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.
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