It is not easy to set freelance writing rates. In fact, it is challenging to set right rates due to the varying nature of clients and jobs as well. There is not fixed price for completing a certain type of project because client requirements, markets and the expectations are different. However, with careful analysis and right judgment, you can get the right compensation for your work. Here are the seven important factors that can help you set right rates for your work.
1. Type of project
The nature of the project is one of the most important considerations to help you find out the right compensation. First determine the kind of project. It may be an article, feature writing, an e-book, a review or newsletter. Also, consider the size of the project. Is it a 500 word article, a 14000 word e-book or a 1000 word newsletter? This way, you can understand the amount of time and effort you will need to put into that. Basically, all rates depend upon the time you are going to put into a certain assignment. While setting your freelance writing rates, do consider the time that will go into researching for the project. Since the research is an important part of any writing assignment, you cannot ignore it. For freelance writing, the old adage “the time is money” holds true.
Deadline also helps you decide the rate. If a certain project demands for a shorter deadline but intensive work and higher quality, do not shy of asking for appropriate compensation. To handle an urgent assignment, you need to adjust your schedule and take extra pressure. So, be open about it to the client and demand for an extra payment.
3. Individual expectations
Since freelance writing rates are not graven on stones, different writers have different expectations depending upon their skill, knowledge, experience and confidence. Moreover, certain circumstances can also influence your decision. If you are a full-time freelance writer, you need to generate more income than the one who is a part-time freelance writer having another full-time job.
If you are a subject expert or command extensive knowledge about a niche, you will be confident of providing a high quality work. In that case, you can ask for higher pay. People are often willing to pay a good price for a professional job.
Location plays an important role when you are setting rates for your services. The region of the world you are living in, the cost of living and the market rates are other vital factors to support your decision. If you are living in a place that demands for a higher cost of living, you need to set your rates accordingly. It’s entirely up to you as a writer to set rates to justify your earning requirements.
While calculating the rate, you need to consider the expense that would be incurred to complete the project. These might be travelling costs to gather data, phone charges, courier or postage cost or stationery cost and any other cost. You need to make clear about all these costs in your contract.
7. Trust your gut feeling
Finally, one thing that will guide you to take a decision about the price for your work is your gut feeling. What do think about the project? Do you see some potential in the project to lead you to other future opportunities? Though a client may not be paying a higher compensation, he may offer you the opportunities for a bigger exposure. Sometimes, a client may offer you a higher compensation, but you may not enjoy the working on the project or you may not be comfortable with the subject.
The most important thing is you should give the best value for money to your client. Asking for the right compensation for a project raises your profile as a reliable and quality writer and clients keep coming back with more assignments.
What are your considerations when you set rates for your freelance writing work?