The freelance writing business is an excellent option for people who want to work from home or at their own pace. It is a promising source of income, and you can determine how much you earn.
Writers vary in skill. Some good writers charge high, and some poor writers charge low and vice versa. With competitors, you may want to pitch your price at such a level that you do not chase away your clients, and you do not lose them either.
Setting the Rate for Your Work
The right rate differs from writer to writer. Some freelancers write for ridiculously low prices, and there are those whose charges are very high. The choice is yours. Here is what you need to do to set the right rate for your work.
- Consider your experience: Your level of expertise goes into charging your client. Professional writers do not write for peanuts because it is their work. Unlike other freelancers who are there to take whatever they give them. This consideration may seem like you are swimming against the tide, but it is the right thing to do.
- Consider your area of specialization: Some freelancers are out to serve everyone, but some have specialized areas. If you are part of the latter, it will influence your charges.
- Market rate: While it is good to consider your area of specialization and years of experience, you don’t want to go overboard. You should have an idea of the market rate. For instance, the price for a web news article can fall within 15 to 50 dollars per page, and it would be fair. An e-book can go for 15 to 25 dollars per page. For a magazine article, a price between 600 to 2,000 dollars is okay, and so on.
- The time frame: Usually, there is a reasonable time frame for you to deliver your work. However, some clients will want you to produce their task within a short time. The urgency of the work may make you want to reject it because you will not have ample time to turn in a great job. If your manuscript does not meet your client’s expectations, it will not be suitable for business. If the deadline is tight, you can raise your charges.
- The kind of work: The type of article you are writing will influence the amount you charge for it. A radio commentary may cost higher than a web article. Whether the work is an e-book, a novel, or an ad, goes into determining your price.
To thrive with the competition in the business, you should be professional. Have a fixed price for your work. If you have to vary your rates, it should be necessary and reasonable. Also, you should have a website that details your business.
Before writing, you should take a retainer upfront. If your client requests a re-write, he/she should have paid in full. These tips will help you set the right rates and protect you and your client’s interest. In a nutshell, know your worth and don’t work for less than you deserve.