Being a freelance writer can take many forms, some lucrative and others that leave you struggling as a pauper.
Payment for most freelance work is by the finished piece, though some might be per word. But when it comes to looking at how much you can earn as a freelancer, always think in terms of dollars per hour. If you charge $100 for a piece that takes you five hours to write and edit, you’re earning $20 an hour.
Unless there’s a strategic reason to do so, aim to make at least minimum wage for your freelance work. But don’t be satisfied with that. Seek higher-paying work, knowing that the effective hourly rate for experienced freelancing can be $50, $100, or even more an hour. But use this hourly rate for analysis purposes only, and don’t share it with clients. Instead, quote the price per finished piece or the rate per word.
Though I’ve never quoted a project rate per hour, there may be times when a project is so undefined that quoting an hourly rate is the only option. But then, I just pass on those types of messy projects.
And never compete on price. That’s a race to the bottom. Someone will always undercut you.
Instead, here’s how to go about getting the better-paying freelance gigs.
Start by considering what you like to write and are good at. Then find a niche you’re knowledgeable about—or willing to become knowledgeable about. Look at how much competition you would face in the market. Then consider what clients/publishers are willing to pay. In general, the less competition you have, the more you can charge, and the more people will pay.
For myself, I like to write blog posts and am good at it. I selected a small niche market I know well and promoting my services for writing content marketing pieces. Because of my knowledge of the industry and long-standing reputation, coupled with the ability to write fast and well, I have little competition.
As a result, I make enough income from being a commercial freelance writer in this niche market that I could support myself full-time through it—if needed. Fortunately, I have revenue from other sources to supplement my freelance writing.
The point is that it’s possible to earn a living through freelance writing. But you need to find a niche with little or no competition and produce great content that your clients will love and pay for.
Learn more about writing and publishing in Peter’s new book: The Successful Author: Discover the Art of Writing and Business of Publishing. Get your copy today.
Peter Lyle DeHaan, PhD, is an author, blogger, and publisher with over 30 years of writing and publishing experience. Check out his book The Successful Author for insider tips and insights.