Calculating rates for freelance writing services is one of the biggest challenges many freelancers face. When we first start our journey, we tend to quote and accept peanuts for our work. Unfortunately, some of us continue to do this for years, which reaps havoc on our psyches and pocketbooks.
To become a profitable freelance writer, here are four ways to calculate rates for your freelance writing services.
1. Determine the hourly rate for each service you provide.
As a freelancer, I would encourage you to charge a minimum of $50 per hour.
2. Think about each step involve in completing the project and determine:
- The number of services you’re providing to complete the project; and
- The approximate number of hours of each service needed to complete the project.
For example, it takes at least six hours to write professional bios with the resume of the professional. This includes one hour of brainstorming and concepting; one hour of background reading and research; one hour of client interviews; and three hours of writing and editing.
3. Calculate the total hourly rate of completing the project
Since it takes six hours to complete a professional bio at $50 per hour, the absolute minimum I should charge is $300.
4. Determine the entire project rate
You can charge $300 (6 hours x $50 per hour) for the project or the total hourly cost plus the cost of supplies, additional revisions and other charges you know you’ll incur.
Additional notes about how to calculate rates for your freelance writing services:
- You don’t have to charge the same rate for each of your services.
- Know the absolute minimum hourly rate you’re willing to accept for projects. Let’s assume your hourly rate is $50 an hour. You may decide to accept $35 per hour, depending on the client, the project and the amount of time you have to invest in it.
- Establish rates for all of your services, even if you don’t promote them. That way, when someone inquires about them you’ll have a ballpoint figure.
What About You?
How do you calculate rates for your freelance writing services?
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