{"id":7520,"date":"2016-04-12T06:00:00","date_gmt":"2016-04-12T11:00:00","guid":{"rendered":"http:\/\/thewritelife.com\/?p=7520"},"modified":"2016-04-11T07:52:04","modified_gmt":"2016-04-11T12:52:04","slug":"tracking-freelance-earnings-march-income-report-from-nicole-dieker","status":"publish","type":"post","link":"https:\/\/thewritelife.com\/?p=7520","title":{"rendered":"Tracking Freelance Earnings: March Income Report From Nicole Dieker"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">My career has changed significantly since this time last year &#8212; and my tracking systems need to change as well. This month, let\u2019s look at my<\/span><b> freelance tracking spreadsheet<\/b><span style=\"font-weight: 400;\"> to see how I\u2019m adjusting it as my career evolves.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">First, the numbers for March:<\/span><\/p>\n<p><b>Completed pieces:<\/b><span style=\"font-weight: 400;\"> 74<\/span><\/p>\n<p><b>Work billed:<\/b><span style=\"font-weight: 400;\"> $5,763.08<\/span><\/p>\n<p><b>Earnings received: <\/b><span style=\"font-weight: 400;\">$6,307.33<\/span><\/p>\n<p><span style=\"font-weight: 400;\">I wrote a little over 52,000 words in March, with an average per-piece earning of $77. <\/span><b>However, I don\u2019t think \u201caverage per-piece earning\u201d is a good metric for tracking my work anymore.<\/b><\/p>\n<p><span style=\"font-weight: 400;\">At this point, my earnings are divided into three categories:<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Work performed as a writer and editor at <\/span><a href=\"https:\/\/thebillfold.com\/\" target=\"_blank\"><span style=\"font-weight: 400;\">The Billfold<\/span><\/a><span style=\"font-weight: 400;\">, which takes about 40 percent of my freelancing time and includes both longer essays and articles as well as a number of short pieces. In March, 65 of my 74 completed pieces were for The Billfold.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Longform research and writing projects that take about 40 percent of my freelancing time. My article <\/span><span style=\"font-weight: 400;\">The Best Online Personal Loans<\/span><span style=\"font-weight: 400;\"> at <\/span><a href=\"https:\/\/www.thesimpledollar.com\/\" target=\"_blank\"><span style=\"font-weight: 400;\">The Simple Dollar<\/span><\/a><span style=\"font-weight: 400;\">, for example, took more than 30 hours of research plus writing and revisions.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Shorter pieces (like this one!) for a variety of clients. These take about 10 percent of my freelancing time, with 10 percent of my time left over for admin.<\/span><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">At this point in my career, my work is so disparate that I can\u2019t compare something like The Best Online Personal Loans to a Billfold <\/span><a href=\"https:\/\/thebillfold.com\/monday-check-in-947db29c8782#.5ks6f9l1d\" target=\"_blank\"><span style=\"font-weight: 400;\">Monday Check-In<\/span><\/a><span style=\"font-weight: 400;\"> post. So I want to phase out the idea of per-piece earnings as a metric of success, and look instead at two larger metrics:<\/span><\/p>\n<ul>\n<li><b><b>Did I meet my $5,000 monthly earnings goal?<\/b><\/b><\/li>\n<\/ul>\n<ul>\n<li><b>Was my workload manageable?<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Here\u2019s how I\u2019m thinking about these metrics going forward.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Prorating my assignments to accurately track earnings<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">As I mentioned in <\/span><a href=\"https:\/\/thewritelife.com\/tracking-freelance-earnings-february-income-report-nicole-dieker\/\" target=\"_blank\"><span style=\"font-weight: 400;\">February\u2019s update<\/span><\/a><span style=\"font-weight: 400;\">, <\/span><b>I have a number of projects that take longer than a month to complete.<\/b><span style=\"font-weight: 400;\"> What I\u2019ve started doing is prorating these assignments into weekly earnings over the length of the project, so I can keep track of whether I\u2019m on target to meet my $5,000 monthly earnings goal.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For example: Let\u2019s say a project pays $1,500 and the final draft is scheduled five weeks out. Let\u2019s also say the project starts on Monday, April 11 and the final draft is due on Friday, May 13.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Here\u2019s what my freelance tracking spreadsheet typically looks like (with the earnings column redacted):<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-7829\" src=\"https:\/\/thewritelife.com\/wp-content\/uploads\/2016\/04\/Dieker-freelance-spreadsheet.jpg\" alt=\"Dieker-freelance-spreadsheet\" width=\"640\" height=\"83\" srcset=\"https:\/\/thewritelife.com\/wp-content\/uploads\/2016\/04\/Dieker-freelance-spreadsheet.jpg 1314w, https:\/\/thewritelife.com\/wp-content\/uploads\/2016\/04\/Dieker-freelance-spreadsheet-300x39.jpg 300w, https:\/\/thewritelife.com\/wp-content\/uploads\/2016\/04\/Dieker-freelance-spreadsheet-768x99.jpg 768w, https:\/\/thewritelife.com\/wp-content\/uploads\/2016\/04\/Dieker-freelance-spreadsheet-1024x132.jpg 1024w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">For the next five weeks, I\u2019d add one more line item to the spreadsheet, labeled \u201cProrated [Project Name].\u201d I\u2019d then add $300 to the \u201cearned\u201d column to represent the prorated amount I earned that week. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">This way,<\/span><b> I can accurately track my project earnings over time,<\/b><span style=\"font-weight: 400;\"> even though I won\u2019t be able to bill the entire $1,500 until the project is completed. <\/span><b>I can also accurately gauge whether I\u2019m earning $5,000 every month,<\/b><span style=\"font-weight: 400;\"> even if part of those earnings are associated with a project I won\u2019t complete until the following month.