Setting your rates as a freelance copywriter is crucial for your business to flourish. Read on to learn how to set a budget that is both affordable for your client, yet allows you to be fairly paid for your hardwork!
- Add Up Your Bills
First and foremost when you set your freelance copywriter rates you need to factor in bills and rent. Also, include any software programs that you pay for monthly that relates to your freelance copywritng business.
Now that you have the total amount of your bills circle this number. This is the number per month that you MUST make minimal to make ends meet.
2. How To Discover Hourly Rate
To find out how much to charge per hour simply divide the number of words you can write in an hour by 60. Keep this number handy so that when someone messages you about your services you can tell them your hourly rate or include it within your freelance website or profiles if you are working on websites such as Upwork.
3. How to Discover Your Rate Per Words
Remember the hourly rate we just found? Take that hourly rate and divide it by the number of words you can write in an hour. This is your rate per word.
For example: I wrote 2,500 words per hour which means my hourly rate is about $50 per hour.
Now to find my rate per words I will take my hourly rate($50) and divide it by 2500(number of words I can write in an hour). My rate per word is .50/word.
4. Don’t Forget Taxes!
Make sure you put away at least 30% if not more for taxes. You may want to check your state’s tax website to make sure you are putting away enough. Trust me you do not want to be nailed for tax evasion or get in trouble for not reporting taxes.
More Tips On Freelance Copywriting Rates
- Do not let someone haggle you on your prices. It’s something I see happen ALOT on Facebook and social media. If someone is haggling you for a cheaper rate they aren’t the client for you. To me that shows me they have no respect for someone’s business and expect a handout.
- Make sure you create a contract and require payment and signature upfront before completing any work for any client. This can help you in case they try to run off on payment.
- Be upfront with your clients with your policies and rates.
Have you found a unique way to find your rates as a freelance copywriter? Share in the comments if you wish!