Strategies for Effectively Determining Rates for Your Writing Work
Honing Your Writing Game: Pricing Like a Pro
So, you're a new writer, and you're scraping your head trying to figure out what to charge. Is it fair? Who's gonna pay? If you work like a machine, should you offer a discount? And how the heck do you collect those payments? It's all a whirlwind, especially when you're hit with a nasty case of imposter syndrome. Let's crush those doubts and discuss the art (and science) of pricing your writing services.
Remember, You're The Expert
If a mechanic repairs your rig, they ask for cash because they've got the skills to get the job done. That's a tall order unless you've got the same skills they do. The same principle applies when you're offering your writing services. You might not feel like a pro, but trust me - you're better than the folks hiring you (or they'd be doing the work themselves).
Dig Deep with Market Research
Different types of writing bring different prices. Different industries do, too. To set your prices like a champ, consider your target market first.
Take a gander at the gig economy platforms like Upwork and Fiverr. It's a wild race to the bottom when it comes to pricing, but if you're cool with working for pennies, knock yourself out. For real, though, you're destined for bigger and better things.
Know Your Clientele
If you're chasing personal injury lawyers for work, you'll want to price your services differently than targeting mom-and-pop hardware stores. Major hospitals have fatter wallets than your local insurance salesperson. Plus, writing about backpacking gear isn't the same beast as writing about top-notch custom trailer locks.
Play by the Industry Benchmarks
I didn't give you a clear picture of how to price your writing services beauty, because the market is as diverse as a box of crayons. To get a feel for the right numbers, check out the AWAI Copywriting Pricing Guide.
Here's a snapshot:
- Blogs: $150 to $500 (per 750-1,000 words).
- 3 Email Sequence: $250 to $1,500
- Website Copy: $1,500 to $4,500
Of course, those prices vary depending on the market and your skills. With 17 years under your belt, you can command a higher price than a scribe who's been banging away for 17 minutes.
Mind the Hidden Costs
When figuring out your rates, don't forget about the extra expenses you might encounter, like taxes, software costs, and all the other goodies that make being self-employed a rollercoaster ride. Some say you should double the hourly rate you're aiming for to account for those hidden fees.
Trust Your Gut
Last but not least, when you're crafting your rates, trust your gut. Is it making you feel good? If a client asks for a price that makes you cringe, don't settle for less. And if you're offering a price that feels too high, offer them a sweetheart deal instead. A bit of give and take can turn a one-time gig into a long-term partnership.
Need a Chat?
New to the writing game? Need some help with pricing? Let's gab about it. A quick call is always free, so let's set up some time and support each other.
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In the writing profession, as you're the one with the expertise to provide high-quality work, it's essential to charge accordingly for your services. Different clients from various industries and sectors might have varying budgets and expectations, so undertaking market research is crucial to setting competitive and profitable prices.
When determining your writing prices, it's beneficial to consider industry benchmarks and median rates, such as those found in guides like the AWAI Copywriting Pricing Guide. For instance, blog posts typically range from $150 to $500, while a 3-email sequence might fetch anywhere from $250 to $1,500, and website copy can cost between $1,500 to $4,500. Keep in mind that these figures can fluctuate depending on market conditions and your own skill level.
When considering pricing, it's also essential to factor in hidden costs associated with being self-employed, such as taxes and software expenses. Some experts advise adding an extra fee to your hourly rate to compensate for these unseen expenses.
