How To Set Your Rates
Welcome to the final part of my 5 part series, “How To Succeed in Freelance Writing Without Really Trying,” citing Peter Bowerman’s The Well-Fed Writer as a touchstone text. Today, we’ll discuss how to set your rates. Access the rest of the series here: Part 1, Part 2, Part 3, Part 4.
Cheers to making a healthy living at freelance writing!
There is no simple answer for the conundrum of setting your rates and quoting estimates. In some cases, the rates and budget are set for you, especially when it comes to editorial publications, like magazines and blogs. When I first started out, I read countless articles all purporting to guide you on how to set your rates as a freelance writer. I came away from most of them without a clear answer. The very first sentence in Peter Bowerman’s chapter on “How Much Do I Charge?” in The Well-Fed Writer is almost identical to Riki Altman’s advice that I mentioned in Part 4. He writes, “In the beginning of your career, within reason, you need to take virtually any fee you can get in order to build your business and reputation.”
The next thing that he emphasizes is that your hourly rate should start at $50. Period. At least, that was my takeaway. He lists a range of rates from $50-$125 per hour for this type of creative commercial copywriting. He also notes that in most cases, you’ll be setting a project rate based on your hourly rate to prospective clients, so a sense of your hourly rate is important. As my portfolio grows, I try to set higher rates, but always with the intention of striking a deal both parties are happy with, and knowing exactly where I draw my bottom line.
It’s a tricky balance to quote a rate just right. You don’t want to turn someone off completely from negotiating by quoting too high, and when someone accepts your first bid, you wonder if you quoted too low. There will be some clients who simply don’t understand the time and value that goes into the work they’d like you to do, and coming to agreeable terms can prove difficult. This is where a well-crafted proposal and contract come in handy, and Bowerman guides you through the ins and outs of those, too, in his book.
Finally, different types of writing garner different wages. My most glamourous assignments sometimes garner the smallest wage. In my experience, business writing pays more than editorial writing; and web publications, like blogs, often pay more than glossy magazines. Of course, there are many exceptions to this rule.
That’s why rates are tricky. The good news is, the more you work, the more you understand how this balance works and how to approach it. There are times when I’ve accepted less for a particularly prestigious assignment or a project that I was truly interested in. There are also times where I’ve stood my ground and negotiated for more.
So What’s Next?
Peter Bowerman’s The Well-Fed Writer was instrumental in launching my writing career. I’m happy to report two and a half years later that my roster is full with exciting work that I truly enjoy. Of course, in this field, you’re always hustling and looking for new opportunities. It’s great to have the ability to assess your career and steer it in the direction you’d like to see it go.
More and more, I’m thinking about growth. There’s only so much I can do on my own. The idea of an intern, an assistant, a first employee, a partner has been swirling in my brain for months now. I have some ideas and lots of peers in my field to talk to, but I’d welcome any advice and suggestions. What I’m also looking for is another book to guide me. Maybe I should volley this question back to Peter Bowerman or maybe someone can suggest a great read for moving your “solo-preneurial” business into an entrepreneurial one.
What has your experience been with setting rates as a freelance writer? What books have you read to guide your career? What advice do you have or books do you recommend to take the leap from solo-preneurship to entrepreneurship? What else do you want to know about freelance writing? Let’s start a dialogue in the comments below!
