Master the art of pricing your freelance writing services and securing fair rates
“Price is what you pay. Value is what you get.” — Alan Weiss
Freelance writing has become a dream career for many people, including me. Globally, there is a massive need for skilled freelance writers. But getting into the competitive freelance writing market is hard, especially for people who have never done it before – they must figure out how much to charge for their work.
On the one hand, setting your prices too low can make you lose drive and faith in your skills. On the other hand, if the prices are too high, people might avoid buying your services.
To succeed as a freelance writer, you must find the best balance between fair pay and low rates. Finding this “sweet spot” is essential for growing a business.
As you read my comprehensive guide, I’ll explain the different price models, how to set your rates, and ways to make more money over time.
Let’s dive in the depth-
1. Understanding Different Pricing Models for Freelance Writing
Before setting your rates, you should learn how freelance writers set prices. Each model has pros and cons, which depend on the job, your skills, and the client’s cash.
a) Per Word Pricing
One common way for freelance writers to charge is by the word. You get paid based on how many words you write, which is great for blog posts, stories, and SEO materials.
- Pros: It’s clear, simple, and reliable. Great for blog posts and other long pieces of writing.
- Cons: It focuses on numbers over quality. There’s a chance that you’ll feel unethically pushed to write more words instead of well-thought-out content.
- Typical Rates: For beginners, the price per word can be anywhere from $0.03 to $0.10. However, skilled writers, especially those who work in niches, can charge at least $0.25 per word.
b) Per Hour Pricing
In this model, clients pay you for your time on their job. It’s great for complex tasks that require study, client talks, or editing.
- Pros: It’s great for projects without clear goals or long-term teams where jobs change.
- Cons: Clients may be concerned about how well and quickly they work. Depending on how fast you work, you could charge too much or too little.
- Typical Rates: New writers may charge $20 to $50 an hour, while more expert writers may charge $75 to $150 or more.
c) Prices Per Project
When you use project-based pricing, you agree on a flat rate for the whole job; it doesn’t matter how long it takes or how many words it has. This approach is often used for eBooks, advertising, and professional writing projects.
- Pros: It’s easier for clients to make budgets. You get paid the same amount no matter how long the job takes, encouraging you to work quickly.
- Cons: You might have to do more work without getting paid more if the project’s scope grows (scope creep). To keep yourself safe, you need clear contracts.
- Typical Rates: Rates depend a lot on how hard the job is. A web copy job could cost anywhere from $500 to $5,000, while a simple blog post could cost between $100 and $300.
d) Pricing for Retainers
With a contract plan, you do ongoing work for a set fee that you pay weekly or monthly. When clients need regular blog posts, newsletters, or social media material, retainers are a popular way to get it done.
- Pros: It gives you a steady, dependable income. Great for making clients stay with you for a long time.
- Cons: It can take a lot of time if you have a lot of contract clients. Make sure that the work is outlined clearly from the start.
- Typical Rates: Retainers can be anywhere from $500 to $5,000 per month, depending on the deal terms and the amount of work.
2. How to Set Your Rates: Factors to Consider
There’s more to setting your rates than just picking a number out of thin air. Your level of experience, your niche, and the job’s difficulty are all things that can affect how much you should charge.
a) Level of Experience
How much you charge depends a lot on your skills and experience. If you’re a beginner, you should charge less while you build your portfolio and get more experience.
But it’s essential to change your rates as you get better at what you do as you grow.
- Beginners: As a beginner, you can charge from $0.03 to $0.10 per word, $20 to $40 an hour, and $100 to $300 per blog post.
- Mid-Level Writers: If you’re a mid-level writer, you could charge between $0.10 and $0.25 per word, $50 to $100 per hour, and $300 to $700 per blog post.
- Expert/Experienced Writers: But as an expert writer, you could charge from $0.25 to $1 or more per word, $100 to $150 per hour, and $700 to $2,000 per blog post.
b) Niche and Industry
Due to the specific knowledge or study needed, some areas are more profitable than others. Writers in particular areas might earn more pay because of the intricacy and importance of their knowledge. Here are some places in independent writing that pay well:
1. Finance
Freelance writers must know a lot about tax rules, business strategies, financial planning, and fintech (financial technology). Businesses find finance content very valuable because it is very technical. Businesses are usually ready to pay more for content that is correct and easy to understand.
- Typical Projects: Investment reports, financial blogs, business finance material, and fintech pieces are some of the most common types of projects.
- Expertise Needed: Knowledge of financial markets, financial products, and rules for following them. Some certifications, like the CFA or CFP, can help you get hired and make more money.
- Typical Rates: $0.25 to $1+ per word or $100 to $200+ per hour for technical projects.
2. Health and Medical Writing
Health and medical writing includes things like medical study, writing about drugs, health, and exercise. Many writers in this field have experience with medical or writing healthcare, and they have to be very careful to ensure their work is correct because it can affect how patients are cared for and how people understand health problems.
- Typical Projects: Research papers, medical blogs, content for pharmaceuticals, and patient teaching tools are some of the most common projects.
- Expertise Needed: You must know how to read clinical studies and understand medical terms. Medical licenses, like MD or RN, can cause rates to go up a lot.
- Typical Rates: In this field, you can charge from $0.20 to $1+ per word or $75 to $150+ per hour.
3. Technology:
Writing about technology can be about many different things, such as software development, hacking, AI, and cloud computers.
