Writer's Digest University by The Editors of Writer's Digest

Author:The Editors of Writer's Digest
Language: eng
Format: epub
Tags: epub, ebook
Publisher: Penguin Publishing Group
Published: 2010-08-15T00:00:00+00:00

PLANNING YOUR EARNINGS

The overhead calculation you did earlier is important in figuring how much you should charge for your services. Different freelancers' websites post information about typical fees, so launch a Google search about what freelancers are charging so you at least know the ballpark rates.

To calculate an hourly rate, figure the amount you hope to earn. That may be what you used to make at your old job or what you dream of making at your new one. Then, add in your annual overhead expenses. Divide that figure by the number of billable hours you expect to work in a year. (Count on spending a quarter of your time marketing your services, maintaining your records, and reading professional publications. These are not billable hours, but they are necessary ones if you want to run a successful long-term business.)

Most magazines and clients won't pay by the hour but by the word, inch, or article. You can, however, estimate how long an assignment will take and multiply that by your hourly rate. Factor in writing time, of course, but also the time you'll spend researching and revising your piece. Remember to consider expenses, too. Try to estimate your costs for phone charges, mileage, research, and other expenses. Add these to the fee you negotiate.

Always keep in mind what the market will bear when making your calculations. Check with other freelance writers in your area to find out what they charge. Don't charge more than you can get, but don't underestimate yourself, either. Lowball pricing may get you a few jobs. But it will hurt your image with clients and editors, and often, your self-esteem. It won't do your bank account any good, either.

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