How This Freelancer Made $300,000 in One Yr—And Why She Selected to Scale Again


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At Buffer, we’ve lengthy aimed to default to transparency, a apply we imagine helps eradicate inequality and offers everybody a higher probability of succeeding. Monetary transparency is very near our hearts, which is why we’re proud to share Open Books, a sequence of small enterprise homeowners giving us a peek inside their books within the spirit of being open about funds as properly. Be a part of us as we discover the highs, lows, and hard-won monetary classes which have paved their paths, and uncover how one can apply their insights to your individual small work trip.

Kat Boogaard’s journey into freelance writing isn’t all that distinctive: She was working full-time in advertising however yearned for extra flexibility, creativity, and management in her work. Reflecting on her previous tasks and assignments, she observed that writing was a typical thread. So, she give up her full-time job to construct a contract writing enterprise.

Her progress path, nonetheless, has been fairly unusual. For one, she has constructed a steady 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 choice to reduce over the previous couple of years, stopping her work with subcontractors, chopping down consumer tasks to what she may handle on her personal, and lowering her income by over $100,000. 

Beneath, she shares extra about this new path, the ways in which choice has helped her life develop, and her recommendation for anybody attempting to develop as a freelancer—on their very own phrases.

*I take dwelling one hundred pc of my revenue as my wage.

Years in enterprise: 9

Variety of workers: I subcontracted actually closely a number 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 yr in enterprise added as much as solely $1,629.43 (and that included medical health insurance).

Monetary help for enterprise: I had household help whereas I received my enterprise off the bottom. (I used to be residing with my boyfriend—now husband—who coated hire and meals, and my mother and father pitched in the place they might, together with paying my automotive fee for one month.) I additionally obtained 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 sources and publishing recommendation for fellow freelancers (a modest slice of revenue, $4,000 to $11,000 per yr)

Among the best elements about operating a contract writing enterprise is that there’s such little overhead. After all, there’s web too, however our accountant normally tallies that on the finish of the yr as a portion of our dwelling web. That mentioned, my bills have been increased after I was subcontracting—I used to be paying almost $10,000 monthly then.

Development Journey

What’s been your proudest monetary achievement as a enterprise proprietor?

I’m most happy with the yr that I paid over six figures to different freelance writers by way of subcontracting. This was 2021, when there was a number of uncertainty and wrestle within the freelance neighborhood. 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 revenue to different freelancers.

Subcontracting was one thing I resisted for a very long time, each as a result of it appeared intimidating and in addition as a result of I felt like I used to be profiting 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 conserving a proportion
  • Elevating my charges with shoppers that have been overdue for a value hike
  • Creating outlined processes in order that subcontractors may give attention to the artistic work and never the logistics

It additionally took some time to determine the money circulation as a result of I’m a cash-based enterprise that does primarily Web 30 fee phrases. That meant I used to be usually paying subcontractors for his or her work earlier than I really received paid. However my accountant (and my actuary husband) have been tremendous useful in determining the right 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 price paying for that can assist you develop, and what have you ever been capable of obtain extra scrappily?

Some issues I’m at all times joyful 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 complete course of a breeze. Plus, the peace of thoughts I get from understanding it’s all taken care of accurately is priceless. I even have two lawyer contacts that I can attain out to for recommendation and sources. 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 inexpensive (regardless that it felt like a hefty funding after I was beginning out). At $320 per yr, it prices greater than an Excel spreadsheet however is properly price it for the extent of group (and the way skilled it makes me look with my shoppers). 
  • Desktop pc: I spent the primary yr or two of my freelance profession engaged on my tiny, gradual laptop computer. I lastly sprung for an enormous 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 a number of different software program and devices. You gained’t discover me with a elaborate 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 properly, I is likely to be extra inclined to spring for a brand new laptop computer or join a course or convention. However in latest 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 potential.

Plus, since having children, my very own private bills are increased (notably with childcare within the combine). Conserving our first youngster dwelling in the course of the thick of the pandemic confirmed me that it’d be inconceivable 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).

