Don’t Shortchange Yourself

In This Issue:

• Main Essay: Don’t Shortchange Yourself by Krista Jones
• Resource Referral: Every Copywriter’s “Second” Business
• Quick Copy Tip: An Easy Way to Increase Your Productivity

Don’t Shortchange Yourself
by Krista Jones

Sharon, a close friend of mine, is preparing for a major change on her job. The company she works for is starting a new division, and Sharon, her boss, and a co-worker named Jeff have been tasked with hashing out the details of how the division will operate.

During a planning meeting last week, Sharon’s boss announced that she would pay Sharon and Jeff $750 a week for the first two months and then raise their salaries to $1,500 a week.

Sharon, a fabulous salesperson who is usually paid on commission, replied, “I want $1,000 a week now and $2,000 a week in two months.”

“I’ve never paid anyone that amount of money to start something like this,” her boss shot back.

After plodding through some hard numbers and hammering out a few details, Sharon ended up walking away with exactly what she wanted.

When Sharon relayed this story to me, I was worried for her. I wondered what her boss and Jeff thought of her. Did they think she was greedy? Would her steadfastness come back to haunt her?

But then it occurred to me. I was over-reacting. Sharon is a valuable employee who was handpicked to help start the division. Besides, her boss would never have agreed to raise Sharon’s salary if she didn’t think she was worth every penny of it.

That’s when I realized I had learned a lesson from my friend. One that would have served me better a few years ago when I was first setting my copy fees.

Back then, I did what many beginning copywriters do when they’re starting out. I set my rates low. My reasoning? I didn’t have the experience or portfolio to justify higher rates.

I don’t think that strategy is inherently wrong, but in retrospect I should have given my sound training and all the hours of practice I had put in more weight—like others I know did.

For example, right out of the gate one beginner charged fees that were twice as much as mine. And he never had one bit of trouble finding work.

Still, it took me a good year and a half to get up the nerve to double my fees. Of course that means I probably left quite a bit of money on the table by charging too little during the first 18 months of my career. The sad part is it all could have been avoided with a little research and self-confidence.

My objective today is to help you avoid making the same mistake. You’ll be less likely to shortchange yourself if you take some or all the following steps:

1. Find out what other beginners are charging. It only takes a few phone calls or emails to see what others are charging for similar projects. Most people will gladly share that type of information with you. Another option is asking around on forums where copywriters hang out.

   You can also get a copy of the “2007 Freelance Fee and Compensation Survey”. It’s a handy resource that will help you set your fees appropriately right from the start.

2. Talk with a few prospective clients. This is a great way to quickly get a sense of the upper and lower limits for projects that are similar to the ones you’ll be working on. After a few initial conversations and meetings with potential clients you’ll get a good idea of what the market will bear.
3. Maintain the right mindset. Always keep in the front of your mind that the client who hires you is going to make a lot of money from your writing. I, on the other hand, used to feel sorry for the client if the business was small. But the fact is, they’re in business to make money—and so are you!
4. Ask the right questions. If you have a figure in mind, but are afraid it’s too high, ask the client, “What’s your budget?” or “Do you have a dollar figure in mind as to what you would like to pay for this?” The answer will often be higher than you expected and it will keep you from underselling yourself.
5. Believe in yourself! Don’t sell yourself short by giving your talent away. The guy I mentioned above had confidence in himself—and it showed. As a result, he got the fees he requested without a second thought.

Taking these steps will help you avoid the biggest mistake I made when I was starting out: not giving enough value to the service we provide. Keep these things in mind and not only will you make more money sooner, but clients will take you more seriously if you set your fees in the medium to medium-high range.

Resource Referral: Every Copywriter’s “Second” Business

Monica and I won’t be freelancers forever; we plan to create more and more information products of our own. While that may not be a surprise, you may very well be surprised at how easy it can be for you to start your own information products business.

It used to be somewhat of a complicated business for new copywriters, but now Bob Bly has made it easier than ever. Last year, Bob started his own very part-time online information products business that was earning six-figures in less than 6 months. But unlike many marketers, Bob keeps his information products business simple. In fact, he follows 3 simple steps to run the entire business.

Bob revealed his 3-step online marketing system in an AWAI tele-seminar, The Internet Marketing Retirement Plan. If you’re interested in using information products to generate a passive income, but don’t want to spend months getting started, I recommend you listen to the call. It’s the simplest way we know of to generate a 5 or 6-figure passive income online.

Quick Copy Tip: An Easy Way to Increase Your Productivity

Here’s another lesson I learned early in my career: Once you pick a niche or two, start building a small reference library.

If you are a financial writer, buy books and subscribe to newsletters that deal with investments and other money matters. If you specialize in health care, buy books on medicine, nutrition, and alternative health care.

Don’t worry about trying to buy everything you can get your hands on. Build your library gradually. (You can save quite a bit of money by shopping at used book sales.)

You should also read newspapers and magazines regularly. Clip relevant articles and build an article file, organized on all the subjects you write about frequently.

Why does creating a reference library increase your productivity? Because it keeps the information you need handy. If you have to run to the local library or bookstore to get missing facts, you will waste a lot of time—time that could be spent writing.