Setting a Freelance Writing Rate Equal to the Task

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dollarToday’s freelance writing clients are looking for a lot more bang for their buck, especially those looking for web writing.  Many aren’t looking for a mere writer, they want someone who uses SEO, builds traffic, moderates and responds to comments and more.  Before accepting a project and setting a rate, always find out what the job entails and set a freelance writing rate equal to the task.

Straight writing is one thing, but if your client is adding bells and whistles, make it clear the rates are going up. We all know interviews, research, mileage and expenses are often added into rates. However, there are other considerations as well:

  • SEO: Are you expected to research keywords, use them a certain amount of times in an article, and, in general, write an entire article around keywords or phrases? This is extra work and should be figured into your rate.
  • Promotion: Are you expected to create a social media presence and visit blogs and forums to promote your blog or website and bring in traffic? If so, this adds additional time to the project and should be included in your rate quote.
  • Community: Are you expected to moderate and respond to a community? If so,  this is additional work and should be negotiated into your contract.

The above-referenced items are all things that will add more time to each project. Your time is worth money and it’s up to you to make sure you’re adequately compensated.

What are some of the extra items that your clients tack on to a project? Do you raise your rates to reflect the increase in work?

Tip: Use the Freelance Switch Hourly Rate Calculator to help determine a rate for your project.

32 Blog Posts About Setting Rates, Finding Clients and Going for Freelance Writing Gold

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gold medal

Common questions asked by the Freelance Writing Jobs community are those having to do with rates and finding clients and opportunities. As I write another post about finding higher paying opportunities, I realize that I, as well as other bloggers, have discussed these issues on many occasions. Why not, gather the highlights together for you here?

What follows is advice from the best in the business. Some of these posts are from the Freelance Writing Jobs network, and many others are from a variety of the writing and freelancing blogs around the blogosphere. I hope you them useful. Please add your thoughts in the comments and tell us about some of the other topics and issues you’re interested in seeing discussed here.

Don’t forget to visit these other bloggers and participate in their discussions.

32 Blog Posts About Setting Rates and Going for the Freelance Writing Gold

How Much Should I Charge as a Freelance Writer?

Marketing Yourself as a Freelance Writer

Finding the Right Types of Freelance Writing Clients

Raising Your Freelance Writing Rates

Networking to Find Potenial Freelance Writing Clients

What are some of the things you’d like to learn more about?

What’s the Point in Having a Freelance Writing Business if Not to Make a Profit?

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profit

I’m noticing an interesting trend with each new crop of freelance writers.  They’re earning money but they have no clue if they’re pulling a profit. They’re making ends meet, but they don’t necessarily have money to put away. Many don’t even factor in taxes or overhead which can be a rude awakening during tax time.

With that in mind, I’d like to offer up my brilliance for the day:

The purpose of any business is to pull a profit. If this isn’t happening, you may not be making good decisions…or you may not be aware you’re not making good decisions.

Here are some things to consider:

  • If you’ve been freelancing for years and you’re still struggling to make ends meet, there’s a problem.
  • If you pay the bills but you’re not able to put aside money for anything else, there’s a problem.
  • If you started out with low paying clients to get your feet wet, and you’re still working for the same pay a couple of years later, there’s a problem.

Let’s the swap scenarios with the real world for a bit

Consider this: if you work for anyone, whether it’s fast food or a Fortune 500 company, there’s a good chance you’re going to get at least periodic cost of living increases in pay, right? It should be the same with freelance writing. As your skillset, client base and expertise rise to new levels, so should your rates. If things are the same for you as they were three years ago,  you’re going to have to make some decisions:

If you haven’t raised your rates in years, you’ll want to ask yourself why. Is it:

  • because you’re afraid of losing your clients?
  • because you’re afraid clients will say no?
  • because you don’t know what to raise your rates to?

First let’s explore whether you’re earning enough now.

Not only should you be supporting your family or supplementing your income, but you should also be able to stash something away for taxes, healthcare if needed, and business expenses.  Ideally, you’ll also have something to put in the bank. If you’re not at least earning enough to put away for those business expenses, you need to charge more or find higher paying opportunities to balance out your lower paying opportunities.

Next let’s take a look at what you need to do to bring in more income:

You’ll need to assess a new rate of pay. What would you like to be earning and why aren’t you earning it now? What is the minimum you can charge and still earn a profit?

Now, most long-term clients won’t balk at a pay raise request, not if you’ve been working for them for a while at the same rate, and not if you turn in consistently good work and meet or exceed their expectations. They understand you need to make a profit, they’re business people too.

You’ll also want to weigh out whether or not you’ll lose clients if you increase your rate of pay, and if so, will you still be able to make ends meet. Negotiating is fine, but you don’t want your clients to have the upper hand in the pay discussion. You may have to walk away and find clients who are willing to pay your price if it means you’ll receive the rate and respect you deserve.

It’s just good business

It’s one thing to start out low, it’s another to stay low. All established businesses raise their rates periodically and you should too. If you’re not making a profit, you need to sit down and figure out the reason why. There’s more to life than just getting by.

