![How to plan and track the budget of your copywriting service [template]](http://onlineyougrow.com/cdn/shop/articles/cov-budget-2_55286225-2d5b-405b-b03a-3efcc48f8aef.png?v=1715856548&width=1100)
If you don’t plan and track your copywriting budget properly, you're setting yourself up for failure.
When we developed our strategy pack for copywriters, we saw a lot of copywriters struggling with finances and planning.
They were disorganized, had no grasp of cash flow, and were drowning in financial troubles despite having substantial client work.
Don’t let this be you—stand out and succeed.
We’ve created a small, free tool to help you get started: our Budget Tracker and Planner. Let’s turn your copywriting finances around and set you on the path to success!
Get the budget tracker tailored for copywriters
Most copywriters don't know how to plan and track their budget. This spreadsheet will help you.
Example of a full budget for copywriters
Here is an example of a (very) detailed budget for a copywriting business, to give you some inspiration
1. Office Rent and Utilities
| Item | Description | Monthly Cost | Annual Cost |
|---|---|---|---|
| Rent | Lease for office space | $1,500 | $18,000 |
| Electricity | Power consumption for office equipment | $100 | $1,200 |
| Internet & Phone | Internet service and business phone | $100 | $1,200 |
| Insurance | Property and liability insurance | $200 | $2,400 |
2. Salaries & Wages
| Position | Number of Employees | Monthly Cost per Employee | Total Monthly Cost | Annual Cost |
|---|---|---|---|---|
| Senior Copywriter | 1 | $5,000 | $5,000 | $60,000 |
| Junior Copywriter | 2 | $3,000 | $6,000 | $72,000 |
| Editor | 1 | $4,000 | $4,000 | $48,000 |
| Administrative Assistant | 1 | $2,500 | $2,500 | $30,000 |
3. Software & Tools
| Item | Description | Monthly Cost | Annual Cost |
|---|---|---|---|
| Writing Software | Grammarly, Hemingway, etc. | $50 | $600 |
| Project Management Tools | Asana, Trello, etc. | $100 | $1,200 |
| Design Software | Adobe Creative Cloud | $60 | $720 |
| Cloud Storage | Google Drive, Dropbox, etc. | $20 | $240 |
4. Marketing & Advertising
| Item | Description | Monthly Cost | Annual Cost |
|---|---|---|---|
| Online Advertising | Google Ads, LinkedIn Ads, etc. | $300 | $3,600 |
| Social Media Management | Managing social media accounts | $500 | $6,000 |
| Content Marketing | Blog posts, articles, etc. | $200 | $2,400 |
| Website Maintenance | Hosting, domain, updates | $100 | $1,200 |
| Email Marketing | Email campaigns and newsletters | $150 | $1,800 |
5. Miscellaneous Expenses
| Item | Description | Monthly Cost | Annual Cost |
|---|---|---|---|
| Office Supplies | Stationery, pens, printer ink, etc. | $100 | $1,200 |
| Professional Development | Courses, workshops, etc. | $200 | $2,400 |
| Client Meetings | Travel, meals, etc. | $150 | $1,800 |
| Contingency Fund | Emergency repairs and unexpected costs | $300 | $3,600 |
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What are the biggest expenses for a copywriter?
Be mindful of these pitfalls. Here are five major costs every copywriter needs to consider, along with some tips on how to manage them effectively.
- Software and ToolsThese can take a significant portion of your budget. You're dealing with subscriptions for writing, editing, and project management tools, and prices can vary based on features and updates. To keep these costs in check, focus on essential tools, negotiate better rates for annual subscriptions, and avoid paying for features you don't use. It's easy to overspend by subscribing to multiple tools that offer similar functionalities.
- Client AcquisitionFinding and securing clients is crucial, but it can be costly. This includes expenses for networking events, online platforms, and marketing efforts. You can optimize these costs by leveraging social media, asking for referrals, and joining relevant professional groups. However, be careful not to invest too much in paid advertising without a clear strategy, as this can lead to high costs with little return.
- Training and DevelopmentStaying updated with the latest trends and skills is essential, but courses, workshops, and certifications can add up. To manage these costs, prioritize free or low-cost resources, such as webinars and online articles, and invest in high-quality training that offers the most value. Overspending often happens when you sign up for every new course without assessing its relevance to your work.
- Office Space and UtilitiesWhether you work from home or rent an office, these costs can add up. This includes rent, internet, electricity, and other utilities. To optimize these expenses, consider co-working spaces, negotiate better lease terms, and invest in energy-efficient equipment. Overspending can occur if you choose a workspace that's too large or luxurious for your needs.
- Marketing Your ServicesPromoting your copywriting services is essential, but advertising can be expensive, whether it's through online ads, social media campaigns, or traditional media. Optimize this expense by focusing on cost-effective methods like the ones we recommend in our guide. Overspending can happen if you invest in flashy campaigns without a clear return on investment.
How to spend less with your copywriting service?
