What Every Freelance Writer Can Learn From Warren Buffet

Written By: Malavika Roy Singh

This entry won the third prize in the IFW Blogging Contest - 2013.

As a writers, we are constantly looking for inspiration around us. While some remain inspired by a good read, there are some who remain inspired by people. Warren Buffet is one such inspirational story. While you are more likely to find his name sprawled across a typical MBA curriculum, his lessons on business, money and investment are just as relevant to the life of a freelance writer. Read on to find out how you can imbibe tips from the world’s greatest investor and become the czar of your writing game!

Lesson #1: ‘Save, Save And Save’

The man once said, “Someone’s sitting in the shade today because someone planted a tree long time ago.”

Here his advice on saving can have two implications in the life of writer. While it can have a direct meaning, as in the ‘green paper’ or money, it can also be applicable to a more quantifiable element, which is ‘time’.

Literally speaking in terms of ‘money’, yes you should save, no matter how less you earn through writing! This saving can come in handy either to meet those rainy days, when you are out of any writing work or it can simply be an addition to that corpus you planned, but never built. After all, to make your money grow, you need to build a capital first, isn’t it?

The second context is that of ‘time’. Well, now that’s a precious one and we all know that the mantra for success is to deliver maximum results in minimum time. If you employ some smart time-saving strategies like creating templates, organizing your files and folders, and avoiding distractions, you can indeed boost your productivity, and consequently, your income.

Lesson #2: Invest Wisely And Well

This may not necessarily be about investing in financial securities, but investing in ‘self-development’. Invest in yourself and your profession – hone your writing skills, attend a creative writing workshop, read and learn about the tricks of your trade, expand your professional network and above all, market yourself. Trust me, every investment you make in the direction of your career will reap generous dividends in the long run.

Lesson #3: Diversify Your Portfolio

Ever heard of not putting all your eggs in one basket? The same principle applies to the profession of freelancing as well. Rather than depending on one client for your income, choose a wide variety of writing projects spanning different genres and different clients. This will keep you financially secure, minimize your losses and help you gain versatility as a writer.

Lesson #4: Increase Earnings Through Business Expansion

Just like Warren Buffet increased his earnings through smart business plans, you too can do so by expanding your business and hiring good quality writers. This way, you will have good quantum of work at all times and be able to take on larger projects which you can effectively delegate within the team. Talking of expansion, why not generate new revenue streams through a blog or e-book sales as well.

Lesson #5: Practice The ‘Buy And Hold’ Strategy

Just like stocks, which don’t reap in profits immediately, writers too should understand that the written word usually doesn’t generate profits immediately. This calls for ‘wait and watch’ approach.

Just like stocks depend on company’s performance, which happens with time, your work also depends on the same. Your company or client will gain good valuation only through good work, which will take time. Stick by a good client and partake in the company’s growth and success. When your client acquires a good reputation and market value, they will be happy to share their success with you. In return, you will gain a long-term client who will not hesitate to recommend you to others.

That’s why Mr. Buffet once said, “It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you will do things differently.”

Lesson #6: Invest In New Stocks With High Potential

If you as a writer are on your portfolio expansion plan, invest writing for a client, who is relatively new to the field of writing, but comes across one with huge potential. If his research orientation, marketing and brand plans make him look already large, he is one good stock. Invest in him and who knows, you might be on your way to success.

About the author:

Malavika Roy Singh is a full time children’s author and has stories published in ‘Kloud 9’, a national level children’s magazine by KIIT, Bhubaneshwar. She has made several other short story contributions in ‘Chicken Soup for the soul’, ‘Women’s Era’ and ‘Good Housekeeping’. 

Other than writing for herself, she is a blogger and freelance content writer for several firms. She spends most of her time, juggling her life in between article deadlines and household activities of a homemaker. When not writing for herself or her firms, she can be found spending time in kitchen, experimenting her culinary skills or soaked in a book. She currently lives in Vishakhapatnam with her husband. She can be contacted at malavika_ismd@yahoo.co.in