period, by the way in which) myself in my very own enterprise. However there’s a purpose that all the, “children change your priorities!” sentiments are oft-repeated: they’re true. So dang true.
I had two children in beneath two years throughout a fairly wild time in historical past (my first was born in April of 2020). And, whereas the pandemic compelled all people to reevaluate their careers and priorities, I had the added complexity of changing into a mother and feeling this basic shift in my id.
I used to be all the time very career-driven. And, whereas that’s nonetheless true to some extent, I now take into consideration what my enterprise can do for me, not what I can do for it. My enterprise could be very a lot a way to earn cash and supply for my household, not the middle of my self-worth and id the way in which it was within the early years.
At this time, “success” seems to be like incomes a good dwelling whereas nonetheless having time and psychological power to dedicate to the issues which might be much more vital to me—like my household, e-book, or a day stroll with the canines. Positive, the 12 months that my enterprise earned essentially the most was financially rewarding, however I used to be confused and unfold skinny. It felt like extra of a loss than a achieve. After reflecting on that, I noticed that “progress” for me meant working much less, however on initiatives I actually loved. Now, I work a three-ish-day workweek and keep narrowly targeted on the shoppers which might be the perfect match for me. I get pleasure from my enterprise far more now than I did when it introduced in $300K.
I believe increasingly more persons are feeling that very same shift (cue the headlines about “quiet quitting” or “lazy woman jobs”), and I really like seeing so many professionals rethink how work matches into their lives—slightly than persevering with to speak about it like the middle of our lives. No matter your state of affairs, it’s so vital to determine what “progress” really means to you rather than getting boxed into pondering it means a gentle incline in your stability sheet.
What have been the best progress or cash challenges you’ve skilled? How have you ever labored by means of them?
Unquestionably, getting began was the toughest. It feels embarrassing to say now, however I wasn’t even conscious of “content material advertising” as a factor after I began my enterprise. I assumed a profession as a author meant writing columns for shiny publications.
I shortly realized these publications weren’t going to reply to me. After touchdown a gig writing weblog posts about storage items for $40 a pop, I had a lightbulb second: “Oh, firms want content material with a purpose to get in entrance of their clients.” That’s after I pivoted and began specializing in writing website positioning content material for manufacturers, earlier than ultimately discovering my area of interest on the planet of labor.
However oof, these first couple years had been tough financially. My first 12 months (really a half 12 months), I solely introduced in $5,300. The subsequent 12 months (2015), I grossed $32,000, which matched what I had been incomes full-time. After which in 2016, I discovered my footing and my area of interest, bringing in just below $80,000 in gross revenue, which felt large.
What are your subsequent progress targets? What do you propose on investing in that will help you obtain them?
I do know that is after I’m purported to say I’ve my eye on some main targets—like spinning my providers into an company and launching extra passive revenue streams. However truthfully, none of that’s on my radar proper now.
My focus is that this: Incomes a good revenue with out spreading myself too skinny. For me, which means incomes someplace within the vary of $8,000 to $10,000 per 30 days whereas sustaining my three-ish-day workweek, being selective concerning the initiatives I tackle, and saving loads of my time, persistence, and power for my household and different pursuits.
Is that going to make for an excellent grabby LinkedIn put up or headline? In all probability not. Nevertheless it’s the place I’m at. I’m taking a look at progress by means of the lens of my total high quality of life.
Based mostly in your expertise, what recommendation would you give somebody who had a enterprise like yours for rising efficiently?
Decide to some trial and error. In enterprise possession, you need to get the whole lot proper instantly. It’s scary to make errors or study powerful classes—it looks like there’s a lot on the road.
However truthfully, the perfect classes are realized the arduous approach. I wouldn’t have identified that subcontracting wasn’t the suitable match for me proper now if I hadn’t tried it. I wouldn’t have identified to prioritize saving for taxes if I hadn’t had one quarterly estimated tax cost sneak up on me.
By all means, eat the recommendation, ask questions, and study from others. However don’t let that maintain you again from shifting ahead, experiencing issues for your self, and evolving primarily based on that.
On the finish of the day, that’s what progress is, isn’t it?
