There is no question that writing is one of the most satisfying and rewarding aspects of being a business owner. However, while most people probably enjoy the process of creating a written piece, they may be somewhat perplexed as to how much they should charge for their services. Truth to be said, a business owner who is serious about growing their business will eventually have to deal with this issue. Even if you’re just exploring the possibility of a freelance writing career, it’s time to consider how much you should charge for your work.
The Simple Answer
The simple answer is that you should charge whatever amount you feel is fair. Sounds rather straightforward, but it really isn’t. There are numerous variables to consider, like whether you’ll be providing any value-added services or products to your customers, the type of writing you’ll be doing (i.e., editorial or commercial), and whether you’re establishing yourself as a professional or an amateur. Consider all of these factors before making any type of business decision, as this will help you arrive at the right answer for your particular situation.
The More Complex Answer
So, you’ve decided that you’ll be basing your price on the value you provide to your customers. All well and good, but how do you measure the value you provide? Let’s assume that you’ve already calculated a rough approximation of what you’ll need to charge (i.e., your hourly rate), and you’re now in the process of shopping for customers. How do you go about acquiring these customers? One option is to simply offer them an amazing deal, like a free initial consultation or an introductory or trial period at no cost. In some situations, you might even decide to waive your hourly rate for a certain number of hours. Again, the key is to find a way to provide value to your potential customers while not costing them anything. In some cases, you might consider offering them a free copy of a book you’ve published (provided you’ve verified that this is a legitimate copy and aren’t just giving them a freebie to boost their Yelp rating).
As for the type of writing you’ll be doing, if you’re not sure, ask your potential customers. Most likely, they’ll have some idea of what you should charge based on the type of content you’re creating. For instance, if you’re doing a lot of technical writing, you might want to consider bumping up your price a little bit. On the other hand, if you’re an established author who has long-tail keywords and can pull in the occasional high paying project, you can probably lower your price. Remember that your price should always be in line with the value you provide, so look for projects that will enable you to provide the most value while still being able to financially support yourself.
In summary, when determining how much you should charge for your writing, keep in mind the following elements:
- Your hourly rate
- The type of writing you’ll be doing
- Whether you’ll be providing any value-added services or products to your customers
- Whether you’re establishing yourself as a professional or an amateur
- How experienced you are in your field
- The size of your current client base
- How many projects you can handle in a month
- Whether you’ll be doing any of the above simultaneously
- The location of your office (i.e., will you be working remotely?); and
- Your budget.
Now, all of this might seem rather daunting, so let’s take a step back and look at this from a different perspective. You’ve got your goal, to establish and grow a successful freelance writing career. To get there, you’ll have to be resourceful and creative. That is a virtue, not a vice. So, instead of worrying about how much you should charge for your writing, instead, focus on creating the best possible content to make money hand over fist. When it comes to actually charging for your services, you’ll have to rely on your own good judgment, as there isn’t any one-size-fits-all approach to this. However, knowing the elements that I’ve laid out above will certainly help you make the right decision for your particular situation.