It’s no secret that freelance writing is highly flexible, but what I mean by flexible is that you can literally adjust your working hours to fit within your daily life – you don’t have to be available over a certain number of hours to get paid. This makes it a popular choice for students and for people who want to reduce their working hours while also earning some extra cash.
The issue many people face, however, is that they don’t know how much to charge for their work. If you’re in the same situation, check out this useful guide which answers the question: How much do I charge for writing?
The Evolving Rates Of Pay
One of the biggest differences between freelancing and traditional employment is how fast the rates of pay go up. In a nutshell, as a freelancer you can expect to be paid more per hour than you would in a nine-to-five job. The great thing about this is that as soon as you finish one project you’re free to move on to the next, which means you can literally get paid while you sleep. This, of course, varies from project to project and, as a general rule, the more complex the project, the more you’ll be asked to charge.
Setting Your Rates
In the same way that with many other jobs you need to establish a starting point and then negotiate your pay, with a freelance writer you’ll need to do the same. Begin by setting a daily rate that you’re willing to accept for the work. This, of course, depends on several factors, including how many pages you write each day and how many hours you work. If you’re new to the field, it’s also a good idea to look at what other professionals in your niche are making and then negotiate your rate from there. When you provide good value for the work, your clients will be more willing to come back and work with you again – and again, as they see you’re a valuable asset to their business and able to produce excellent content.
The Perfectionist In Me
One of the best things about being a freelance writer is that you’re your own boss. You set your own hours and work as many or as little projects as you please. If you can find a way to bring in more revenue while also reducing your workload, even better. In a way, being a freelancer is a lot like playing the stock market – you can trade what you produce (words) for money to pay your bills and build up a decent nest egg.
Unfortunately, like most things in life, there’s a darker side to being a freelance writer. For some, it can be a struggle to find the time to produce the content required for clients while also trying to maintain a social life – especially as so much of your income comes from commissions rather than hourly wages. This is why it’s such a great idea to diversify your income streams by also working as a virtual assistant, proofreader, or editor. Having multiple income streams is an excellent way to reduce your stress and allow you to enjoy life how you want to – especially as you get older and more established in your career.
Being a freelancer isn’t for everyone – especially those who want a steady job with benefits. It’s a great choice for those who want to reduce their working hours while still earning a decent living, and for those looking to expand their business, it’s an excellent opportunity to do so. Just remember to be realistic about what you can expect to earn, both now and in the future, and don’t be afraid to ask for what you’re worth – especially if you’re good at what you do.