Once you plan on starting your own freelance writing or freelance editing business, one of the things that youll need to decide is how much you are going to charge for your services. This decision can be problematic for new freelancers and requires careful consideration, as well as some mathematical skill. Keep reading to discover the going rate for specific freelance jobs, and how to calculate your own rate so that you get paid what you are worth.
The first type of freelance jobs that we will discuss is freelance writing jobs. The market for freelance writing opportunities is wide open right now. This is especially true for the online market. But the rates for online freelance writing are all over the place. The best way to determine what you will charge is to use a simple mathematical formula.
First of all, decide how much you want to make in a year. For example, lets say you want to make $40,000 per year. Now take the $40,000 and divide it by 220 working days. This comes out to $181 per day. Now decide how many hours a day you are going to work. If you plan to work 8 hours a day then divide the 181 by 8. This will give you a rate of $22 per hour. This formula will also work for freelance editing jobs.
You also have to take into consideration any special skills or credentials that you can bring to your freelance writing work. If you have a degree or are considered an expert in your field, then you will able to charge a lot more.
Depending on the level of skill, experience or rarity that you bring to your writing, you should be able to add up to 50% or more to the fee structure listed above. The best way to determine how much you can charge is to test the market and see what people are willing to pay. You cant price yourself out of the market, but you do deserve to get paid what you are worth.
The Internet is a great place to start when looking for a freelance writing opportunity. But a word of caution, if you want to be paid a decent rate for your work, stay away from the bid for work sites. You are in competition with hundreds of other people that are willing to cut their writing fees to almost nothing to get the job. Start your own website and advertise your services heavily. Do quality work and you should have no problem making a decent income and building a steady list of return clients.
The above advice holds true for freelance editing jobs. To become a freelance editor, you should have some advanced training. There are college courses that teach editing or even books that you can study to learn editing. Having some type of editing training under your belt will increase your credibility and allow you to charge more. This advice applies to freelance copy editing as well.
If you are thinking of starting your own freelance graphic design business or freelance programming business, the same basic rules apply. Do a search around the Internet and visit graphic design and programming forums to get a feel for what others are charging. Market yourself according to your experience. If you have 30 years of graphic design experience under your belt, you will be able to charge more than someone just getting into this field. Take all of these things into consideration when determining what you are going to charge for your freelance services and you will be able to determine a price that pays you well and draws in a steady stream of customers.
If you are looking to break into freelance writing, freelance editing or freelance graphic design, keep in mind that it can be a lot of hard work. But it can also be very profitable and will allow you the freedom to work when and how you want.