This month, I will share some insights on freelance writing rates. This, indeed is a very controversial topic but worth discussing especially if you are starting to make a name in this arena. But please don’t expect too much. I won’t write exact rate and fees here. I would just post the things I personally consider when setting up your freelance rates. I welcome your inputs too.
When I started, I thought it is all about word count. I remember starting at a rate of $1. That was few years back. I thought it’s the norm. But part of my considerations then is that I’m only starting so I don’t have the right to demand higher rate. To be honest, I underestimated by capacity then. All I want is to have projects to earn. In fairness, that rate is already decent from where I am just to note.
But as I grow in this business, I began realizing that there are lots to consider. For every project, for every client, for every demand, I am learning. Here I share to you my top.
TYPES OF CONTENTS
There are different types of articles or pieces of writing. Each is unique from each other hence, the varied rates. You cannot compare a blog to medical or technical writing. Some writing pieces require a special skill and this calls for a higher rate. If you want to earn more, you should not be contented in one type of writing. Continue to update your skills and try different types.
However, there is a danger when you try to do it all. I suggest that you pick one type of writing, be a master of it before you jump to the other. If you can’t, don’t insist. Just focus to the one you’re good at. I started as an article writer until I wrote ebooks, and blog posts. I love these 3. When I receive projects for product description, product review, and website content, I ask help from my writers. These 3 are not my forte.
Competition is one important consideration. The market today in freelance writing is stiff. More and more budding writers, professional or not, are coming out. The new writers of course will bid for lower rate. So don’t be too complacent pretending you are the only writer available. When it comes to business, clients will look for those who are good but are okay with lower rates.
But don’t fret. More clients go for quality and class. We all know the saying; “What you sow is what you reap.” So clients who always settle for lower rates should expect lower quality compared to those who work with excellence. Please don’t get me wrong again, I’m not saying those who work with lower rates aren’t good. I’m just trying to leverage.
You also need to consider what type of clients you are handling. Are you writing for a company or for an individual? From where are they? You must be knowledgeable of the currencies and forex. Based on my experience, Asian countries pays a little bit lower than those from US ans UK. This may not hold true for all but worth knowing.
Freelance writing is also like running your own business. You talk to customers, you invoice them, then they pay you. When you write, you also use resources such as internet connection, electricity, laptop, and other tools. You must know how much resources you use and convert it to figures. You must consider them whenever you decide on what rates you will ask from the client.
It’ll be worth knowing Excel. There you can jot all your expenses and investments then you can compute how much you really earned. Let’s say you got a $10/500 word project, your earning is not $10. You should consider the resources used, subtract the amount from the $10, and what is left is what you have earned.
Most importantly, you need to consider your skills. Your skills will determine you value. Never underestimate your skills, that you grab every offer, even if it is not at par to what you can do. On the other hand, do not give overkill rates that will make your future client turn away. Have a feel of the market and then decide what you can adapt.
The best thing to do is to observe, read, check forums, and follow blogs like mine (sorry for the advertisement). Through these, you will have a feel of what’s going on in this world of freelance writing.
These are all for now folks. Please stay tuned for my next post regarding freelance writing rates. Same time, same site. Please feel free to comment, I will appreciate it more.