I’ve decided that for the next year at least, I will be posting a monthly freelance writing income report on my site.
In the “real world”, no one publicizes their income. For most people, the amount of money that they make is a closely guarded secret, kept under lock and key with the same amount of security like Fort Knox, right along with those Roswell UFO photos and the secret KFC recipe that I’m dying to find out.
That being said, there is a small but noticeable section of the blog community who take pride in sharing their income online. A number of sites, such as Pat Flynn’s, Tom Ewer’s, and Dollars and Roses not only let people know how much they’ve made, but they also go into detail as to how they’ve made that money and their related business expenditure.
So for the next 12 months, I’m going to do an income report experiment of my own, and let people know exactly how much money I’m making from freelance writing and related ventures, along with my business expenses. Here are a few reasons why I’m making my income public:
1. Goal setting and accountability – By publishing my freelance writing income report, I am making myself publicly accountable to the goals that I have set. Specifically, I want this website to chart my financial success, and to serve as a constant reminder for the goals I have set. Specifically, within 6 months I intend to be making $1000 per month. Within a year (12 months) I hope to be making $1,500 per month consistently (at least 3 months in a row). This will allow me the freedom to quit my job and become my own boss.
2. Motivation for others –Income reports prove to be great motivators to those interested in becoming freelancers. One of the things that really encouraged me to think that freelance writing could be viable was income reports. Tom Ewer definitely takes the lead with this, as when he started off his income reports in 2011 he hadn’t made a dime. Currently, his income is over $5,000 per month from freelance writing alone. For those who want to dip their feet into the freelance writing pool but are afraid of jumping headfirst, these reports serve as concrete assurance that freelance writing can indeed become a viable full time job.
3. Freelance income reports are great for traffic – Freelance income reports are a powerful method to attract web traffic. For example, Carol Tice’s “How I Make $5,000 a Month as a Paid Blogger” is one of the most popular posts on her site. It’s evident that this is the type of information that those in freelance writing seem to love the most – like me, they actively search for this information, hoping to gain more knowledge on what works and what doesn’t in terms of running a successful freelance writing business.
4. Gain trust – I hope that by disclosing my income to readers, I can gain trust. Publicly sharing your income is not an easy thing to do. In fact, some web owners are negatively affected by dishing out too much knowledge of their income, such as increased competition to keyword targeting. That being said, the trust of my readers is far more important than any loss I may face, and I believe that the trust gained will more than make up for any possible lost income.
5. It demonstrates authority – I want to demonstrate that I can walk the walk. Many internet related businesses start with grand claims about how much money they can make themselves, while in reality they are internet paupers. They hope to trap unsuspecting victims with baseless assurances of their expertise, knowing full well that themselves they have not made the riches that they try to convince others they can make. I want to demonstrate to everyone that I am actually making a living from freelance writing, assuring them I do indeed have the know-how and authority to teach others on how to start up a successful freelance writing career.
What are your thoughts on publishing freelance writing income reports, or income reports in general? Do you think I’m making a big mistake or am I on the right track? Please let me know in the comments section below.