Freelancing is an attractive career path for many individuals who want to avoid working in a traditional office job but have the types of skills that suit those positions.
Designers, consultants, and writers are all examples of the types of freelancing jobs that people are choosing over working for a single company. There are many benefits that come with freelancing, like being your own boss and setting your own schedule.
However, that also means you are responsible for things like finding clients and setting your freelance writer rates.
Setting rates can be overwhelming for writers, who are uncertain of how much to charge clients.
You want to make sure you are charging a rate that is fair to both you and the client. This is easier said than done.
Thankfully, this article will help you learn about different types of rates, average rates, and tips on how to calculate the perfect rate for you.
How to Calculate The Ideal Rate
Every freelance writer will have different rates and calculations for reaching those rates.
As you work on putting together your freelance writer rates, here are some different factors that you can consider and tips on how to go about finding the perfect rate for your business.
1. Type of Writing
The types of writing you offer can impact your rates. For instance, content like whitepapers, eBooks, advertising copy, press releases, news articles, and newsletters, among others, tend to be on the pricier side.
If you are a technical writer who works with complicated topics, you will likely be able to charge more than if you do social media or traditional blog writing.
Producing fluent and knowledgeable content in these various formats requires more skill, and you must be prepared to pay more to create unique projects.
2. Services Offered
Another factor is the types of services you offer. If you can do brainstorming, editing, proofreading, pitching, and strategic planning for clients, you can charge more for these types of services than just for your writing.
As a freelancer, offering more services can make you stand out among other freelance writers. They can combine your writing skills with other popular services and charge more money for your writing.
For instance, you can get paid to write a podcast script and earn money editing a podcast together.
While 82% of freelancers are writers, there are more untapped markets in digital creation, graphic design, video and podcast editing, and much more.
3. Experience Level
The more experience and years of practice you have, the more you can charge for services. Beginners will likely need to build up their portfolio and client list before they can charge top rates.
Novice freelancers can build up their experience by charging affordable rates (between $.02 to $.05 per word) for writing projects. Charging lower rates means clients are more willing to work with you and invest in your services despite a lack of experience.
As your clients leave better reviews and you build a bigger portfolio, you can begin to charge more for your work. For a marketer, hiring novice freelancers may pay off if you find someone who is a good writer but charges lower rates because they still need to gain proven experience.
4. Complexity of Subject
The more complex the subjects you approach are, the more you can charge clients.
Different industries like healthcare, manufacturing, and technology tend to have more complicated topics that need to be addressed and will pay more for your services.
For instance, if you’re a registered nurse, you can use your nursing skills to write articles, blog posts, eBooks, and more. Feel free to show your clients your credentials and education experience. Just make sure your job is fine with your freelance writing, and ensure you review their policies on second jobs.
5. Time Spent Working
Even if you aren’t charging by the hour, the time it takes to complete a project should be included in your rate calculations.
If you charge a flat rate or a retainer, you still need to know how long it takes to complete a project so that you know you aren’t going to lose money by taking more hours than you planned to complete the work.
As you gain more freelancing experience, you’ll better understand how long it takes to complete your work.
For instance, some blog posts might take as little as one hour or as long as two days to complete. When setting your rates, consider different factors such as researching time, typing speed, and other client requests.
If a client wants you to gather artwork and include thorough research, this will take longer than an opinion-based blog post. Ensure you thoroughly research your client’s preferences before agreeing to a set price.
6. Work Backwards
Another way to calculate rates is to start backward.
Think about how much you want to earn every year, and how many hours you want to work each week. You can then divide that up to figure out how much you need to charge per word or per hour to meet your goals.
You’ll want to work 40 hours per week as a full-time freelancer. Now, let’s say you want to make $70,000 per year. It means you’ll need to make roughly $33 per hour to achieve your goal (before taxes).
While this is a great way to make a living if you have steady clients and work, remember you might have some weeks where you have no work and others where you’re working more than 40 hours.
You may also be interested in these articles:
- What Everyone Needs to Know About Freelancer Taxes
- 9 Finance Tips for Freelancers to Help You Reach Your Goals
- Are You a Freelance Writer with Impostor Syndrome? Here’s What You Can Do
WriterAccess Rates
WriterAccess makes it easy to set rates based on your experience.
Writers are given a star rating before they join the platform. The higher the star rating, the higher the rate per word, up to $0.10.
Clients can shop for high-quality writers by choosing higher star-rated writers, and freelancers with experience can ensure they’re being paid fairly according to their expertise.
WriterAcess also offers a Pro marketplace where clients and writers can negotiate flat rate fees, hourly rates, or higher pricing at $0.11 per word.
Wrap Up
Working as a freelancer has many different benefits.
Freelancers get to choose their clients and roles, and are their own bosses. But learning how to set freelance writer rates can be overwhelming, especially for those just beginning a freelance career.
Thankfully, thanks to tips like these and confidence in your skills, you’ll be able to calculate the perfect freelance writer rates for your freelancing business.
Another area where new freelancers struggle is finding the clients they need to support their business. While it can become easier over time, it helps to have a place to start.
