My month as a Solo Writer (with my real revenue & profit numbers)
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Hey everyone, May 2024 was a great month as a Solo Writer. I worked with 7 clients and earned $23,000 in revenue (I'll get to expenses in a bit). Here's how my client mix broke down: Client 1 - $7k Client 2 - $5k Client 3 - $4k Client 4 - $2k Client 5 - $2.5k Client 6 - $1.5k Client 7 - $1k Only two of these clients were new this month. The average age of these client relationships is about 6 months. What will I change for next month? Consolidation. As I've mentioned before, the high-paying clients aren't that much more work than the lowest-paying ones. Usually the main part of the work is collecting background info on the client and switching into the correct context to write for them. So the $7k client definitely wasn't 7x more work than the $1k client; probably only 3x as much work. In other words, I need to figure out how to have 3 clients paying $7k a month rather than trying to add more $1k clients. Expenses Here's how my expenses broke down for the month: Contract Labor: $1,970 Payment Processing: $155.60 Software: $245 Total Expenses: $2,370.60 Total pre-tax profit*: $20,629.40.*Before paying myself Contract labor consisted of 3 contract writers I hired to help out with a few parts of my projects. One earned about $1,400, while the other two each earned about $250 Goals for June:
Thanks for reading! Let me know what questions you have, happy to answer anything. |
Solo Writers
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