Usually, technology writers get paid well because they need to know a lot about technology. It’s especially true if they can explain complex topics to people who aren’t pros.
- Typical Projects: Technical guides, software documentation, tech blogs, and case studies are all common types of projects.
- Needed Skills: You must know about computer languages, software design, and current trends in the business.
- Rates: As a tech writer, you could charge from $0.20 to $1+ per word or $100 to $200+ per hour for complex writing.
4. Legal Writing:
The job of legal writers is to write material that explains complicated laws and court processes. Understanding legal processes in depth is often needed for this kind of writing. Legal writers usually have experience as lawyers or paralegals.
- Typical Projects: In this field, legal blogs, case studies, legal papers, and compliance records are all common types of work.
- Expertise Needed: You need to know legal terms and how to follow the law. People who are writers and have JDs or professional skills are in high demand.
- Typical Rates: As a legal writer, you could charge from $0.30 to $1+ per word or $100 to $250+ per hour.
5. SaaS (Software as a Service)
Freelance writers for SaaS companies write about how the software works and how it helps people. As the SaaS industry grows, there is a huge demand for writers with experience in this area. This is especially true for B2B material that promotes software as a business option.
- Typical Projects: In this industry, software guides, case studies, product reviews, and white papers are some of the most common projects.
- Needed Skills: As a content writer for SaaS, you must understand digital marketing techniques, software products, and Search engine optimization (SEO).
- Typical Rates: As a SaaS content writer, you can demand anything from $0.20 to $1.00+ per word or $100 to $150+ per hour.
6. Technical Writing
Making manuals, guides, and other documents that show how to use complicated systems or goods is part of technical writing. For this kind of writing to be accurate, it’s often necessary to work with experts or coders.
- Typical Projects: In this field, user guides, installation guides, API instructions, and expert reports are all common types of projects.
- Knowledge Required: You must know how to use technology tools like MadCap Flare or Confluence and be familiar with the product or system being recorded.
- Rates: As a technical writer, you could charge $0.20 to $1+ per word or $100 to $250+ per hour.
3. How to Raise Your Freelance Writing Rates Over Time
It’s essential to keep raising your rates as your knowledge, customer base, and business grow. Over time, here are some ways to increase your rates:
a) Raise Rates for New Clients
As your business grows, you should charge new customers more. You should feel good about raising your rates if you’ve regularly done good work and gotten good feedback.
b) Offer Value-Based Pricing
When you use value-based pricing, you charge clients based on how much worth your work adds to their business. For example, your services are worth more if your blog entries attract many visitors who spend a lot of money.
How to Implement Value-Based Pricing:
- Highlight ROI: Focus on your value, such as more traffic or sales.
- Use Case Studies: Give real-life examples of how you’ve added value.
- Discuss Results: Pay attention to what your content can do instead of how many words it has or how long it takes.
c) Upsell Additional Services
Offer extra services that help people and make more money:
- Content Strategy: Along with writing, offer services for planning content to your clients.
- SEO Optimization: If you want to charge more, ensure your information is SEO-friendly.
- Social Media Content: Use blog posts or emails that you’ve already written in different ways.
d) Reassess Rates Annually
Look at rates again. Every year, you should regularly review your rates based on the following:
- Rates on the market.
- They get new skills or certifications.
- People want your services.
4. Negotiating Rates with Clients- How to Get What You’re Worth
It can be scary to talk about rates, but many clients are willing to pay more for good work if you’re sure of your worth.
a) Know Your Bottom Line
Choose a low rate that you will not go below. You’ll know when to walk away if a client tries to pay less than you charge.
b) Highlight your skills
You have to pay attention to your skills, knowledge, and the value you bring to the table when you negotiate. Stress that you know about the client’s business and can provide customized material.
c) Offer Packages
Instead of dropping your price, offer package deals, like savings for writing more than one blog post or contracts that last for a long time.
d) Be Ready to Leave
It would help if you declined a client who cannot afford your rate. If you don’t charge enough for your services, you’ll burn out; therefore, prioritize those who value your time and work.
5. How to Communicate Your Rates Professionally
As soon as you know your rates, say them clearly and confidently. It’s essential to be clear in both emails and proposals.
a) Present Your Rates Confidently
When you list your rates, don’t say sorry or put down your worth. Set your prices based on how much cost you bring, and be sure of your knowledge-
“My rate for this project is $500, which covers research, writing, and two rounds of revisions. Because I’ve worked in [industry], I’m sure I can deliver you content that will help you reach your goals and get results.”
b) Use Contracts
You should always use a contract when you work with clients. There should be clear instructions on the work to be done, the fees, the due dates, and the ways to pay in a contract. This keeps you safe in case anyone has questions and makes sure that everyone knows the deal.
c) Set Payment Terms
Make it clear from the start how you will be paid. A lot of writers want 50% upfront, and the rest is due when the work is done. For contract or long-term clients, you can offer payment plans that are due every month.
The Bottom Line
Setting prices for your freelance writing services can be challenging initially, but if you know what to do, you can find fair prices that will make you money in the long run.
You can make a living as a freelance writer if you know the different ways to set prices, know how much you’re worth, and are comfortable bargaining with your clients.
This guide I mentioned above will help you figure out how to price your services and grow your business, whether you’re a new worker or an experienced one who wants to charge more.
Related Articles:
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