Writer’s Digest has been putting out some really great articles lately. I loved this article by a fellow writer with the most excellent name of Perry P. Perkins. It’s a VERY nuts and bolts look at how you can make it as a freelance writer, with a good hard look at financial realities and tips on how to use Writer’s Market to expand your pastures and even come up with ideas.
One afternoon, while I sat staring at my monitor, I scribbled the following formula on a handy rejection letter (they make great scrap paper, you know):
(ei/ts) x x = gi
I know what you’re thinking: “Huh?” As a former straight “C” math student, I’m not usually given to scribbling equations of any kind. When we go out to eat, my wife usually has to figure the tip (that’s what happens when you marry a writer).
Still, I can add and subtract as well as the average sixth-grader, and I realized that if X number of submissions equals Y number of dollars, the easiest way to increase my income would be to increase my number of submissions. And thus the formula: TS stands for “Total Submissions.” This includes every written work and query I’ve sent off for possible publication in the last year, whether it resulted in an acceptance or not. EI is “Earned Income”: every penny brought in from my writing in the same period of time. And X is the factor by which I realized I’d need to increase my submissions to reach my Goal Income (GI). Put all this together, and you have a mathematical breakdown of any freelance writing career:
(Earned Income divided by Total Submissions) times X = Goal Income
Now, of course, the process of writing and submitting your work is not an exact science, but what this equation does is illuminate the overall average you need to hit to achieve your writing goals. The simple truth is, if you can produce quality work, then the only other factor you can control is how many paying markets you’re giving the opportunity to compensate you for that work. After “doing the math” I increased my average daily submissions from 2.5 to 15, and my sales figures exploded. Within 90 days, I was achieving my income goals.
Here’s how doing the math can work for you, too.
Read the rest of “How to Reach Your Freelance Goals” here. And leave some feedback — I know most of you write books. Have you considered branching into the freelancer’s world of magazines? Why or why not?