How to Set Rates as a Freelance Writer

Your freelance writing business is set up and your career is about to take off. There is only one thing standing in your way: You must know how much to charge your clients. This is a tough issue for all freelance writers. Charge too little, and it looks like you are a hack and inexperienced. Charge too much, and you become an elitist and you price yourself out of your market. Finding that middle ground that will allow you to both support yourself and get work is not easy to find. Here are a few things you must know in order to set your rates as a freelance writer.

Difficulty: Moderately Challenging

Instructions

1. Know how much freelance writers make. The range of how much freelancers make varies as much as the copy they write. It can range anywhere from $10 per hour up to $250 per hour. Writers who charge less than $50 per hour are usually considered to be a novice freelancer. Those who are considered specialists in certain fields (such as medical, financial and advertising) make about $125 and up per hour. Those who fall between those two extremes are usually established both in their area and field.

2. Know your status. Whether you are an established freelance writer or just starting out will greatly affect the rates you can charge. Part of status is also your abilities and experience. If you are able to write a magalog and annual reports (which require great writing skills), you can ask clients to pay you more than if you only were able to write simple brochures and newsletters. If you have an excellent and large portfolio to show potential clients, you can charge more because you can prove just how good you are and how capable you are of handling their needs.

3. Know your market area. No matter what kind of a specialist you may be, unless your market area can supply you with clients willing to pay $125, you will never be able to charge the specialists rates. If in doubt as to how much freelance writers are charging, call them and ask. They are more likely to divulge this information if they think you are a potential client. Ask lots of questions as to exactly what they write and how much they charge. Request them to send you a list of the services they offer and the fees for each of these services.

4. Know how much money you need to make a decent living. One way to do this is to find out how much you actually took home from your last job. To do this, divide your net pay--not gross pay--by 2,080 (8 hours per day X 5 days per week X 52 weeks per year). Take that hourly wage and multiply it by at least 2.75. That will help to cover the cost of taxes, benefits such as medical insurance and sick time. That number is the minimum you should charge per hour, if your local market will support that rate for freelance writing.

5. Know how long it will take you to write the copy your potential clients will be needing. This is especially necessary if you charge your clients per project instead of per hour. Be aware that if you do charge your clients in this manner, they may ask you how long it will take you to write it. The clients will then do the math to figure out how much you are making per hour. They may not be willing to pay it or think the project can be written in less time. On the other hand, they may think it is worth it and not bother getting out their calculators to figure out your hourly rate.

Tips & Warnings

• If all of your questions aren't answered in this book, contact the author. He has listed his address, phone number and fax number at the end of the book.

Resources

• Secrets of a Freelance Writer: How to Make $85,000 a Year by Robert W. Bly