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Kat Boogaard’s journey into freelance writing isn’t all that distinctive: She was working full-time in advertising and marketing however yearned for extra flexibility, creativity, and management in her work. Reflecting on her previous tasks and assignments, she observed that writing was a typical thread. So, she give up her full-time job to construct a contract writing enterprise.
Her development path, nevertheless, has been fairly unusual. For one, she has constructed a secure and viable enterprise, attaining six figures in income yearly for the previous 5 years and even bringing in multiple-six-figures in 2021 when she expanded her enterprise with subcontractors. However, she’s additionally made the intentional choice to cut back over the previous couple of years, stopping her work with subcontractors, chopping down shopper tasks to what she may handle on her personal, and decreasing her income by over $100,000.
Beneath, she shares extra about this new path, the ways in which choice has helped her life develop, and her recommendation for anybody attempting to develop as a freelancer—on their very own phrases.
Years in enterprise: 9
Variety of staff: I subcontracted actually closely a couple of years in the past, however now it’s simply me.
Location: Appleton, Wisconsin
Preliminary capital invested: Little or no! All I actually wanted was a pc and a dependable Web connection. Investments in issues like accounting software program, my LLC paperwork, and a few preliminary workplace provides my first 12 months in enterprise added as much as solely $1,629.43 (and that included medical health insurance).
Monetary assist for enterprise: I had household assist whereas I acquired my enterprise off the bottom. (I used to be residing with my boyfriend—now husband—who coated lease and meals, and my dad and mom pitched in the place they might, together with paying my automobile cost for one month.) I additionally acquired a $20,833 PPP (paycheck safety program) mortgage through the pandemic.
Income streams:
- Freelance writing weblog posts and ebooks for software program purchasers within the “world of labor” area
Creating sources and publishing recommendation for fellow freelancers (a modest slice of earnings, $4,000 to $11,000 per 12 months)
Progress Journey
What’s been your proudest monetary achievement as a enterprise proprietor?
I’m most happy with the 12 months that I paid over six figures to different freelance writers by means of subcontracting. This was 2021, when there was a number of uncertainty and battle within the freelance neighborhood. I used to be thrilled that my enterprise had the credibility to efficiently journey these waves—whereas additionally pulling different freelancers onto the boat with me. It was so rewarding to transcend sharing recommendation and provide actual alternative and earnings to different freelancers.
Subcontracting was one thing I resisted for a very long time, each as a result of it appeared intimidating and in addition as a result of I felt like I used to be making the most of different freelancers by getting a slice of the work they have been doing.
However I discovered methods to make it work for my enterprise and different freelancers by:
- Solely taking assignments that warranted a excessive sufficient charge that I may pay subcontractors greater than pretty whereas nonetheless conserving a share
- Elevating my charges with purchasers that have been overdue for a worth hike
- Creating outlined processes in order that subcontractors may concentrate on the inventive work and never the logistics
It additionally took some time to determine the money movement as a result of I’m a cash-based enterprise that does primarily Web 30 cost phrases. That meant I used to be usually paying subcontractors for his or her work earlier than I truly acquired paid. However my accountant (and my actuary husband) have been tremendous useful in determining tips on how to set sufficient apart in order that I may pay my subcontractors inside 24 hours of receiving their bill, even when the shopper took a number of extra weeks.
What have you ever discovered is price paying for that will help you develop, and what have you ever been capable of obtain extra scrappily?
Some issues I’m all the time glad to put money into embody:
- Certified skilled assist: I fairly actually don’t know what I’d do with out my accountant. From quarterly estimated taxes to gross sales taxes on my merchandise to my end-of-year return, he makes that complete course of a breeze. Plus, the peace of thoughts I get from understanding it’s all taken care of accurately is priceless. I even have two lawyer contacts that I can attain out to for recommendation and sources. One helped me arrange a contract template that I exploit when onboarding new purchasers, and now promote for different freelancers to make use of.
- Accounting software program: I’d even be misplaced with out QuickBooks. I exploit QuickBooks Easy Begin, so it’s pretty inexpensive (regardless that it felt like a hefty funding after I was beginning out). At $320 per 12 months, it prices greater than an Excel spreadsheet however is effectively price it for the extent of group (and the way skilled it makes me look with my purchasers).
