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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 seen that writing was a standard thread. So, she stop her full-time job to construct a contract writing enterprise.
Her progress 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 resolution to cut back over the previous couple of years, stopping her work with subcontractors, reducing down consumer tasks to what she may handle on her personal, and lowering her income by over $100,000.
Under, she shares extra about this new route, the ways in which resolution 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 insurance).
Monetary help for enterprise: I had household help whereas I obtained my enterprise off the bottom. (I used to be dwelling with my boyfriend—now husband—who coated hire and meals, and my mother and father pitched in the place they may, together with paying my automotive cost for one month.) I additionally acquired a $20,833 PPP (paycheck safety program) mortgage in the course of the pandemic.
Income streams:
- Freelance writing weblog posts and ebooks for software program shoppers within the “world of labor” area
Creating assets and publishing recommendation for fellow freelancers (a modest slice of earnings, $4,000 to $11,000 per 12 months)
Development 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 way of subcontracting. This was 2021, when there was quite a lot of uncertainty and battle within the freelance group. I used to be thrilled that my enterprise had the credibility to efficiently trip 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 likewise as a result of I felt like I used to be benefiting from 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 fee that I may pay subcontractors greater than pretty whereas nonetheless protecting a share
- Elevating my charges with shoppers 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 stream as a result of I’m a cash-based enterprise that does primarily Internet 30 cost phrases. That meant I used to be usually paying subcontractors for his or her work earlier than I truly obtained paid. However my accountant (and my actuary husband) have been tremendous useful in determining the way to set sufficient apart in order that I may pay my subcontractors inside 24 hours of receiving their bill, even when the consumer took a number of extra weeks.
What have you ever discovered is value paying for that can assist you develop, and what have you ever been in a position to obtain extra scrappily?
Some issues I’m at all times 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 entire course of a breeze. Plus, the peace of thoughts I get from realizing it’s all taken care of appropriately is priceless. I even have two lawyer contacts that I can attain out to for recommendation and assets. One helped me arrange a contract template that I take advantage of when onboarding new shoppers, and now promote for different freelancers to make use of.
- Accounting software program: I’d even be misplaced with out QuickBooks. I take advantage of QuickBooks Easy Begin, so it’s pretty reasonably priced (despite the fact 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 value it for the extent of group (and the way skilled it makes me look with my shoppers).
- Desktop pc: 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 pc setup.
So far as the place I’m fairly scrappy, I’m not somebody who will get swept up in quite a lot of different software program and devices. You gained’t discover me with a flowery ring mild for video calls or a ton of specialised software program
How do you resolve 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, after all. 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 likely to be extra inclined to spring for a brand new laptop computer or join a course or convention. However in current 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 children, my very own private bills are larger (notably with childcare within the combine). Maintaining our first little one dwelling in the course of 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 about 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 at all times want the entire quantity) earlier than I spend cash on anything. That means 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 pc), I’ll plan for it forward of time. Deliberately setting cash apart to cowl it makes the acquisition harm a little bit bit much less.
- Log your bills: My accountant tells me he’s at all times shocked at how a lot cash enterprise house owners go away 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 resolve to rent staff or contractors? How do you consider when and who to carry 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 carry 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 progress or monetary resolution 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 way of with a couple of different freelancers who subcontracted, it appeared like an inexpensive method to broaden my enterprise’ output and say “sure” to extra with out essentially burning myself out.
It labored rather well for a time period. However after welcoming my second son in January 2022, I wished an easier and extra streamlined enterprise. Subcontracting was unbelievable, however it got here with challenges and administrative duties (onboarding writers, creating briefs and descriptions, modifying assignments, paying invoices, fielding revisions, and so forth.).
I noticed 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—not less than in the interim. That’s given me again some extra management over my very own schedule and workload, since I don’t really feel strain to be signed on and answering questions on days after I in any other case wouldn’t be working. It means I seem like I went “backwards” on my steadiness sheet, however it feels very very similar to ahead progress to me.
What particular methods or advertising and marketing methods did you utilize to draw your first clients or shoppers? What are a few of your most impactful advertising and marketing methods now?
My first shoppers got here by way of chilly emailing and making use of by way of job boards. These methods can have a fairly low success fee. However, contemplating I didn’t have quite a lot of present connections or earlier work, they have been the one viable choices. As soon as I obtained one or two “sure” responses, issues obtained simpler as a result of I began to construct up credibility and a portfolio.
As of late, my prime technique is to do high-quality, strong work for my shoppers and ship it on-time. That’s it. The overwhelming majority of my new shoppers and tasks come by way of referrals and suggestions.
If and when issues are gradual, I additionally discover it useful to achieve out to shoppers and ask for referrals. I’ve landed some unbelievable tasks by way of present shoppers who know someone 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 an honest quantity of traction, and since quite a lot of my goal shoppers are on LinkedIn, that degree of visibility doesn’t harm.
What’s a turning level that actually impacted how you considered your online business or approached progress?
Infants. Children. Kids.
It seems like such a cliché after I say that—like I “mommy tracked” (I detest that time period, by the way in which) myself in my very own enterprise. However there’s a purpose that the entire, “children change your priorities!” sentiments are oft-repeated: they’re true. So dang true.
I had two children in underneath two years throughout a fairly wild time in historical past (my first was born in April of 2020). And, whereas the pandemic compelled all people to reevaluate their careers and priorities, I had the added complexity of turning into a mother and feeling this elementary shift in my identification.
I used to be at all times 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 could be very a lot a method to earn cash and supply for my household, not the middle of my self-worth and identification the way in which it was within the early years.
As we speak, “success” seems to be like incomes an honest dwelling whereas nonetheless having time and psychological vitality to dedicate to the issues which are way more vital to me—like my household, a great e-book, or a day stroll with the canines. Positive, 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 acquire. After reflecting on that, I noticed that “progress” 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 shoppers which are one of the best match for me. I take pleasure in 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 lady 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 scenario, it’s so vital to determine what “progress” truly means to you rather than getting boxed into considering it means a gentle incline in your steadiness sheet.
What have been the best progress or cash challenges you’ve skilled? How have you ever labored by way of them?
Indubitably, 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 reply to 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 view to get in entrance of their clients.” That’s after I pivoted and began specializing in writing search engine optimisation content material for manufacturers, earlier than finally discovering my area of interest on the earth 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 progress objectives? What do you intend on investing in that can assist you obtain them?
I do know that is after I’m imagined to say I’ve my eye on some main targets—like spinning my companies into an company and launching extra passive earnings streams. However truthfully, none of that’s on my radar proper now.
My focus is that this: Incomes an honest earnings with out spreading myself too skinny. For me, meaning 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, persistence, and vitality for my household and different pursuits.
Is that going to make for an excellent grabby LinkedIn submit or headline? In all probability not. Nevertheless it’s the place I’m at. I’m taking a look at progress by way of the lens of my total high quality of life.
Based mostly 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 need to get every little thing proper instantly. It’s scary to make errors or study robust classes—it seems like there’s a lot on the road.
However truthfully, one of the best classes are realized the laborious means. I wouldn’t have identified that subcontracting wasn’t the best match for me proper now if I hadn’t tried it. I wouldn’t have identified 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 shifting ahead, experiencing issues for your self, and evolving primarily based on that.
On the finish of the day, that’s what progress is, isn’t it?
