Hi Reader,

Happy Friday!

I don't know about you, but I'm always under the false illusion that this time of year is quiet... and yet, it's SO busy right now. In the past week alone, I've had 4 new client enquiries.

I'm hopeful that this means things are looking up for 2025 🤞

P.S. This week on Instagram, I posted a "day in the life" video, where you can see what I worked on and got up to. Watch it here.

Here's what I've been up to this week work-wise:

👉 I wrote 4 pieces for clients (including NumeralHQ, Experlogix, Klaviyo, and EmailToolTester)

👉 I refreshed 2 pieces for Shopify

👉 I had the wonderful Hannah of Shiny Happy Digital happify the Freelance Magic website

👉 I had three discovery calls with new clients

👉 I had two virtual coffee chats with fellow freelancers

⏱ Approx hours spent on client work this week: ~21

⏱ Approx hours spent on non-client work: ~2

💰 Total revenue this week: £4,950

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Check out my three practical courses that have helped 500+ people get more clients, earn more money, and create better content.

Friday Freelance Tip​​ ✨ ​

Last Friday, I participated in a forum with Sarah Duran called The Pricing Paradox.

We were asked to think of a time when pricing had been a barrier to our success and sustainability, which I thought was a great question.

I never really take the time to sit and reflect on pricing and how it’s impacted my journey as a freelancer—but, we’re running businesses here, so pricing (and money in general) are integral to what we do.

I thought of two scenarios when pricing had been a barrier for me.

Scenario #1: Not understanding the value I’m bringing to projects

When I first started out, I was convinced everyone could write. I didn’t believe I was bringing anything special to the table because writing was such an innate passion and talent of mine.

But this really stifled my growth for the first couple of years.

Because I thought anyone could do what I do, I really struggled to see the value I was bringing to the projects I worked on. And so, I struggled to charge decent rates.

I was charging close to minimum wage for writing blog posts that were ranking on Google and email sequences that sold out programs in 10 minutes.

Looking back, it’s wild to think I couldn’t see just how important my work was for these clients.

I continued like this for years, scared to increase my rates too much because I thought I’d be seen as a fraud.

And this had a knock-on effect on the clients I worked with.

Because low rates don’t always convey quality.

I found the majority of clients who snapped me up at those low, low rates couldn’t see the value I was bringing. That was precisely why I was an enticing prospect for them.

I couldn’t seem to land high-paying clients because I couldn’t see the value I was bringing. Ergo, I couldn’t communicate that value. Ergo, the clients I wanted to work with didn’t think I could do what they needed me to do.

Hello, vicious cycle.

Scenario #2: Clients not understanding the value I bring

This scenario is a lot more recent.

Earlier this year, a client I’d been working with for a year told me they had another freelancer who charged a fraction of my rates. BUT, this freelancer cost them MORE than me in real terms because of the time it took to edit their work.

The client said I actually worked out cheaper in “real terms”, but they were struggling to justify this to the CEO because when you look at it on paper, I was charging four times more.

At this point in my career, I know the value I’m bringing to projects (and the time I’m saving clients and their editors).

But it’s disheartening to hear that higher-ups are blinded by the numbers on a page and can’t see the true value of the service they’re paying for.

In the end, the client let me go in favour of the cheaper freelancer because they just couldn’t get their CEO to see eye-to-eye with them on it.

It was a shame, but this is the other side of the coin.

My job isn’t to convince prospects they need me or to justify my rates.

At the start of my career, this situation would have mortified me. I would have been so embarrassed that I was charging considerably more than another freelancer and I probably would have ceded and dropped my rates to match.

And never increase them again.

But I’ve had plenty of experience now to know there are brands out there who willingly pay my rates (I’m working with at least 8 of them right now!).

At the start, we don’t have this experience to inform our decisions, which is what makes pricing such a contentious topic.

Both of these experiences were key learning moments for me.

Just because I know my value (now), it doesn’t mean clients do. And, when we don’t see the value of our offerings, it’s hard for clients to see that, too.

During the forum, we also spoke about how us freelancers can make pricing more transparent. There were some great suggestions, including:

• Adding pricing to our websites
• Talking to other freelancers and swapping pricing stories
• Encouraging brands to share rates when advertising freelance roles
• Creating an open community and space where people feel comfortable sharing their rates

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As you know, I’m a big advocate of transparency around pricing and rates. It’s the reason I started the Freelance Money Diaries segment here, and I’ll continue to fight for transparency in any way I can.

But, I’d love to hear from you: how do you think we can make pricing/rates/money more transparent in the freelance world? What would that look like?

This week, we have an editor and podcaster sharing their numbers.

Where are you based? London, England

How long have you been freelancing? About five years - since 2019

What do you do? I’m an editor and podcaster for LGBT+ Content, whether fiction or non-fiction or audio.

What was your 2023 revenue? £16,500

This person freelances part-time and this was their highest earning year.

How much did you take as a salary?

About £6,500. I wasn't tracking it at that point. I am part-time on this.

This person made about £5,000 in net profit.

How much did you pay in taxes? Between £3,000 and 5,000 but that's when I was a sole trader. Hopefully, it will be less now I'm an LLC.

What are your business expenses? About £500

Do you contribute to a pension?

I have a pension from my work which I contribute into.

Do you have any hot money-management tips?

Set up a business account sooner rather than later to help yourself track and record everything you are earning per month.

As always, happy freelancing :)

Lizzie ✨

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