- Desktop laptop: I spent the primary 12 months or two of my freelance profession engaged on my tiny, gradual laptop computer. I lastly sprung for a giant iMac after that. Contemplating how a lot time I spend hunched in entrance of a display screen, I’ve zero regrets about getting a quick and dependable laptop setup.
So far as the place I’m fairly scrappy, I’m not somebody who will get swept up in a number of different software program and devices. You gained’t discover me with a elaborate ring gentle for video calls or a ton of specialised software program
How do you determine how a lot to pay your self versus make investments again within the enterprise?
I’m an LLC (not an S-corp), so no matter is left after I cowl my bills is technically mine—to then pay taxes on, in fact. Groan.
I don’t have a refined system for deciding how a lot to speculate again within the enterprise. If issues are going effectively, I is perhaps extra inclined to spring for a brand new laptop computer or join a course or convention. However in latest months, the freelance panorama has felt shakier—plus there’s inflation to take care of—so I’m attempting to maintain bills as little as doable.
Plus, since having youngsters, my very own private bills are increased (significantly with childcare within the combine). Retaining our first little one residence through the thick of the pandemic confirmed me that it’d be unimaginable to keep up my work over solely naptimes and evenings, so constant childcare was a non-negotiable for us (even with the hefty price ticket).
Just a few extra issues I’ve discovered useful when fascinated by investing in my enterprise:
- Plan for taxes first: I’ve a separate financial savings account arrange particularly for taxes. When my bill funds roll in, I put aside a big chunk (normally round $16,000/quarter, though I don’t all the time want the entire quantity) earlier than I spend cash on the rest. That approach I do know I’m able to pay taxes when the due date rolls round.
- Spend deliberately: Particularly if I’m dealing with a bigger expense (like a brand new laptop), I’ll plan for it forward of time. Deliberately setting cash apart to cowl it makes the acquisition damage a bit bit much less.
- Log your bills: My accountant tells me he’s all the time shocked at how a lot cash enterprise homeowners depart on the desk by not logging their bills. For those who spend cash on one thing for your online business, that’s a deduction! Log it and hold the receipt, gosh darnit.
Inform us about your group. At what level did you determine to rent staff or contractors? How do you consider when and who to convey on now?
I don’t have a lot of a group proper now—I’m flyin’ solo! However after I was subcontracting in 2021-ish, I knew it was time to convey extra individuals into the fold as a result of I discovered myself turning down alternatives I used to be actually enthusiastic about.
It wasn’t even actually a aware development or monetary choice for me on the time. It was extra that I used to be getting contacted about tasks I’d like to work on, however I simply didn’t have the capability. After speaking it by means of with a couple of different freelancers who subcontracted, it appeared like an affordable technique to broaden my enterprise’ output and say “sure” to extra with out essentially burning myself out.
It labored very well for a time period. However after welcoming my second son in January 2022, I needed an easier and extra streamlined enterprise. Subcontracting was unbelievable, but it surely got here with challenges and administrative duties (onboarding writers, creating briefs and descriptions, modifying assignments, paying invoices, fielding revisions, and so forth.).
I spotted I felt most “at peace” and in management when it was simply me, so I made a decision to cut back to a solo enterprise—no less than in the intervening time. That’s given me again some extra management over my very own schedule and workload, since I don’t really feel stress to be signed on and answering questions on days after I in any other case wouldn’t be working. It means I appear like I went “backwards” on my steadiness sheet, but it surely feels very very similar to ahead progress to me.
What particular methods or advertising and marketing methods did you use to draw your first clients or purchasers? What are a few of your most impactful advertising and marketing methods now?
My first purchasers got here by means of chilly emailing and making use of by means of job boards. These methods can have a fairly low success charge. However, contemplating I didn’t have a number of current connections or earlier work, they have been the one viable choices. As soon as I acquired one or two “sure” responses, issues acquired simpler as a result of I began to construct up credibility and a portfolio.
Nowadays, my high technique is to do high-quality, strong work for my purchasers and ship it on-time. That’s it. The overwhelming majority of my new purchasers and tasks come by means of referrals and suggestions.
If and when issues are gradual, I additionally discover it useful to succeed in out to purchasers and ask for referrals. I’ve landed some unbelievable tasks by means of current purchasers who know anyone else who wants writing assist.
I’m pretty lively on social media as effectively. Whereas the majority of my on-line presence is geared towards different freelancers, I’ve just lately began to share extra of my printed work and details about my companies on LinkedIn. These posts get a good quantity of traction, and since a number of my goal purchasers are on LinkedIn, that stage of visibility doesn’t damage.
