If you’re like a lot of folks in the freelance writing business, you probably got your start not entirely sure what to charge for your work. Rates can be all over the place for something as simple as a web content article, and it’s easy to undercharge if you’re not careful. Successful freelance writing businesses, however, figure out eventually where there rates should normally fall, and exactly how much money they need to charge for a given job.
Eventually, you’ll have fewer clients but make more money. Ideally, that’s the way you want it to go. At some point, you’ll hit a ceiling where the rate you want to charge exceeds the value a client assigns to the particular project.
In other words, sometimes a potential client will tell you that you charge too much.
If you use a freelance writing business marketplace website that allows you to place bids on specific jobs, you might find your bids are being increasingly rejected because your “bid is too high.”
Still, just because a client or three tells you your bid is too high, it doesn’t always mean the same thing. There are several things clients mean when they say you’re charging too much:
1. “I can’t afford you.”
In many instances, it isn’t that your prices are too high. It’s that the potential client’s budget isn’t high enough. Some folks that look to hire a freelance writing business just don’t have working capital.
2. “I am unfamiliar with the market.”
There are clients out there that believe that writing is writing. They believe that if they pay $.05 per word for web content, they should pay the same rate for a sales page – which should normally be many times that rate. The fact of the matter is that different types of writing require different types of skills and different amounts of work.
3. “I am looking for a value product, not a quality one.”
People buy crap all the time because it’s cheap. I’ve done it, and chances are pretty good you’ve done it. You see a low price, zoom in, and buy the thing. You’re disappointed almost instantly once you get the product home.
I went through this last week with a new surround sound system. I tried to get away with an inexpensive “sound bar.” I sent three of them back to the company I ordered from before I realized: I want the good stuff. So now I’ll wait a bit longer and save up to order the right produce, but I’ll be much happier when it gets here.
Some people want a value writing product. Don’t worry. They’ll learn the lesson, eventually.
4. “I want a different product.”
Some clients aren’t always clear what they want. They might want simple web content, but their request sounds more like sales copy. You can usually avoid this one by making sure the prices you’re quoting are for the exact product the client is looking for.
5. “You charge too much.”
There is a ceiling up there somewhere. Based on your skills, your portfolio, your experience and your education, there is a maximum rate clients are going to be willing to pay. If you’re consistently being told you charge too much, there’s always the possibility that you do.
Actually, setting a price can be very confusing, especially if you read “Writer’s Market” or other “how to set your price” resources.
For example, what do you charge for a press release? I’ve seen suggestions of anywhere from $25-$200.
The thing is, it depends to a large degree on the level of knowledge you need (is it a highly technical press release intended to provide complex info to the financial markets? or just a “come to the party!” release?). It also depends on the industry you’re in (you’ll rarely make as much writing a press release for a non-profit as for a large corporation).
I’ve screwed up on price in both directions. When I charged too much, I lost the contract – but by charging too little I made it appear that I didn’t understand the scope of the work, and as a result… I lost the contract!
Bottom line: do as much research as you can before quoting a price, and make it clear on what basis you’re doing the quoting. Rule of thumb: under $25/hour for a business-related project is likely to be “too low;” over $50 (under most circumstances) is likely to be “too high.”