What are “The Right Rates” for freelance writers? Should you charge by the hour, the page, or per task/project? Freelance writers have a lot of options when setting rates. Some people even set monthly or annual retainers for their more long-term clients.
This article will show you how to charge hourly rates. When setting hourly rates, freelance writers ought to take into account their speed, value and income goals.
You need to work backwards and determine these four items: what income you’d like to make this year; what weekly salary you’ll need to make to meet that goal; how many hours you’re willing to work each week; and how many weeks you want to work. This will give you your hourly rate.
Most freelance writers probably shy away from advertising the high hourly rate for fear that they could scare off a client. But remember, you want clients who value your skills and talents, so focus on the quality of your projects – not the quantity. A few high-paying clients is always better than tons of low paying ones.
If you’re really scared of charging those sky-high hourly rates, take your math a step further and figure out a per-word rate instead.
To determine this, you’ll first need to see how many words you can write in an hour. A good way to do this is to just monitor your next project. Then follow these steps: start a stopwatch when you begin writing; stop the watch when you’re done and note the word count; divide the minutes you worked by the number of words completed; and multiple that number by 60. That’s how many words you can complete in an hour.
Now, once you have that, it’s time to determine your per-word rate. To do that, just use this simple formula: your hourly rate / your number of words per hour. This number is what you should be charging clients for every single word you write.
Always remember, if you’re afraid of charging clients too much, take time to develop a niche. Study up on a subject you’re particularly interested in, and make yourself an expert. The more expertise you have in an area, the more willing your clients will be to pay top cash.
And next time you’re bidding on a project or you’re approached by a new client, make sure you’re choosing the right rates and the right types of rates. You need to show your services offer value, and by undercutting the true rate you deserve, you’re only hurting yourself and your career in the long run.
Only you can control your career’s fate, so take charge and become the successful writer I know you can be.
