Q: How do you determine the rate for the freelancing work you are applying?
This is a really important question you need to ask yourself as a freelance writer (or any freelancers in general). Setting the right rate might influence your clients to stick with you for a long time.
“Go with the flow.”
While this mindset is correct at certain times, you need to set your own rules and regulations as well including your own rates for different types of jobs.
Why you need to set the rates?
1. You have something to compare to when a client make an offer to you. Remember different clients make different offer. To know whether the offer is worth taking or not, you need to have a guideline.
2. You know where you are standing at when you receive a client’s offer. For example, you might start off offering low rates. As the time goes, if your clients are making better offer, you are actually progressing to a whole new level. Congratulations if you have managed to reach a higher level from where you have started.
3. You can make changes to the rates you set according to what the clients offer to you. Yes, it is flexible. You decide how much you want to charge for which client you want according to the work load.
4. You know when you can charge higher and when to charge lower.
*If there is some other advantages you can think of, feel free to share with us.
Guidelines on setting the rates (for freelance writers):
a. $0.05 – $0.10 / word : depending on your experience. Can go higher if you are exceptionally good at what you do.
b. If your client is offering bulk work, perhaps you can come up with a bulk rate / discount rate or anything you like to call it. Don’t feel too intimidated to reduce the fee, do what is right for you. You have the right NOT to lower your fee.
c. Go with what you think suits you best.
Be sure to prepare invoices to get paid on time and to keep track of your income.