Are you making a profit? If not, why?

Do You Need to Raise Your Freelance Writing Rates in 2010? 5 Signs to Help You Decide

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Freelance Writng Rates

I’m a big fan of clean slates. For me, January 1st is a time for reflection and the best time to get a fresh start going. I like to take time out before the start of the new year to assess my situation and decide if it’s time to raise my rates. I know from speaking with some of the members of the FWJ community, many of you are afraid of raising your freelance writing rates because you don’t want to lose your clients to a freelance writer with a lower price. While that thinking is understandable, it’s flawed. If you’re a good writer and your clients appreciate your service, they’ll pay an reasonable increase in rates. Moreover, if they drop you because of raising your rates, you probably weren’t a good fit and need to find someone who knows you’re worth the price.

Raising rates takes confidence, but if you’re a good writer and have a reputation to match, you deserve a rate befitting your talent.

5 Signs to Help You Determine If it’s Time to Raise Your Freelance Writing Rates

So how do you know if you should raise your rates? Here are a few hints:

1. The End Doesn’t Justify the Means

You work eight to ten hours each day, yet the amount of money you earn comes no where close to the amount of work you’re putting into it. Getting your foot in the door is one thing, not getting paid what you’re worth is a whole other story. Go over all your earnings vs all the work you do and see if you can still justify the rates. Try this: take all the money you earn in a given month and divide it by the hours worked. If it’s turning out to be only a couple of dollars for an hour of writing and research, something is wrong. Sometimes even a small raise of $5 to $10 more for an hour or task makes a large difference.

2. You’re Only Breaking Even

Calculate your earnings vs. the work put into your writing, vs expenses including overhead, operational costs, outsourcing, healthcare and taxes. Are you still earning a profit? Many freelancers charge a rate without actually considering the big picture. Factor in everything that goes into your business when setting your rates. It’s not enough to simply break even,  you should be putting money into the bank. There should be enough left over to support yourself (and/or your family) and build your business. If not, you need to rethink your rate.

3. Your Clients Are Always Pleased

If you turn in clean work every time and your clients are always giving you positive feedback, congratulations – you earned a pay raise. Many salaried employees receive cost of living increases every year and freelancers shouldn’t be any different. Use your client’s feedback as your year end review. Do you deserve an increase? If so, ask. If your clients are pleased with your work, they’ll want to keep you around. They don’t mind paying a reasonable increase in rates if it means they’re getting quality.

4. You Have More Work Than You Can Handle

Are the clients knocking down your door? If you find yourself with more freelance writing work than you can handle and less time with “real world” activities, it’s time to raise your rates. If you’re in demand, your rates should reflect this. The clients who only wanted you because of an inexpensive rate may move on, but the clients who want a good writer they trust will pay your price enabling you to work smarter not harder.

5. You No Longer Need to Undercut the Competition

Sure, charging a lower rate enabled you to get a foot in the door but you no longer need it. You have plenty of clients and a good reputation. You bring in more business via word of mouth recommendations than advertising and marketing. Not only is your foot in the door, your whole body came through. It’s time to set your own bar and not worry about what the “competition” is charging.

What factors do you use to determine when you should raise your rates?

The Best of FWJ: 15 Posts About Finding the Best Freelance Writing Opportunities

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It used to be that my name was synonymous with freelance writing jobs, or helping freelance writers to land jobs. Now I’m learning there are people who feel I’m only for the promotion of content “mills” for freelance writing jobs, and that’s so far from the truth it’s silly. I’m about keeping freelance writers busy and employed. I’m for encouraging freelance writers to make the choices that work best for them, but to also aim high. Because I won’t knock writers for starting with content sites, and because I won’t pretend I never wrote for content sites, my name is being bandied about as someone who recommends writers only write for content sites or as someone who doesn’t care to “empower” writers. Because I do something more than complain, people feel I’m an advocate for low wages. It’s silly, really. The good thing about negativity is how it breeds opportunity. Here it is:

15 Posts About Finding the Best Freelance Writing Opportunities

  1. 40 Freelance Writing Markets Paying $100 or More
  2. 30 Types of Freelance Writing Jobs and How to Get Them
  3. How to Find the High Paying Freelance Writing Jobs
  4. Score High Paying Writing and Blogging Gigs
  5. Why You Should Consider Cold Calling to Find Work
  6. 5 Ways to Step Away from the Job Boards and Create Your Own Freelance Writing Opportunities
  7. Networking in Your Community: Finding the Freelance Writing Opportunities in Your Area
  8. 5 Places to Find Higher Paying Freelance Writing Jobs
  9. 10 Marketing Tips for Freelance Writers
  10. The Secret’s Out: Non Profit Gigs are Profitable
  11. Do You Have All Your Eggs in One Basket?
  12. 60 Tips for Getting Started in Your Freelance Writing Career
  13. How to Turn a Low Paying Client into a High Paying Client
  14. How to Find the Confidence to Ask for a Raise
  15. The Best of FWJ: 15 Posts About Rates
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