How to Price Yourself as a Freelance Writer!
When I first started working as a freelance writer I found it very challenging to decide how much to charge. I searched endlessly on internet for strategies and at the end I realized every strategy works differently for every individual and every project, yet knowing them all is so important for a successful and reasonable growth.
Now that you are here – sit and relax for this is going to be long!
Inside the life of a Freelance writer –
In my two years of working as a freelance writer I opted for different strategies according to phases and projects. Though I still sometimes switch to other strategies but I have definitely found some to hold on to.
I remember for my earlier project my clients used to price my work and if I was asked to price myself I used to do it on the basis of clients and not my work and talent.
Once I was done with one year of working as a freelance writer I started valuing my talent. This was the time when I stopped pricing as per the clients and instead started to focus on pricing myself as a writer.
Recently I am working on editing a book with one of my old client.
Sliding a note hereby – “If you want to stay in the field for long make good connections!”
Here is a list of strategies to choose from –
Disclaimer – I can only suggest you and brief you with how a strategy works and what is the outcome but choosing one that suits you can only be done successfully by you.
//Learn to Price yourself as a Freelance Writer//
1. Hourly Rate –
As the name suggests price yourself as per the hours spent on the project. This works well if you like to work on more than one project simultaneously.
Let’s dive into a step by step guide on how you can use this strategy carefully and wisely –
- Jot down your target annual salary
Pick up your notebook and write down how much money you want to make or keep making in a year.
- Calculate new expenses
Since you are planning to work as a freelancer understand that in the start you might have to bear expenses. From internet connection to project management tools there will be a list of things that you will have to take under consideration.
Once you are done making a list add your cost of living in it which should include everything that sums up your lifestyle.
- Adjust your salary by adding digits of both step i and ii.
- Now since you are freelancing it is probably because you were looking for a flexible work field and reasonable holidays that you can enjoy. Calculate approximately how many days will you choose to not work. Once you have the numbers decided you can easily come up with the number of hours you will be working annually.
- Divide the number of billable working hours with your annual salary (as per step iii)
Voila! You have your hourly rate in hand.
2. Flat Rate
This is one of my favorite strategy. This refers to simply quoting your client a rate per project or article. You can decide it on the basis of either approximate working hours to be spent on the project or on the basis of the length of article. The average rate per word is 1 Rupee, the same can be fixed (increase or decrease) as per your work experience.
Now that I have done good amount of projects I have realized that flat rate is my go to strategy. And somehow this treats me wisely.
3. Noticing the Competitors
There is one more strategy that focuses on noticing what the competitors are doing. This works very well for the newbies. Notice the price rates of your competitors and then set a low rate to attract more clients. You can grow well from here until you stumble upon something that suits you the best.
Even after gaining experience noticing the behavior of your competitors is really important in order to stay strong in this long run.
Once you have picked up a strategy and have priced your work on the basis of the same, the next question is –
HOW TO COMMUNICATE IT TO CLIENTS
There are two ways to do the same –
- Upload the details on the contact page of your website.
- Prepare a media kit to send it to your clients.
As a freelance writer I have always used media-kit to communicate my prices to the clients. Though I am planning to add a disclaimer on minimum amount to work with me to eliminate low budget clients.
My Pricing Strategy!
If asked to choose one, I can’t. I keep jumping from one strategy to another based on the kind of project I work on. Though this involves doing a good amount of research on the client and its project and working well on media kit before presenting it to the client.
Pricing is complex to give a final say but don’t stress yourself too much on it. You might lose a client or two, you might work more than the money value for first few projects but as a freelance writer you will definitely learn it with every project that you do.
Also remember once you let your mind do the needful, let your heart has a say in it too.
I hope this list helped you and solved your “how to price yourself as a freelance writer” queries.
I might meet you soon with some tips and guides on preparing a media-kit. (Subscribe to get notified!)
Until next time, Ankita Taneja xoxo