I was honored to be the keynote speaker at Communication Central in Rochester, N.Y., in late September, and I was struck, as I networked with the assembled writers, editors, designers, and publishing experts, by the myriad ways people successfully operate a freelance business.
So, yep, that headline is intentionally misleading, because the truth is: There’s no best way to run a freelance business.
On this blog, I strive to offer a balanced approach—outlining the pros and cons of various strategies for your consideration. Here are a few of the key differences of opinion that I noted during private conversations and workshops at various points in the conference:
- Generalist vs. specialist. This gets debated all the time in the freelance-o-sphere, sometimes quite contentiously. My take? Either way can work. Don’t feel guilty or stupid about your choice (and there’s no reason you can’t change it). Do what makes you excited to sit down at the computer every day. Don’t ignore the advantages that the other might offer.
- Hourly rate vs. project rate. As I’ve discussed on many occasions here and at some length in The Science, Art and Voodoo of Freelance Pricing and Getting Paid, my preference is to use an estimated range, which maximizes your sales persuasion, negotiating leverage, and potential revenue. That said, if a prospect or client wants you to work on an hourly rate or firm bid, you’d be a fool to be a hardliner about it.
- One set price for all clients vs. variable pricing. I’m solidly in the latter camp, because you can take advantage of the prices a given market will bear. To keep things simple in my own head, I never use different prices for services within a particular client account; I know, however, that there are freelancers who do it successfully.
- Business name vs. your own name. Maybe it’s because I’ve endured a lifetime of people botching my last name, both spelling and pronunciation, but I’m a business-name guy. Nonetheless, I heard an industry veteran make a passionate case about writers and editors being different from other businesses, and that using anything other than your own name is downright foolish. (I respect him, but we’ll need to agree to disagree.)
- Many clients vs. few clients. To me, having a diverse roster of clients and industries serves as an insurance policy against a catastrophic account loss or a downturn in a particular sector. Well, during the Q&A segment toward the end of my presentation, a developmental editor asked how she was supposed to accomplish that, since she needs to devote 100% of her time to a single project at any given time. I’m not sure if my on-the-spot answer was a good one or not: I basically said that as long as she’s got her next job lined up well in advance, it’s kind of a “serial diversity.”
- Write a book vs. don’t write a book/Blog vs. don’t blog/Social media for business vs. social media for fun. Just because you’re a word person doesn’t mean you should feel obligated to write a book or a blog, or strive to be a Social Media Super Genius. It’s a business decision, so treat it like one.
- CreateSpace vs. BookBaby vs. traditional printers. After doing quite a bit of research, I chose Amazon’s CreateSpace division as the vehicle to publish my books. Nonetheless, hearing a panel discussion opened my brain to some of the other options out there and the advantages they might offer. So, further research needed.
In essence, a lot of opinions on how to run a freelance business come down to highly individual circumstances, dependent on skill, experience, target audience, risk tolerance, work style, and financial aspirations. (I’m surely leaving out a bunch more, but you get the idea.)
Even so, I’m not a total wet noodle about it—I do believe that there are some universal truths about what makes a freelancer successful, most notably these: 1) the effort you put into it is going to approximately determine the results you get; 2) making decisions on any of the above items should be based on your business, not on what everybody else is doing or recommending; and 3) if you don’t experiment and stretch your capabilities once in a while, you may not know what you’re missing.
In the comments: What’s your favorite freelance Hatfield vs. McCoy debate, and where do you stand?
Photo courtesy of Katharine O’Moore-Klopf.