Dictionary.com defines profit as: The return received on a business undertaking after all operating expenses have been met.
Of course, you can only figure your return if you actually know what your expenses are – all of them. But once you have a handle on your expenses, you can begin to look at your return or your profit.
Yes, you and I are entitled to a profit on our freelance writing business. And if you’re like me, that may be a new thought. Oh, I’ve planned for investments and retirement and vacations with some success, but I rarely think in terms as profit or a return on my writing business efforts.
So what do I mean we’re “entitled” to a profit? I’m really getting at the whole issue of how we charge for our work – a familiar theme here. Each of us needs to set our rates in a way that truly sustains us. Not so much we’re gouging our clients – which probably won’t work anyway. And not so little we’re having trouble covering our legitimate expenses, every single one of them – with enough beyond that to allow us some spaciousness in our lives, however we want to define that.
As you can probably tell, I’m contemplating the whole subject of profit. What are your ideas on profit?
I’d love to hear about them.
Write well and often,
Image from http://www.sxc.hu
{ 5 comments… read them below or add one }
As someone working full time as an employee and also building a freelance business that I hope becomes my living, I have also contemplated profit. One of the most appealing aspects of freelancing is the idea that my income will depend on me, not on a “boss.” I am also finding that my thinking is somewhat limited by my past experience as an employee. The idea that I could work at home, have more control over what work I do, pay all my bills and maybe have a little left over seems too fantastic – it’s like imaginig what you would do if you won the lottery! Thanks for using the word “entitled. ” You’re right!
Dava Stewart´s last blog ..Getting Through the Hard Stuff
I agree, absolutely, that freelance writers are entitled to a profit just like anyone else. We spend so much time fighting the people that undervalue our work that I believe we tend to start to think we don’t deserve a couple luxuries in life!
Love it when people agree
Great post! I’m taking the advice of Brendon Burchard who asks, “…would you rather have one client that pays your $1,000 or more or a 100 clients that pay you $100 or more?” I’ll take one or three clients that pay me $1,000 or more!
Rebecca´s last blog ..Don’t Miss 30 Second Elevator Pitch
Right on Rebecca… thanks.