How to Evaluate Freelance Writing Rate Types

Freelance writing rates are the topic of many a discussion among freelance writing professionals, and for good reasons. Freelance writing rates are how the freelance writer succeeds: the rates you set aren't just how you make your money, it is how you stay in business. Freelance writing rates must be amply considered for optimizing the advancement of your business, the future of your freelance writing career.

Freelance writing rates come in a variety of types. You can work for standard hourly rates, charge per project, set a daily rate or count each word on your invoice. This article will help you to evaluate the freelance writing rates you can set.

Difficulty: Moderately Easy

Instructions

1. Evaluate your billable hours first. Even if your freelance writing rates won't be by the hour, you have to start with the hours you will be able to bill.
   
   Factor your administrative time during a day, the days during the week you actually work, the weeks you will take off during the year for holidays.
   
   After you have all those hours figured, take ten percent off the top. This gives you the security of a cushion so you never have to "bust your hump."

2. Understand how you complete a project. Factor the time each project takes on average. If you write a 500 word article in three hours, including research and rewriting, then you will need to account for that time. Ideally, you will be able to work less and write more. In considering freelance writing rates, be sure to understand what hours you have and what you do with them.

3. Evaluate hourly freelance writing rates for your business, and yourself. Are you comfortable trading your time for wages? Will you be able to justify a competitive hourly rate with your credentials and ability? Hourly rates are ideal for someone with the credentials and unique selling proposition that outlines they can charge rates that make bank.

4. Evaluate per project freelance writing rates. If you have predicable allotments of time for your writing work, you can comfortably quote projects to potential clients.

5. Evaluate daily freelance writing rates. If you work large projects on a regular basis with a predicable number of working hours, a daily rate may be an efficient asset to your freelance writing income strategy. Just remember that a per day rate is not to be misused: overcharging a client, even overcharging your time, is not a credible way to do business.

6. Evaluate per word freelance writing rates. If you want to feel like you are giving clients' their money's worth. Just consider, first, that you will revise and rewrite a great deal. Understand, ultimately, what freelance writing rates will do for your business.

Tips & Warnings

• Weigh the advantages, disadvantages and the credibility of your freelance writing rates to make a decision.
• Never just set your rates low, or just below that of your competitors. This is a poor, amateurish strategy.

Resources

• Freelance Switch Rates Calculator

[karileighk]

on 6/27/2009 Now I understand how to evaluate freelance writing better now. Thanks. *5