How Profitable is That Writing Job, Really?

July 27, 2010

If you‘re a freelance writer, you write for more than one client ,and …have any control over your rates, there are a lot of things to consider in terms of setting your writing rates. I’ve had jobs that have paid great and jobs that have bled money. I’ve made mistakes in setting rates and I’ve had scenarios go much better than expected. It’s a learning experience that is ongoing and I’ve made some rules for myself that typically helps my gigs bleed cash a little bit less often.

If you have an opportunity to set your own rates, which I highly recommend striving to do, consider many factors when setting your pricing. Here are a few things you’ll want to consider:

-How much you want to earn per hour and how many hours the job will actually take. It can be tough to estimate so weigh it carefully. Don’t just think in terms of writing time. Consider research and time for revisions, conference calls, and any other time you’ll spend working on the project. (Tip: give yourself a raise on a regular basis!)

-Consider how they’ll pay you. If you’re doing the job through a bidding site, you could lose a chunk of change in terms of per job fee, membership fee, etc. If payment will be via PayPal, what sorts of fees will there be? Different countries and different payment methods will impact the fees. There’s also the issue of exchange rates. Maybe you prefer your local currency or perhaps you prefer to bill in your client’s currency. Weigh this carefully as things like fluctuation of exchange rates and fees can add up.

-Is it a one-off or a client that could be ongoing? I don’t advocate dropping your rates drastically but there may be benefits to offering a slight discount for a bulk rate and a client that pays instantly,rather than once a month, for instance. And, if you don’t need a one-off gig because you’re busy enough already, consider plumping up that quote. What have you got to lose?

-Consider ease of doing business as well as the joy of doing the research and the writing when setting your rates. If you don’t love a particular type of writing, you may opt to charge a bit more to make it worth your while. If you find a particular client’s communication style difficult and find it more labour-intense to do business with them, it’s probably a good idea to ensure your rates reflect the extra effort involved.

-Consider what other writers charge for similar services. Talk to writing friends, look online, check out job bidding sites for insight. Maybe your cost of living or your experience level is different than the rates you find but some guidelines could be helpful.

Many writers accept rates offered by content mills, advertised writing jobs, or they bid low in order to win business. But setting your own rates and setting them adequately really does make freelance much more “free”. How do you set your own rates? My #1 tip is to help clients find you, rather than applying for jobs with a set rate. Have your website at the top of the search engines for the keyword phrases that relate to your writing specialty. Use tools, such as social media , to your advantage for self-promotion. And, present yourself well to prospects and chances are that you’ll command the sorts of rates that will make writing a profitable and enjoyable venture.

Have I missed anything that you find helpful in setting your rates? If so, please share!