Sunday, July 18, 2010

How to Determine Your Freelancing Hourly Rate by Jason W Little

It's not uncommon for new writers to ask how to determine your freelancing hourly rate. And it's a very good question to ask.

To come up with a good answer, several things will have to be taken into consideration. That's due to the fact that you could miss out on some potential work if clients think your rate is too elevated or if they think it's too low.

You will want to consider very carefully how to set your hourly rate. The reason is because you could potentially lose a lot of work if you're not careful.

If your rate is too high, clients may not want to pay it, and if you set it too low, clients may think you're inexperienced, etc. What you want is a happy median that will show that you're affordable yet experienced and capable of handling anything the client throws your way.

How to Determine Your Freelancing Hourly Rate

If you hope to find your hourly rate, you'll want to consider how experienced you are, your skill sets, as well as how productive you are. If you have lots of experience as a freelance writer, your rate should be higher than someone who isn't so experienced, for example.

And if your skill sets include various types of projects, you'll be able to grab more work than someone who only knows how to write blogs, or only knows how to write articles.

And, the more you're able to produce, the higher you'll be able to set your hourly rate.
By taking these factors into consideration, it won't be hard to come up with a number that you're comfortable working with, and that clients will be more than happy to pay.

There is a simpler way to calculate your freelancing hourly rate, however, and that involves creating a spreadsheet that does the calculating for you. Of course for this to work you will have to be working already.

If you are just starting out as a writer, the above calculations should help you decide on a freelancing hourly rate. If you're working, however, the spreadsheet is a great way to come up with a good number to work with.

If you already have writing clients you work for, a spreadsheet will calculate the projects you complete, the amount of money you get for those projects, as well as how much time it takes you to finish those projects. If you were to keep track of your writing for a week or even a month using that spreadsheet, you'll have a great idea of what you are worth as a writer.

On the other hand, feel free to bump it up or down as you see fit. Your hourly rate should never be set in stone. If you're good, increase the rate. If you're still wet behind the ears, lower it a bit in order to get more work. You'll soon find, however, that hungry writers are always flexible with what they charge, to a degree. That's because being able to adjust your rate can mean the difference between a writer who is working, and one who is not.

For more information on the life of a freelance writer, go to Jason Little on Writing.

Jason Little is a professional full time freelance writer who lives in Houston, Texas. His site, Jason Little on Writing is a resource for other freelancers who have questions that have yet to be answered. Jason is always looking for more freelance work so, clients, feel free to contact him anytime.