Weekend Quick Tip: Basics for Setting a Fee Schedule
The rate that you charge as a freelance writer will greatly determine how much money you earn. Many aspiring writers do not know how to set a fee schedule because they are unaware of the details that go into this. When it comes down to it, setting your rates is not as hard as it sounds.
You are your own person. For this reason, you should set your freelance writing rates based on what you offer. Sure, you should consider what the competition is doing, but do not let this effect your rates too much. I know many freelance writers who charge twice as much as I do. At the same time, others charge half as much. This just goes to show you that the industry is full from top to bottom.
Many freelance writers think that lower rates will mean more work. While this can be the case, it also means that you will have to work more in order to earn a decent living. You may want to consider this option instead: charge higher rates so that you can do less work to make the same amount of money.
Of course, you cannot charge rates that do not align with your experience and knowledge. Far too often I receive emails from new freelance writers who are charging twice as much as me. While there is nothing wrong with reaching for the sky, they do not realize that clients that pay a lot of money want to hire somebody with solid experience. Remember, you can start your rates on the low end of the scale until you gain experience and build your portfolio.
I know that this post is not an exact “step by step†guide on how to set a fee schedule. The reason for this is simple: every freelance writer is different. Set your rates according to what you are comfortable with and what you need to earn in order to bring in a nice monthly income. Over time, as your experience grows, you can then up your rates to better match your new position within the industry.
