{"id":52245,"date":"2024-03-19T19:53:49","date_gmt":"2024-03-20T02:53:49","guid":{"rendered":"https:\/\/www.clearvoice.com\/?p=52245"},"modified":"2024-04-25T21:14:41","modified_gmt":"2024-04-26T04:14:41","slug":"freelance-pricing","status":"publish","type":"post","link":"https:\/\/www.clearvoice.com\/resources\/freelance-pricing\/","title":{"rendered":"The Art of Freelance Pricing: How to Value Your Work and Elevate Your Income"},"content":{"rendered":"

Whether you’ve been freelancing for years or your first project proposal just landed in your email inbox, learning how to become a successful, profitable freelancer comes down to knowing how to set freelance rates and raise them over time, all while meeting your income needs and valuing your skills.<\/span><\/p>\n

\"Determining<\/p>\n

How to Set Freelance Rates for Contract Work<\/h2>\n

Determining <\/span>freelance rates<\/span><\/a> in the freelance writing industry has become increasingly more difficult. Due to high demand and more and more media professionals adopting a gig mindset toward their careers, there is no longer a standard rate card that makes sense across the board.<\/span><\/p>\n

After all, it\u2019s not merely magazine features or line-by-line copywriting that\u2019s farmed out these days \u2014 it\u2019s so much more. From a 2,000-word (or more) SEO deep dive to writing podcast copy and creating a game plan for interactive Instagram stories \u2014 a writer\u2019s job description continues to transform and expand.<\/span><\/p>\n

Freelance rates are subjective<\/h3>\n

Executive agility coach and author <\/span>Nancy Capistran<\/span><\/a> shares, there is no perfect answer on what you should be charging. \u201cKeep in mind that there are only so many hours in the week\/month\/year to earn money. So being smart about finding that healthy balance for work hours and pay rate,\u201d she adds.<\/span><\/p>\n

Balance.<\/span><\/i> What that means for you will differ from your freelance friends. For example, if you have kids to take to school, and a house to maintain, your time and energy for work don’t stretch as far as your friend who lives in an apartment with no children.<\/span><\/p>\n

\"Drafting<\/p>\n

Drafting your freelance writing rate<\/h3>\n

A good starting place is to work backward. How much money do you need to make each month to cover your core living expenses, savings, self-employment taxes, business expenses, and other necessities? And, how many hours do you have available (and want) to work per week? Remember, as a freelancer, you call the shots. There’s no more 9-to-5.\u00a0<\/span><\/p>\n

You can work as many or as few hours as you want or need to hit your income goals. Start by dividing your monthly income goal by the number of hours you will dedicate to work per month to get an hourly freelancing rate.<\/span><\/p>\n

Next, estimate how long a specific project will take you to complete. Multiply that number of hours by your hourly rate to get a <\/span>per-project rate<\/span><\/a>. Easy peasy! Now you have a number to quote to prospective clients that you know allows you to earn the income you need to stay afloat.<\/span><\/p>\n

Get feedback from your writing peers<\/h3>\n

Branding expert <\/span>Wendi Weiner<\/span><\/a> shares that the ability to compare and contrast your rate with freelancers who work with similar clients will open your eyes and guide your finances. This helps you to know if you\u2019re invoicing for far too much \u2014 or too little.<\/span><\/p>\n

How long you\u2019ve been filing articles or working for clients makes a difference too. After all, if they\u2019ve invested in you for many years and you know their voice and mission, it\u2019s more cost-effective for them to keep you on their roaster of freelancers. So, prepare to raise your rates every year or two to keep up with inflation while maintaining your contracts. Here’s how.<\/span><\/p>\n

\"you'll<\/p>\n

When It’s Time To Raise Your Freelance Rates<\/h2>\n

As you get the hang of quoting your freelance writing rates and taking on projects, you’ll eventually discover that you can work faster or produce better copy, which means it’s time to give yourself a raise. Value your work and skills!\u00a0<\/span><\/p>\n

It’s also time to raise your rates when:<\/span><\/p>\n