Writers Unbound

This morning I watched a CNN report on barrel pricing hitting $100 a piece and thought how nice it was that I don’t have to drive to my cube job anymore! When I do have to drive somewhere, for example to client meetings, interviews, etc, I get to keep tabs of my mileage and deduct it from taxes. In the same vein, last night I spent over an hour of my Verizon minutes on a conference call….but I get to deduct it! Yet another bonus of freelancing!

This got me thinking about writer’s rates, and I wanted to pass on this useful resource that I found over at FreelanceSwitch. This rate calculator allows you to plug in your budget, the number of hours you work, the number of hours you can actually bill for, and comes back with your minimum hourly charge and your ideal hourly charge. Cha-ching! I found out that what I was billing was about right.

Here are some ways I’ve worked to set my rates. These methods have worked for me, but perhaps you have some additional suggestions for newbie freelancers out there?

• Since I used to work full time as an Editor, and also as a Marketing Writer, I knew I wanted to make at least what I made in the cube zone.

• However, one also needs to consider the fact that freelancers pay for their own health insurance, equipment and retirement (among other things). So you’d increase your hourly rate. 

• But, working from home also means that I save money. For one, my gas and auto use are reduced, as I mentioned above. If you’re a working parent, you may find childcare costs reduced, too. Office wardrobe is another consideration.

• Another tactic I used when considering my rates was the income goals I set. For example, let’s say I want to make $2000 a month. I am offered a project that I know will take a week. Since this project will take 1/4 of my available work time, in theory I should be able to charge 1/4 of my goal- or $500 for a one week project.

As you can see, setting your rate goals isn’t an exact science. I did a lot of this kind of figuring and flip flopping before I found my happy medium. You may have to put 6 months into freelancing before you find yours!

PS: I have heard some of the 451 blogs are having comment issues. If your comment gets eaten, I very much apologize!

freelance rates, rate calculators