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This prorating method also helps me plan my freelancing schedule. <\/span><b>If I have a five-week project, I should complete roughly 20 percent of the work during Week One, and so on. <\/b><\/p>\n<h3><span style=\"font-weight: 400;\">Planning project time into my workload<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">The spreadsheet example I showed you above is from April of last year, when nearly all of my articles could be started and finished on the same day. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Now that I\u2019m working on longer projects, <\/span><b>I need to schedule fewer short pieces and more uninterrupted project time<\/b><span style=\"font-weight: 400;\"> &#8212; and I need to add that project time directly into my freelance-tracking spreadsheet.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Here\u2019s a mockup of what this April\u2019s spreadsheet looks like:<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-7828\" src=\"https:\/\/thewritelife.com\/wp-content\/uploads\/2016\/04\/Dieker-April-2016-Spreadsheet-Mockup.png\" alt=\"Dieker April 2016 Spreadsheet Mockup\" width=\"639\" height=\"102\" srcset=\"https:\/\/thewritelife.com\/wp-content\/uploads\/2016\/04\/Dieker-April-2016-Spreadsheet-Mockup.png 809w, https:\/\/thewritelife.com\/wp-content\/uploads\/2016\/04\/Dieker-April-2016-Spreadsheet-Mockup-300x48.png 300w, https:\/\/thewritelife.com\/wp-content\/uploads\/2016\/04\/Dieker-April-2016-Spreadsheet-Mockup-768x122.png 768w\" sizes=\"auto, (max-width: 639px) 100vw, 639px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">In this example, I need to complete two pieces for The Billfold (that\u2019s what P1 and P2 stand for, and I\u2019ll replace those cells with the pieces\u2019 titles when they\u2019re done) and then I need to WORK on a <\/span><a href=\"https:\/\/klientboost.com\/blog\/\" target=\"_blank\"><span style=\"font-weight: 400;\">KlientBoost<\/span><\/a><span style=\"font-weight: 400;\"> project. <\/span><b>I won\u2019t finish that KlientBoost project on April 7, but blocking off the time ensures I won\u2019t schedule anything else for the afternoon.<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Planning WORK time also helps me keep my workload manageable. Right now, all of April and half of May are completely booked with The Billfold, large projects, and my recurring monthly articles.<\/span><\/p>\n<p><b>If another client approached me, I could say with confidence that my schedule was full<\/b><span style=\"font-weight: 400;\"> &#8212; because I\u2019d already filled in all of the work and I\u2019d confirmed I was earning at least $5,000 a month, prorated over the length of my larger projects.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In March, I also set aside Monday afternoons as \u201coverflow time.\u201d I could use those afternoons to work on a revision that took longer than expected, do administrative work I\u2019d been putting off, or pick up one quick assignment that was too good to turn down. <\/span><b>Scheduling overflow time worked out really well, so I\u2019m keeping it up for April. <\/b><\/p>\n<p><span style=\"font-weight: 400;\">I should warn you: Despite all of this planning work and the overflow afternoons, <\/span><b>I still spend about one day a week working on freelance assignments \u201cafter hours.\u201d<\/b><span style=\"font-weight: 400;\"> Sometimes it\u2019s because something is unexpectedly added to my workload, but often it\u2019s because I want to spend more time with an essay or a project. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">This means I\u2019m still not blocking enough time off for writing; as my career continues to evolve, I\u2019ll want to schedule even more WORK time so I can give every post and project the attention it needs. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Still, I <\/span><i><span style=\"font-weight: 400;\">am<\/span><\/i><span style=\"font-weight: 400;\"> for the most part hitting my metrics: I\u2019m earning $5,000 a month, and I\u2019ve got a manageable workload. It feels like freelance success to me.<\/span><\/p>\n<p><b>How often do you re-evaluate your metrics and your tracking systems? Has what defines \u201csuccess\u201d changed since you started freelancing? <\/b><\/p>\n","protected":false},"excerpt":{"rendered":"<p>How do you manage your time when you\u2019re working on various freelance projects? Nicole is working on a system.<\/p>\n","protected":false},"author":117,"featured_media":7299,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[418,208,169,667],"class_list":["post-7520","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-freelancing","tag-freelance-writer","tag-freelance-writing","tag-income-report","tag-time-management-for-writers"],"_links":{"self":[{"href":"https:\/\/thewritelife.com\/index.php?rest_route=\/wp\/v2\/posts\/7520","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thewritelife.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thewritelife.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thewritelife.com\/index.php?rest_route=\/wp\/v2\/users\/117"}],"replies":[{"embeddable":true,"href":"https:\/\/thewritelife.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7520"}],"version-history":[{"count":0,"href":"https:\/\/thewritelife.com\/index.php?rest_route=\/wp\/v2\/posts\/7520\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/thewritelife.com\/index.php?rest_route=\/wp\/v2\/media\/7299"}],"wp:attachment":[{"href":"https:\/\/thewritelife.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7520"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thewritelife.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7520"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thewritelife.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7520"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}