Can a freelance writer become rich like a millionaire? You might be surprised by the answer. While most freelance writers don’t become millionaires it’s usually due to a number of factors that are in their control. Avoid these mistakes, and yes you can become rich.
What to Avoid to Become Rich as a Freelance Writer
While it may seem that a lot of freelance copywriters don’t make much money. There are reasons for this and all of them are in your control. So, you can avoid these mistakes and make a high six-figure income, and yes become rich like a millionaire.
Just so you know, the average millionaire makes around $250K a year. Surprisingly, as a freelance writer, you can reach these heights as long as you avoid these pitfalls and make a couple of right moves.
1. Low Paying Jobs
If you want to get rich as a freelance writer you simply cannot write for pennies. This will get you nowhere.
You need to run…run away from writing platforms like Upwork and Writer’s Access and find your own clients. It’s not that hard to do
It is how I have found all of my clients.
The truth is, direct clients, pay more, they value your services more, and there is no competition as no one else is reaching out to them.
Let’s face it, it takes as much effort to write a 1,000-word article for some niche site owner for $20 or $30 dollars as it does to write a 5 email, email series for a software developer for $2,000.
You have to value your time and realize that there are more potential clients than there are writers out there in the world.
Forget about pouring your heart and soul into projects that only pay a couple of cents per word.
You can earn much, much more, once you know how to write for this little-known, but highly lucrative market that I write for.
In fact, one writer, S.F., routinely gets paid $2 per word to write some projects that are only 250 words in length!
That’s $500 dollars for writing something that would take you less than 30 minutes to write. Now that’s how you get yourself on the road to riches.
So, lesson number one, never settle for pennies. Find clients that know your worth and are willing to pay for it.
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2. The Employee Mindset
I see too many freelancers with the employee mindset. They want to work for themselves and not have a boss, but then they turn themselves into an employee all over again.
Someone recently asked me how to get their clients to raise their rates.
Newsflash…your clients aren’t going to raise your rates. The only person that is going to do that is you.
If you find your own clients and stay away from the writing platforms then you get to decide how much you want to charge.
If your client doesn’t want to pay it then drop them and find one that will.
If you feel the client is in charge of your freelance writing income, then you have an employee mindset and you will never be successful or rich.
Take control. Determine what you’re worth and then demand it.
3. The Wrong Type of Writing
Another roadblock to making good money freelance writing is picking the wrong kind of writing.
With your own clients, you can make good money, but if you want to start seeing that 6-figure income then you have to be sure you are spending all of your time on the right kind of writing.
Blog posts aren’t going to get you there.
Instead, you need to be writing email series, white papers, and especially sales letters.
For example, Paul Hollingshead recently went from making $8 an hour to over $400,000 per year. He has no job to tie him down. No bosses breathing down his neck. Learn about this little-known freelance writing niche here.
There are very lucrative areas of freelance writing. You might need to take a course to gain the skills needed for them, but once you do, the sky is truly the limit.
I started out writing articles and web pages and I did well with them, but once I had a little experience, I moved on to other types of writing especially email series and case studies.
I took a course to learn how to write sales letters, but I never did the work to make it work for me. It just wasn’t the type of writing I wanted to do, but that might have been a mistake considering you can make $25,000 or more for a sales letter.
What You Need to Get Right to Become Rich as a Freelance Writer
There are really two paths to getting rich as a freelance writer.
1. Pick the Right Kind of Writing
I just talked about this, but it is worth saying again. It takes the same effort on your part to write for peanuts as it does to write for big dollar amounts.
So, pick a type of writing that you enjoy and that pays well. When you’re old and gray and rich, you will be really happy you did.
2. Scale Up with Employees
The other way to make lots and lots of money as a freelance writer is to outsource to other writers and virtual assistants.
You can spend your time finding clients and you can hire writers to do the writing and VA’s to do the editing and proofreading.
There are only so many hours in the day and you can only write so much. That means the next step is to outsource and bring on many more clients than you ever could if you were doing all the work.
The great thing about this business is that you can decide how you want to make your money and just how much you want to make.
It’s all up to you.
To Sum it All Up:
Can you become rich freelance writing? Yes, you can. You just need to know what pitfalls to avoid such as writing for pennies, picking the wrong time of writing to do, and affording the employee mindset. If you can do that, you’re bound to be successful.