Conversation #1
I was talking to a gentleman who said that he wanted to write a book. I get that a lot when people finds out I’m a writer. They assume that I am the savior to their years of procrastination. He said that he hates typing, but can talk all day long. Then he said, “We can write the book, get it out there and get paid at the back end.”
***** SCREEEEECH *****
Hold up….wait a minute!!
Uh, no “WE” can’t get paid at the back end. I need to get paid when services are rendered. In fact, I need half now and the balance later. He said, “That changes the conversation.” Yes, I believe so. I’m sure this conversation is over.
How is this conversation profitable? My time is the most valuable asset I have. I didn’t acquire good writing and editing skills overnight. I was blessed with the gift of writing, but I write every day to get better at what I do. As for editing, I edited a four-page monthly newsletter each month for eight years straight. Both are premium skills and talents. Thus, I am saving time, talents and sanity by rejecting this project.
Conversation #2
A few years ago I was talking to a very talented writer who asked me how much I would charge to ghostwrite a book. This was before I published 62 Blog Posts to Overcome Blogger’s Block. I told her that my starting rate was $5,000. She asked me what I offered to warrant that price. Remember, this was before my book was published in 2013. Here were my qualifications at that time:
- Over 10 years of writing and editing experience.
- I had been published in N’Digo magapaper, Chicago Independent Bulletin newspaper, SistaSpeak and Mahogany magazines
- I had been blogging for at least three years
Now, let’s assume that the project was a nonfiction 100 page non-fiction book for a corporation on a topic with which I’m familiar, but will still required research. Aspects of project:
- Background reading and concepting may take at least 2 hours
- Drafting and organizing information can take at least 6 hours
- Add an additional 3 hours for research
- Will interviews have to be conducted? Let’s assume 4 hours for conducting, transcribing and editing interviews
- Revisions are more time-consuming than the actual writing, but let’s assume 5 hours
- Include your own rate for coaching or consulting clients on how to promote book; how to reach out to audience members with book; and other knowledge that you acquired during the course of your journey
- Don’t forget your paper, ink and other equipment use and expenses incurred while working on that project
Based on my experiences, you will invest at least 20 hours in writing and editing a QUALITY 100-page book. Even if your confidence will only allow you to charge $50 per hour, you should still charge at least $2500 for this projects.
Yes, turning away projects that are time sucks are profitable, as well as quoting rates for all of the services you provide. What About You? Have you had profitable conversations lately? Did you turn projects away or does your bank account thank you?
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