Have you set your freelance copywriting rates yet? One of the most daunting tasks for the new freelance copywriter has to be setting their prices.
For copywriters, figuring out what to charge in for their writing work can bring many a writer out in a cold sweat.
Anxiety and self-doubt can generate thoughts like –
- Am I charging too high?
- Am I charging too low?
- Will the customer turn and run?
- Will the customer not take me seriously?
These questions and more are most likely floating through your brain when you are attempting to set your rates for freelance copywriting and may leave you wondering what’s the best way forward.
So how do you know what to charge for copywriting without pricing yourself out of the market, or worse, selling yourself completely short?
Setting rates as a new freelancer copywriter
Like most businesses, being established and having a good amount of experience means that you can command premium rates for copywriting.
But when you are just starting out as a freelance copywriter the rates you can charge in may be a bit different.
You will have to consider that you are up against a lot of more experienced writers, but at the same time, you don’t want to undercharge for your writing services. You still need to make a living and be paid fairly.
But before you can start invoicing the big bucks you may have to think about a few things first so you can position yourself as well as possible.
Freelance copywriting rates for speciality writing
If you are skilled at writing in an area that is rare or unique in some way, think about using that to your advantage when it comes to advertising your copywriting services.
You may be able to cash in on a niche that not many other writers cater to. Meaning that you can charge top copywriting rates in that particular field.
Scarcity pays, so dig deep and figure out if you have some ability that may not be quite so common as say, a travel writer. Commanding the best rates can be easier if you have knowledge or expertise that is not readily available.
Once you have figured out the target areas that you will perform copywriting for, you can start to think about what sort of freelance copywriting rates you can charge. It’s a good idea to re-assess your pricing every year and adjust depending on the market.
Pitching freelance copywriting rates to new clients
Having your freelance copywriting rates firmly established will help you pitch and propose your copywriting services to prospective clients.
Putting together your pitch will comprise a few different elements. The work to be undertaken, the nature and delivery of your service, and of course, your freelance copywriting rates.
An essential part of your proposal, from the client’s perspective, will be the rates that you will be charging for your freelance copywriting services, so you need to price correctly.
Rates to charge as a freelance copywriter
Deciding on your freelance copywriting rates may seem a bit daunting, especially as you don’t want to price yourself too high or too low.
There may be people out there charging top dollar but it is unlikely you can command the same rates if you are just starting your business.
So how do you know what the magic number is?
This will take a bit of business sense and research, combined with an honest evaluation of your skills to determine fair pricing.
Comparing other freelance copywriter rates
Doing some market research will be invaluable when it comes to setting your freelance copywriting rates and ascertaining the correct level.
- Go on a fact-finding mission.
- Search competitors and other freelancers copywriting rates.
- Check out some agencies or writing services to see what they are charging.
Investigate whether different speciality areas dictate premium freelance copywriting rates, or what other freelance copywriters are upcharging for fast turnaround or other add-on services. These are valuable add-one that can earn you higher fees.
Setting your rates as a freelance copywriter
Once you are armed with a good amount of information you should feel more confident about setting your own freelance copywriting rates.
While the information you have gathered will give you a good baseline, you will still need to consider some variables like:
- Turnaround time (how fast is delivery?)
- Location (different areas may dictate higher or lower rates)
- Speciality writing (technical, medical writing)
- Extra services (keyword research, image sourcing)
These factors can all influence your freelance copywriting rates and increase or decrease them by a percentage.
Consider all the angles before setting your own prices.
Finding the correct balance
So what are the correct prices to set charge for freelance copywriting rates?
While it will vary from writer to writer the chart below gives an idea of what the typical rates for freelance copywriting are.
We can see from this quick poll that the biggest portion falls into the $26 – $50 range (£19 – £37 in English money).
This poll was taken across just a limited number of copywriters but it still shows definitive results.
Again, the rates you are charging will need to be carefully considered as you adjust for local business or writing specialities.
For example, you may be able to charge higher rates for a London-based medical clinic than you can for one in the north of England.
The trick is to charge realistic yet profitable rates for freelance copywriting without exceeding the amount that the market will bear.
Discounting rates for freelance copywriting
Another area of your business to consider when setting freelance copywriting rates is bulk writing or package pricing.
Many companies might want to order a number or series of articles for you and will normally expect a bit of a discount on your standard rates due to the quantity of work.
There is no set or ‘right’ formula for determining the adjusted rates, but many fall in the area of a 5% – 20% reduction, depending on volume and complexity of work.
Setting the correct freelance copywriting rates is not an exact science and there are many variables to consider that can alter or impact your fees. However, using the tips contained within this article should allow you to price your services appropriately without overcharging your clients or pricing yourself out of the market completely.