By Joe Dyton
Flexibility is one of the biggest perks of being a freelance writer. Flexibility does not just apply to the hours you work, however. As a freelancer, you also have control over how much to charge freelance writing clients. When you’re a salaried employee, you’re somewhat locked in to what your employee will pay you. As a freelance writer however, you have the option to charge what you want—or at least as much as you can get.
Charging what you want can be a blessing and a curse. You’re in control of what you charge clients, but you’re also in control of what you charge! That leaves a lot of freelance writers feeling stuck because they don’t know what is the right amount to charge. Quote too little and you’re undervaluing yourself. Quote too much and you may price yourself out of a project.
So, Joe what’s a freelance writer to do?
I know you don’t want to hear (or read) this, but you should do what you want. How much do you want to be paid as a freelance writer? Whatever it is—charge that much. You’ll find out quickly if your asking price is too high (or too low if prospects are accepting your rate without much hesitation). And the thing is even if someone tells you your rate is too high for them, it may be just right for someone else.
Now, I know you were looking for some specifics, so here are a few ways you can determine your freelance writing rate.
Double your full-time hourly rate
If you’re just starting out a freelance writer after working full-time job, you may think about charging whatever you made per hour there. Fight that urge—that hourly rate at your full-time job accounted for health benefits, taxes and maybe even a 401(k) contribution. None of those things are covered in your clients’ payment to you. So if you’re charging clients by the hour, think about all of the deductions that came out of your full-time paycheck and add them to your freelance writing rate. Your hourly rate at work should serve as your freelance writing rate floor, not the ceiling.
Use your desired hourly rate to come up with a flat fee
There’s an ongoing debate in the freelance writing universe about whether to charge by the hour or not. I’ve gravitated towards a flat fee the last few years because I believe clients feel a little more comfortable if they have an idea of how much a project will cost upfront as opposed to getting a final tally at the end.
If I tell them I charge X per hour and there’s no indication how long it will take me to complete the project, the client has no clue how much they will end up paying. Plus, I feel pressure not to take too long to finish so the client doesn’t feel like I am milking the process for a higher fee.
This isn’t to say there’s anything wrong with charging hourly, I’m just sharing my preference. If you want to go the flat free route too, think about how much you would charge per hour.
When a prospect presents you with a project, consider how long you think it will take to complete and multiply those hours by your desired hourly rate and you have your estimate (Desired hourly rate x estimated hours = estimated rate). Of course let your prospect know this is simply an estimate and things could change if the project takes longer to complete than you anticipated. Most prospects will understand—they will appreciate having an idea of how much it will cost ahead of time.
Charge what you think your time and skills are worth
I know this sounds a lot like what I said in the beginning, but I’m offering a little more context here. I’d like you to charge as much as you can possibly get for your writing services, but sometimes we have to be honest with ourselves. If you’re just starting out as a writer, it might be necessary to take a little bit less than you’d like to get your foot in the door. I have done it a few times—I have accepted lower rates in these instances:
• When I needed freelance writing work
• When I was trying to rebuild my portfolio
• When I broke into an unfamiliar territory.
This is not to say you won’t get what you ask for right away! I just think it’s important know that sometimes your experience level and subject familiarity may dictate how much you’re able to charge freelance writing clients.
Ask other freelance writers what they charge clients
It can be taboo to talk about money, but I think is a time to check etiquette at the door. Asking fellow freelancers what they charge for a blog post, press release, website copy, etc. is a great way to find out what the going rate is for the things you want to write. If you’re hesitant, check out some freelance writers sites and see if their price menu is there.
There is no “right” answer to how much to charge freelance writing clients. What is right for someone else may be too little or more than you are comfortable charging prospects. The best way for you to figure out your rate is to determine what your time, effort and writing chops are worth and set your price. The market will let you know if you’re on the mark or not.
Thanks for reading.
Joe
Joe Dyton (@JoeDyton) is the President and Founder of Dyton Writing and Editing, and a freelance insurance, real estate and personal freelance writer. He’s written for Connected Real Estate Magazine, GEICO and Student Loan Planner. He can be reached at joe@dytonswords.com.