So. You’re a serious blogger now because you secured your first blogging client. Seasoned freelancers know about the 80/20 rule: the bulk (80%) of your revenue will come from the least number (20%) of your clients. It’s sometimes called the 70/30 rule.
However, Chris Anderson, editor of Wired and author of the Long Tail book and website, says that the Internet turns the rule on its head for some types of digital media, in specific situations, thus giving certain content more sales life. Or at least, that’s my interpretation.
But the fact is, in any business, it’s generally easier to secure repeat clients than get new ones. But unless you (1) are a very disciplined saver, (2) have great faith in your biggest clients, or (3) have a partial stake in a venture, you probably do not want to rely on a single blogging client.
The Internet, and services like this new bloggers-for-hire/ Exchange community that Nick and the P-boys have set up, will give you a a better chance at finding more clients. But in practice, at least initially in your blogging career, you may not have a lot of choice about the number of clients. That’s mainly because blogging for pay is a relatively new phenomenon. So you have to consider alternate income sources.
Blogging/ writing monetizing options include running affiliate programs on your own sites or writing your own articles on the topics you are writing for clients. (With contextual or CPA/ CPM ads.)
Finally, take it from me. If you’ve never been a freelancer before, and are planning on relying entirely on your blogging skills to earn a living, learn how to budget. Save your extra money in an interest-bearing bank account – say an online savings account. If you have a banner year, and have the wherewithal to invest in stocks or mutual funds, you might consider that as well. Because pools do dry up sometimes, here are some important freelancing tips. [via MediaBistro]
P.S. MediaBistro, a great resource site for freelance writers, has a short article about negotiating your way to greater pay. The rates apply to print articles, but the advice applies to blog writers as well. Just keep in mind that at this stage, blogs and websites, on average, do not generate enough ad revenue to pay the same kind of rates. There is an immense difference, unless you’re copyblogging, which will require crack writing skills.