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Monday, July 4, 2011

The State of *One* Freelancer's Income, July, 2011

First, thank you so much to all of you who have taken my quick, confidential 2010/2011 freelance income survey; I'll post the results in a week or two. The more responses we get, the more accurate (and helpful!), the results will be, so please take a couple of minutes to take it if you haven't already--and ask fellow freelancers to do the same.

So, let's talk some more about money. I've posted before about the importance of having a daily nut, and that my income goal for 2011 is $60,000. That translates into a daily nut of $250.

Well, as of June 30, we're halfway through the year. So far, I'm on target to hit $60,000 (barely)--I've made $30,497. But where has that money come from? In addition to some syndication fees (I syndicate work of other writers for one client) and some travel reimbursements, etc, my income breaks down like this:
  • $15,500 from ghostwriting projects including a book and book proposal (both of which were started in 2010);
  • $4,275 from original articles for magazines;
  • $915 from "hand-sales," or copies of books I've sold at speaking gigs
I've said before that I make most of my income from ghostwriting books, but by analyzing where my money is coming from, I can see that speaking, original articles, and reprints are contributing significantly to my bottom line. As for royalties and hand-sales, they're just gravy--although I expect to see my POD and e-book royalties increase during the last six months of the year, especially since my "chick lit" novels, Did you Get the Vibe?, and White Bikini Panties, are selling well.

My point? We're halfway through the year. Where do you stand, money-wise? How are doing as far as your annual income goal? And what kinds of work are you finding the most lucrative? I'd love it if you'd comment here and let me and other blog readers know. :)

4 comments:

  1. How many hours per week are you working? Do you keep track of that as well as your earnings?

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  2. Kudos for doing so well with speaking gigs! How does 2011 compare to 2010 for you, Kelly?

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  3. Right now, I'm working about 15 hours/week, and have since my 18-month-old was born. My goal is to make a full-time living in part-time hours.

    Lisa, I'll check on my 2010 speaking $$ and report back. Pretty sure that I've made more this year already, though--I had a new baby at home last year and wasn't doing much speaking. I've spoken at a couple of conferences and had a slew of library gigs this year already, but the rest of the year isn't as booked--which means I need to do more promotion!

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  4. I've been reading through your book and it's helpful to have reminders here too about what I need to be doing. So you base your quarterly taxes then on this income estimate, yes?

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