If you’re wondering how to set your freelance writing rates, this article will help you. A freelancer’s rates are always up for negotiation. Still, it’s essential to understand your worth and the value you bring to any project. As a freelance writer, it’s your job.
Knowing the fairest price for your services in today’s market is critical for getting new clients and ensuring a healthy income. Here are five steps that you can take to figure out how much you make as a writer and what you can expect to charge prospective clients for freelance services. Let’s get started!
1. Define your niche
The first step to figuring out how much you must charge is defining your niche and the type of writing services you want to provide. What are you good at? What do you enjoy writing? Where do you see yourself providing the most value to your clients? When you know what you’re passionate about, you can filter the freelance projects out there and find a niche that suits your skillset, interests, and experience.
Not sure what your specialty should be? Start with something simple like writing articles for a blog or website.
2. Assess how much you earn
You might already know your hourly rate if you’ve been a freelance writer for some time. But if you’re starting or want to set fair and competitive rates, then assessing how much you earn is the next step. Track your writing assignments, time spent, and earnings for two weeks. How much time did you spend on a project? What other expenses do you have to cover, such as transportation and online services?
3. Determine your rates per word or hour
Your rate per word or hour is what you need to establish when determining how much you should charge for your services. While plenty of writers charge by the project, it’s best to figure out what you charge before starting a new job. Clients often ask about your per-word or hourly rate, so knowing this information will help.
The Freelance Writers Guild of the Philippines recommends a minimum rate of PHP 2.50 per word. If you write fast and have more skills, you may want to charge more for each word written. You may have different rates for various types of writing output, so make sure that’s clear in your correspondence with prospective clients. A word of advice: be transparent and clear with what you’re charging so that both parties are happy with the arrangement.
4. Know how much time you’ll need for a project
Chances are that you’ve been asked to provide a quote on a project or two. Some clients may want to know your freelance writing rates before they hire you. This one may seem obvious, but it’s critical to understand how much time you’ll need to complete a project. Whether you’re quoting a per word, page, hour, or project fee, knowing how many hours or days you expect to finish will help you determine your fair rate for that project. A good rule of thumb is that the longer and more complex the project, the more expensive it will be.
5. Research the writer’s market
Look up the market rate for writers in your area, niche, and level of expertise. There are a few different ways to do this. You could look at the average salary for writers on local job boards. You can try searching on JobStreet, Kalibrr, Indeed, or Glassdoor and see the going rates. Additionally, websites like Upwork and organizations like the Freelance Writers Guild of the Philippines will give you a clearer idea of what other freelancers are charging per project.