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5 Facts You Should Know About Freelance Copywriting Fees

Setting copywriting rates can be a difficult task. Writers want to charge enough to pay their bills, but they also need low enough rates to attract clients. Before jumping into the freelance writing industry, writers should read through the following five tips on setting rates.

Look at Past Jobs

Most people do not start writing straight out of high school. Instead, they spend a few years working in other industries. Before setting copywriting rates, writers should look through their previous wages. Ideally, the writer should set rates that will pay them the same wage or higher. Since the writer will spend unpaid hours applying for projects and dealing with clients, they have to set higher rates in order to make the same level of income.

Hourly or Fixed Prices

Most projects will be paid by hour or by project. There are different benefits to both options. With an hourly rate, the writer is able to work at a slower speed and some clients prefer hourly rates. If the writer is fast enough, they can actually make a higher wage by working for a fixed rate.

Track Hours

To set a rate, writers should track all of the hours that they write, bid on projects and communicate with clients. They should also track all of their earnings for the month. This will allow the writer to see how much they actually make per hour. If the wage is too low, writers need to raise their rates.

Revise Rates

As the writer gains experience and clients, they will need to change their rates. A more experienced writer will command a higher price. Likewise, the writer may want to charge new clients more if they already have a busy schedule. In general, writers should review their rates every three to six months. To make this process easier, the writer should carefully track the hours that the work and their earnings.

Look at Others in the Industry

Each freelance copywriter is competing with writers from around the world. Before setting a specific hourly rate, the writer should research their competition. Although there are writers abroad who charge pennies per word, individuals should not compare themselves to these individuals. Instead, writers should compare their rates to individuals who have the same education, experience and skill level. The writer should look at 10 to 20 profiles to see what the average industry wage is. Using this information, the writer can ensure that their rate is competitive.