A number of extra issues I’ve discovered useful when serious 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 approach I do know I’m able to pay taxes when the due date rolls round. 
  • Spend deliberately: Particularly if I’m going through 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 slightly bit much less. 
  • Log your bills: My accountant tells me he’s at all times shocked at how a lot cash enterprise homeowners go away on the desk by not logging their bills. In case you spend cash on one thing for your small business, that’s a deduction! Log it and hold the receipt, gosh darnit.

Inform us about your staff. At what level did you resolve to rent workers or contractors? How do you concentrate on when and who to deliver on now?

I don’t have a lot of a staff proper now—I’m flyin’ solo! However after I was subcontracting in 2021-ish, I knew it was time to deliver 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 acutely aware progress or monetary choice 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 number 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 frame. However after welcoming my second son in January 2022, I needed an easier and extra streamlined enterprise. Subcontracting was unimaginable, however it got here with challenges and administrative duties (onboarding writers, creating briefs and descriptions, modifying assignments, paying invoices, fielding revisions, and so on.).

I noticed I felt most “at peace” and in management when it was simply me, so I made a decision to reduce to a solo enterprise—no less than in the intervening time. That’s given me again some extra management over my very own schedule and workload, since I don’t really feel stress to be signed on and answering questions on days after I in any other case wouldn’t be working. It means I appear like I went “backwards” on my stability sheet, however it feels very very like ahead progress to me. 

What particular methods or advertising methods did you use to draw your first clients or shoppers? What are a few of your most impactful advertising 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 reasonably low success fee. However, contemplating I didn’t have a number of present connections or earlier work, they have been the one viable choices. As soon as I received one or two “sure” responses, issues received simpler as a result of I began to construct up credibility and a portfolio. 

As of late, my high technique is to do high-quality, stable 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 proposals. 

If and when issues are gradual, I additionally discover it useful to achieve out to shoppers and ask for referrals. I’ve landed some unimaginable tasks by way of present shoppers who know someone else who wants writing assist.

I’m pretty lively on social media as properly. Whereas the majority of my on-line presence is geared towards different freelancers, I’ve lately began to share extra of my revealed work and details about my companies on LinkedIn. These posts get a good quantity of traction, and since a number of my goal shoppers are on LinkedIn, that stage of visibility doesn’t harm. 

What’s a turning level that actually impacted how you considered your small business or approached progress?

Infants. Children. Youngsters.

It appears 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 cause that all the, “children change your priorities!” sentiments are oft-repeated: they’re true. So dang true.

I had two children in beneath two years throughout a reasonably 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 changing 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 way 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. 

At this time, “success” seems to be like incomes a good residing whereas nonetheless having time and psychological power to dedicate to the issues which are way more essential to me—like my household, a superb e book, or a day stroll with the canine. Certain, the yr that my enterprise earned essentially the most was financially rewarding, however I used to be confused and unfold skinny. It felt like extra of a loss than a achieve. 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 centered on the shoppers which are the very best match for me. I take pleasure in my enterprise far more now than I did when it introduced in $300K. 

I feel increasingly individuals are feeling that very same shift (cue the headlines about “quiet quitting” or “lazy woman 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 essential to determine what “progress” really means to you rather than getting boxed into pondering it means a gradual incline in your stability sheet. 

What have been the best progress or cash challenges you’ve skilled? How have you ever labored by way of them?

Undoubtedly, getting began was the toughest. It feels embarrassing to say now, however I wasn’t even conscious of “content material advertising” 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 items for $40 a pop, I had a lightbulb second: “Oh, corporations want content material with the intention 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 yr (really a half yr), I solely introduced in $5,300. The following yr (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 revenue, which felt large.

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 revenue streams. However actually, none of that’s on my radar proper now.

My focus is that this: Incomes a good revenue with out spreading myself too skinny. For me, meaning incomes someplace within the vary of $8,000 to $10,000 monthly whereas sustaining my three-ish-day workweek, being selective concerning the tasks I tackle, and saving loads of my time, endurance, and power for my household and different pursuits.

Is that going to make for an excellent grabby LinkedIn publish or headline? In all probability not. But it surely’s the place I’m at. I’m 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 wish to get every little thing proper instantly. It’s scary to make errors or study robust classes—it appears like there’s a lot on the road.

However actually, the very best classes are discovered the laborious approach. I wouldn’t have identified that subcontracting wasn’t the fitting 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 fee 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?