What’s a turning level that actually impacted how you considered your online business or approached development?
Infants. Children. Youngsters.
It appears like such a cliché after I say that—like I “mommy tracked” (I detest that time period, by the best way) myself in my very own enterprise. However there’s a cause that the entire, “youngsters change your priorities!” sentiments are oft-repeated: they’re true. So dang true.
I had two youngsters in below two years throughout a fairly wild time in historical past (my first was born in April of 2020). And, whereas the pandemic pressured everyone to reevaluate their careers and priorities, I had the added complexity of changing into a mother and feeling this basic shift in my id.
I used to be all the time very career-driven. And, whereas that’s nonetheless true to some extent, I now take into consideration what my enterprise can do for me, not what I can do for it. My enterprise may be very a lot a method to earn cash and supply for my household, not the middle of my self-worth and id the best way it was within the early years.
At this time, “success” seems to be like incomes a good residing whereas nonetheless having time and psychological vitality to dedicate to the issues which can be way more necessary to me—like my household, a superb e-book, or a day stroll with the canine. Certain, the 12 months that my enterprise earned essentially the most was financially rewarding, however I used to be harassed and unfold skinny. It felt like extra of a loss than a achieve. After reflecting on that, I spotted that “development” for me meant working much less, however on tasks I actually loved. Now, I work a three-ish-day workweek and keep narrowly targeted on the purchasers which can be the very best match for me. I get pleasure from my enterprise far more now than I did when it introduced in $300K.
I believe increasingly more persons are feeling that very same shift (cue the headlines about “quiet quitting” or “lazy woman jobs”), and I like seeing so many professionals rethink how work suits into their lives—reasonably than persevering with to speak about it like the middle of our lives. No matter your state of affairs, it’s so necessary to determine what “development” truly means to you rather than getting boxed into considering it means a gentle incline in your steadiness sheet.
What have been the best development or cash challenges you’ve skilled? How have you ever labored by means of them?
Certainly, getting began was the toughest. It feels embarrassing to say now, however I wasn’t even conscious of “content material advertising and marketing” as a factor after I began my enterprise. I assumed a profession as a author meant writing columns for shiny publications.
I rapidly realized these publications weren’t going to answer me. After touchdown a gig writing weblog posts about storage models for $40 a pop, I had a lightbulb second: “Oh, corporations want content material with a purpose to get in entrance of their clients.” That’s after I pivoted and began specializing in writing website positioning content material for manufacturers, earlier than finally discovering my area of interest on the planet of labor.
However oof, these first couple years have been tough financially. My first 12 months (truly a half 12 months), I solely introduced in $5,300. The following 12 months (2015), I grossed $32,000, which matched what I had been incomes full-time. After which in 2016, I discovered my footing and my area of interest, bringing in just below $80,000 in gross earnings, which felt big.
What are your subsequent development objectives? What do you intend on investing in that will help you obtain them?
I do know that is after I’m presupposed to say I’ve my eye on some main targets—like spinning my companies into an company and launching extra passive earnings streams. However actually, none of that’s on my radar proper now.
My focus is that this: Incomes a good earnings with out spreading myself too skinny. For me, which means incomes someplace within the vary of $8,000 to $10,000 per thirty days whereas sustaining my three-ish-day workweek, being selective in regards to the tasks I tackle, and saving loads of my time, endurance, and vitality for my household and different pursuits.
Is that going to make for a brilliant grabby LinkedIn publish or headline? Most likely not. However it’s the place I’m at. I’m development by means of the lens of my total high quality of life.
Primarily based in your expertise, what recommendation would you give somebody who had a enterprise like yours for rising efficiently?
Decide to some trial and error. In enterprise possession, you wish to get every part proper instantly. It’s scary to make errors or study powerful classes—it appears like there’s a lot on the road.
However actually, the very best classes are discovered the exhausting approach. I wouldn’t have recognized that subcontracting wasn’t the appropriate match for me proper now if I hadn’t tried it. I wouldn’t have recognized to prioritize saving for taxes if I hadn’t had one quarterly estimated tax cost sneak up on me.
By all means, devour the recommendation, ask questions, and study from others. However don’t let that maintain you again from transferring ahead, experiencing issues for your self, and evolving based mostly on that.
On the finish of the day, that’s what development is, isn’t it?