Here are practical tips to help you, as a copywriter, optimize your budget and manage expenses more effectively.
| Expense | Tips to Optimize |
|---|---|
| Software Subscriptions | Utilize free or low-cost writing and editing tools, and only subscribe to essential software. |
| Marketing | Leverage social media platforms and content marketing to promote your services without spending on ads. |
| Office Supplies | Go paperless by using digital tools for notes and drafts, and buy supplies in bulk to save costs. |
| Professional Development | Take advantage of free online courses and webinars to enhance your skills. |
| Client Meetings | Opt for virtual meetings to save on travel expenses and time. |
| Website Hosting | Choose a reliable yet affordable hosting service and regularly review your plan to ensure it meets your needs. |
| Networking | Attend free or low-cost industry events and join online communities to build connections. |
| Office Space | Consider a home office setup or co-working spaces to reduce rental costs. |
| Insurance | Regularly review your business insurance policies to ensure they are cost-effective and provide adequate coverage. |
| Technology | Invest in multi-functional devices and use cloud-based services to streamline your workflow. |
| Client Acquisition | Use referral programs and offer free initial consultations to attract new clients without high marketing costs. |
| Content Management | Utilize free or low-cost content management systems to organize and publish your work efficiently. |
| Utilities | Implement energy-saving practices in your home office, such as using LED lighting and energy-efficient devices. |
| Travel | Plan your travel efficiently and use budget-friendly options for necessary trips. |
| Printing | Minimize printing by using digital documents and e-signatures whenever possible. |
| Subscriptions | Regularly review and cancel any unnecessary subscriptions to save on recurring costs. |
| Outsourcing | Outsource non-core tasks to freelancers or virtual assistants to focus on your primary work and save time. |
| Health and Wellness | Invest in ergonomic office furniture and take regular breaks to maintain productivity and avoid burnout. |
| Backup Solutions | Use affordable cloud storage solutions to back up your work and avoid data loss. |
| Client Gifts | Send personalized, low-cost gifts or handwritten notes to build strong client relationships. |
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Expenses that are just useless for a copywriter
Yes, some expenses for your copywriting business are just unnecessary. They don't contribute to increasing revenue or improving client satisfaction.
| Copywriting Expense | Reason It's Useless |
|---|---|
| Expensive Office Space | High-end office spaces don't necessarily attract more clients and can be a drain on the budget. |
| Premium Software Subscriptions | Unless you need advanced features, most clients are satisfied with content created using mid-range software. |
| Excessive Marketing Channels | Spreading your marketing efforts too thin can lead to inefficiencies and higher costs. |
| High-End Office Equipment | Top-of-the-line office equipment is not always necessary and can be cost-prohibitive. |
| Print Advertising | Traditional print ads often have a lower return on investment. Don’t include them in your marketing strategy. |
| Multiple Branding Materials | Having various branding materials increases costs without adding significant value to your business. |
| Excessive Staff | Overstaffing leads to higher labor costs without necessarily improving service quality. |
| Premium Content Libraries | Expensive subscriptions for stock photos or videos often go unnoticed by clients. |
| Exclusive Training Programs | Using rare training programs can inflate costs and complicate your budget. |
| Costly Office Furniture | High-end furniture is not always appreciated by clients and can be a significant expense. |
| Custom Printed Stationery | Personalized stationery is a minor detail that most clients overlook, and it can be expensive. |
| Unnecessary Software | Paying for software with features you don’t use is a waste of resources. |
| Premium Web Hosting | Most clients are content with reliable, mid-range hosting services, making expensive hosting unnecessary. |
| Extra Office Supplies | Maintaining more supplies than needed increases operational costs. |
| Excessive Membership Fees | Paying for multiple industry memberships often yields little benefit. |
| Overly Frequent Website Redesigns | Constantly updating your website can be costly and disrupt operations. |
| Expensive Client Gifts | Elaborate gifts are often ignored by clients and add to the cost. |
| High-End Office Supplies | Luxury office supplies are prone to damage and expensive to replace, often going unnoticed by clients. |
| Excessive Team Meetings | Too many meetings can reduce productivity and increase labor costs. |
| Expensive Marketing Materials | Frequently redesigning marketing materials is costly and often unnecessary. |
| Unused Promotional Materials | Ordering more promotional items than needed leads to waste and unnecessary expense. Get our marketing budget planner template. |
| Paid Directory Listings | Many free listing options are available, making paid listings often redundant. |
| High-End Client Meeting Spaces | Specialized meeting spaces are often unnecessary and add to costs without a proportional benefit. |
Stop working with a tight budget for your copywriting service!
Managing a budget as a copywriter when funds are tight can feel overwhelming. It's like being trapped in a cycle where any unexpected expense can throw you off balance.
This constant pressure makes it nearly impossible to invest in growth opportunities, leaving you always scrambling to cover costs. It's a life filled with stress and sleepless nights.
Yes, you can continue down this path, scraping together pennies and barely making ends meet. But there's another part of the equation you might be overlooking. Instead of just trying to cut costs, you can focus on growing your revenue. More income means more breathing room and more resources to invest in your business.
And no, you don't necessarily have to spend money to grow. There are plenty of zero-cost initiatives and strategies that can help you increase your revenue by 10%, 20%, or more. We've detailed all of these strategies in our guides, after studying dozens of copywriters just like you. Get them now!
Make your copywriting service more profitable
We have studied the strategies of the best copywriters in the world. All their tactics are explained in our pack!
