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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You know, I’ve never thought about it like this. Since I write fast, and I can knock off 1,000 word articles almost without thinking if I know the material, I usually figure that if I have to research something that I can do it in an hour or less, take time to process all I’ve picked up, and then write a post for a total of 2 hours, which might include images.
Where time starts getting away from you is if people start asking for all sorts of specific things that aren’t part of the writing process. I’ve passed on gigs like that in the past but I might need to rethink that if I want to continue doing things like that in the future… which I haven’t decided upon yet.
Mitch, even if it takes a hour or two to write the article, there are more steps involved in writing and editing an article. Do reconsider how you charge for your services. Most content creators leave a lot of money on the table.