Whether you’re looking for your first full-time job or prefer to freelance, copywriting is a useful skill to have in your back pocket. Few people know exactly how much they should be paying for copywriting work, so today we’re going to explore the different rates you’ll encounter and how much you should be putting down.
The Wide Variety Of Rates You’ll Encounter
One of the biggest challenges for any freelance copywriter is knowing how much to charge. Most businesses aren’t exactly sure how valuable their particular skills are, so they tend to undervalue them. After all, if no one knows how much quality writing costs, then it’s a bit hard to justify paying more than your minimum rate. While this might be acceptable for a one-off piece of content, such as an ad or salesletter, it can be problematic when you’re dealing with a multi-page report or a press release. In these situations, the writer is often called upon to redo large sections of the piece several times before the client is satisfied.
This causes all kinds of problems—not just for the writer, but also for the business who hires them because it takes them more time to do the same thing over and over again. When you’re eventually called upon to redo large parts of a piece you’ve already done once, it’s easy to lose motivation to bring it to a satisfactory conclusion because it’s so time-consuming. You might end up rushing a complete rewrite just to meet the deadline, which can result in sub-par content that doesn’t fulfill the client’s needs. This is why it’s essential to set a price for your work before you start, so there aren’t any unpleasant surprises once the piece is completed.
$20,000+ A Year
That is the average annual income for a freelance copywriter in the United States, according to the Bureau of Labor Statistics. While it might not seem much when you’re earning it, after you account for all your expenses it can bring in a significant amount of extra cash. With a little bit of ingenuity and smart spending, you can easily make more than $20,000 per year as a freelance copywriter.
The Many Benefits Of Freelance Copywriting
Apart from the obvious fact that you can earn money online without having to worry about finding a job, there are a host of other benefits to incorporating freelance copywriting into your business. Here are just a few of them.
- You can increase your earnings by becoming a freelancer. According to the BLS, the average income for freelance copywriters in the United States is $20,000 per year. While this might not seem like a lot of money, once you consider all the benefits it can potentially bring in, it starts to seem more worthwhile.
- You can reduce your stress levels by taking on more work than you can handle. According to a CareerBuilder survey, 40% of employers said they would rather hire a freelance writer than an in-house employee due to the fact that it’s usually a less stressful environment for employers.
- You can diversify your income stream. The more sources of income you have, the more secure your financial situation will be. If you work for multiple businesses, you can often earn commission from sales you make, which can dramatically increase your income.
- You get to test out different kinds of marketing materials and approaches. When you’re working for a business, you pretty much have to do whatever they ask you to do. As a freelancer, you have the freedom to experiment with different techniques and try new things without fear of losing your job. This can help you find the best ways to market your services and generate leads.
- Freelance copywriting allows you to establish and build strong relationships with prominent business individuals. If you can prove to them that you are a capable writer, they may choose to work with you based on the merits of your work alone.
- You get to charge what the market will bear. As a freelance copywriter, you have the freedom to set your own prices for your work. Since businesses don’t typically value their copywriting skills highly, you can often get away with charging lower rates than you could get if you worked for a smaller business or individual.
- You work when you want to work. Since most businesses don’t value their copywriters highly, they are often under no pressure to keep you busy. Therefore, if you don’t want to work one day, you don’t have to—you can simply choose not to that day. It’s very unlikely that you’ll get penalized for vacation or personal time off.
- You get to set your own deadlines. Since clients don’t have the pressure to turn things around quickly, as a freelancer you have the ability to set your own deadlines and take your time as you need it. If something needs to be delivered by a certain date, you can simply choose not to meet that deadline.
- You have the opportunity to work remotely. If you prefer to work from home, or if you have a family and other responsibilities that keep you away from the office, you can combine working remotely with freelancing. According to a FlexJobs survey, 89% of respondents said they would rather work remotely than in an office.
- You get to choose your own clients. One of the biggest stressors for in-house copywriters is getting stuck with clients that aren’t a good fit. Since businesses don’t typically value their copywriters highly, it can be difficult to find the right clients. However, as a freelancer you get to choose your clients, so you can ensure that you will be working with individuals or companies that are a good fit for your skills.
- You get to work in your own pace. When you’re in a rush to meet a deadline or need to work certain hours to make ends meet, freelancing can be a great option. Since you’re not bound to any sort of schedule, you can take on as much or as little work as you want, when you want, and be able to fit it into your schedule.
- You get to experiment with different styles and topics. If you’re feeling adventurous, you can try out new styles and topics and see how they do with consumers. Since businesses don’t typically value their copywriters highly, they are often under the impression that anything goes when it comes to marketing and advertising. However, as a freelancer, you have the freedom to explore different styles and topics and see how they do.
The Different Costs Involved
Apart from the fact that most businesses don’t value their copywriters highly, there is also the matter of cost. When you’re working for a business, you are often required to put in a lot of hours for little pay. This can be both frustrating and expensive. It’s not that businesses don’t appreciate what you do, it’s just that they have other priorities and fewer resources to pay you what you’re worth.
As a freelancer, you have the option of working on projects that have a fixed cost. This means that even if you don’t get paid for the work you do, it’s at least guaranteed that you’ll be paid for the materials you need to complete the project. You don’t have to worry about getting stuck with clients that undervalue your work, or demanding more than you’re worth. Since you have a clear idea of how much each project will cost you, you can plan your income and expenses accordingly—ensuring that you don’t break the bank.
How To Become A Better Writer
Even if you’re already a fairly good copywriter, you can still improve your skills and make more money by becoming a freelancer. There are several ways in which you can become a better writer, and the more you do, the better you’ll become. Here are a few tips.