Ragan Speechwriters Conference Meeting Report

Mike Long works for The White House Writers Group. He was the first speechwriter who had not worked in the White House to be invited to join that group of Republican Presidential speechwriters. As a writer with experience as a stand-up comic they wanted his ability to write humorous speeches. He works from a home office for a wide variety of clients.

Introduction

• Freelancers must always be on the lookout for clients and money.
• To make your income this way requires a leap of faith.

Part I: Foundation of Freelancing

• ONE: Ask yourself: Are you ready? Don’t let fear undermine your answer. You’ll need the fortitude to rise above circumstance – look terror in the eye. Can you see though trouble? Can you deal with 1-2 months of no work when you start out? Have two months of income set aside before starting. Four months is better. Don’t expect to front-load more than two months work before you become a freelancer. A Home Equity Line of Credit is a good idea to bridge the gap. Is your family ready – especially if you are the main breadwinner? This could put a strain on your marriage. Divorce happens. [NOTE: Sorensen credits the strain of working with JFK for the break-up of his marriage; Schlesinger noted the stress-related illnesses White House speechwriters suffer from.]
• Can you legally and ethically take clients from your existing company? Don’t risk your reputation stealing clients. Word will get around.
• If you crave structure and someone else telling you what to do, don’t freelance.
• Marketing and networking is key to getting work!
• You know you’re ready if you are ready to ‘never say no’. Never turn down work. Accept every contract – you can never get it back if you decline. If you get more work than you can handle farm it out – partnerships (like the White House Writers) are born that way.
• TWO: Think about practicalities. If you have a stay-at-home partner it could be a problem – will they be comfortable with you around the home? Again, think of your marriage.
• You need a proper office to work from, not the kitchen table or a side-table in the bedroom.
• Don’t extend yourself financially. Avoid spending money on:
• – A second phone-line – your cell phone makes a great work number.
• – A website – most work comes from word-of-mouth.
• – Office space in town
• – A fancy logo for your business card or a fancy desk for your office. [I have a solid core door from the dumpster outside a commercial construction site as my desk – works great!]
• Know the “nut” you need to make each month (rent or mortgage; food; health insurance). Understand you need to add new expenses (30% of gross for taxes since you now pay higher Social Security). Consider Disability Insurance.
• You must genuinely enjoy the writing. Best freelancers see it as a passion, as play.

Part II: Money

• “Administrivia” is a bigger deal than you think. Have systems in place.
• Set aside money from each contract in separate accounts – 30% into one for taxes; the balance into savings. Pay yourself a regular ‘paycheck’ for the ‘nut’ and other expenses into your checking.
• Keep file of Invoices due by your desk so you know how much is owed you. Another one for receipts. Track all tax deductable expenses.
• Have formal systems for handling money.
• Retainers are king! Try and arrange a flat fee from clients for a certain number of hours. Make this less than your hourly rate. Worthwhile since you don’t have to prospect for the incomes. Some months you’ll work less, others more, for the same regular income.
• Best to charge by the piece if possible, not the hour. Clients don’t want the hourly count, they want product. Realize a good executive speechwriter working freelance brings in a minimum of $100-$150/hr. People who hire you (PR and comms staff at companies) may be earning considerably less; avoid potential resentment by charging by the piece instead of by the hour.
• How much to charge? Use this simple formula: consider how many hours the work will take, add a few for unforeseen extras, then multiply that number by the hourly wage you wish to charge.
• Don’t nickel and dime clients. Cover your own parking, phone etc. Pick up travel costs if you are on a fat retainer. True professionals absorb these costs. Even offer to pay hotel rooms if you travel to events. Depends.

Part III: Finding Work

• Everyone is the freelancer’s friend! Never know where work will come from. Mike’s neighbor mentioned he was a writer to a relative who asked for a bid.
• Let everyone know what you do and tell them that you rely on people like them for leads.
• Speaking at events like the Ragan Conference brings work. Fuels your confidence.
• Don’t limit yourself to speechwriting. Do any writing that pays the bills.
• Practice donor maintenance. Stay in touch with people. Forward articles. Keep your name in front of them.
• Get enthusiastic about the things you write about.