Fractional Vol. 9: It's Been One Year (not by The Barenaked Ladies)
Can you believe it? Technically next month marks the one-year anniversary of this newsletter (reminder that you can find the archives here if you find them helpful), but October 2nd marks my last day of full-time employment, and – spoiler alert – I really can’t picture going back. Not only because at least my last go-around was a start-up in all the most hyperbolic ways, but because I can contentedly say that life is better on the other side. And, astonishingly, a little more stable (she writes after taking a look around the mass layoffs that seem to never end in the tech sector).
In today’s newsletter, I want to do a little bit of reflection on the last year: what I did, what I didn’t do, a retro on my goals, a look ahead at goals for next year, and then we’ll do the usual song-and-dance of the last month-ish in business, but I’ll keep it brief. Sound good? That was rhetorical because this is a newsletter, but you already knew that.
A Year in Review
Here’s a look at October 2023 to October 2024, by the numbers:
I’ve had 13 clients this year, ranging from short-term one-off naming projects to bigger brand strategies, retainer copy and strategy clients, and even a non-profit coming in towards the end of the year. It’s a good mix, and I’m aiming to up that number in the next year.
My business took in right around $205,000. I won’t have the exact number until I do final invoicing for October, but I exceeded my stretch goal of $200,000. I’m keeping my goal steady for next year for reasons I’ll explain shortly.
I raised my rate by $0. This has been disappointing to me but given the macroeconomic climate, it’s not all that surprising. I’ve started to quote in jobs at a higher rate for work incoming, and I’ll be looking to set a higher rate for all new clients in 2025.
I set a new threshold of $3000. I won’t take on any work that is less than that, because it’s simply not worth my time.
I’m really proud of what I’ve accomplished this year. The revenue number obviously bakes that out, but even qualitatively, I have more time to enjoy life. Whether it’s my two hour walks along the LA River or the two weeks I took off to travel around Japan when I truly did not look at work or Slack at all (this would have been unfathomable to me when I was deep in the startup days), I have more space. I’ve read almost 40 books. I wrote a feature. And a pilot. And I’m writing another pilot right now. I’m so grateful to be living the dream that I set a year ago when I left a good paycheck to embark on this murkier space.
To that end, here are a few things I didn’t do this year:
Cold outreach: I relied on my network and it paid off. I’m going to continue doing this for as long as I possibly can, because I think that while I do a lot of things well, I don’t always market myself in the best way. I’m a little bit of a multitool, and it’s hard to explain that to someone who either (1) hasn’t worked with me or (2) doesn’t know someone who can vouch for the how and what and why of my work.
Write case studies: This probably falls on from point one, but I haven’t had to really develop out my materials so much, but this is something that I need to do and would like to have handy for future work.
Give all of my time (or a majority of my time) to one client: I am really careful to keep a steady mix of at least three clients at one time, because I don’t want to be too reliant on one stream of revenue. Remember about 10 months ago when my main freelance client (and former employer) just cut my contract with no notice, only a vague promise to “definitely be back in touch in January”? Yeah, I don’t ever want to be in that position again. And by the way, I have not heard from them so it’s a good testament to doing what you can to stay resilient.
Get all of my admin ish together: I still need to get business insurance for one thing (not sure that I should be admitting that freely here, oops). I’m also a little scared of what taxes will look like come next year, but I have an accountant so hopefully I’m set there. I spoke with a financial advisor yesterday that I’m planning on working with to get set up on a retirement program, as I no longer have an employer-backed 401K to speak of.
A Few Loose Goals for the Next Year
Goals are helpful, right? To be honest, I’ve never been someone with a five year plan or goals that I pin up on a corkboard. I was never motivated by OKRs (typical startups) or rocks (the version of OKRs we had at Getaway). I’m an intrinsically motivated person who just wants to do good work with good people. I don’t know that it needs to be that much deeper than that, but in the spirit of doing things by the book, here are some goals that I have in mind:
Secure a new long-term retainer client at my increased rate of $175/hour.
Make $200,000 in revenue.
Work with at least 8 new clients.
Book 2 new naming clients (factored into the 8 count above).
Take another 2 week vacation without my computer.
Take Fridays off. This one is a big one because it should theoretically affect the amount of revenue I can take in, but that’s why I’m keeping it constant (so it’s just a little ambitious!).
Finish the remaining admin to-dos on my business (finalizing insurance, all my contracts, etc.).
That’s it! I think it’s all achievable but time will tell. The one thing I wanted to call out specifically is that I really don’t have goals for this newsletter; I just want it to be a resource to those who are considering fractional work or are making their way there. Is it still helpful? Should we sunset this baby? Let me know.
Okay, So What About Last Month?
Personally, last month was great. I had my biggest revenue month in August, so it was nice to have that cushion mentally as I headed out for two weeks off in Japan. Japan was everything I wanted it to be and more, and I didn’t work or think about work for a second. It means my revenue is wayyyy less for October ($9500), but I worked hard in July and August to account for this, and I am hoping that this October and November picks up in kind (it’s already looking promising). My main takeaways for the month is: you really can take the time off. I planned accordingly, set expectations with clients, brought in a genius standby copywriter for one of my clients, and signed off. I’m not curing cancer, nothing broke. It was all fine and ready for me to step back into.
And the vacation has left me more creatively fueled. After the initial lull of jet lag, I feel like I have more ideas, more space, and new inspiration as I head into the last quarter of the year.
Two things before we get to the last thing! I am taking on a few new clients through the end of the year, so if you know of someone who needs help with words, feel free to send them my way.
I also know how absolutely bonkers the job climate is right now, so I wanted to highlight a few referrals I would love to make if you (or anyone you know) are looking to hire a Senior Product Manager (or Growth/SEO PM) and an Account Manager. Both are among the best colleagues I’ve ever had, and nothing would make me happier than seeing them at fantastic organizations that value their skills.
And Lastly…
A few recommendations of things I’ve enjoyed this last month…
Like everyone else, we’re finally watching Shōgun. And you won’t be surprised to learn that it is very, very good.
I’m so late to the game on this one too, but after reading every Elena Ferrante book besides the Neopolitan Quartet, I finally read those four books while we were away and I loved every moment of them. I just picked up the new Sally Rooney, but you probably guessed that already. And next month the new Yukito Ayatsuji arrives and I could not be more excited!
More of a question to this community: we booked a trip to Paris! Only five days, but I will accept your recommendations if you have them.
If you found this newsletter to be valuable, forward it to a friend. I’m doing this as a labor of love and a touch of lunacy, but if this is something you’d pay for via a Substack or otherwise, consider donating to La Más.