How do you know how much to charge for your freelance writing services? Like any form of contract employment, it can be challenging to determine how much your time is worth and what the market can bear. If you choose the right level of pricing, you will have an abundance of business. But, if you choose the wrong price level, you may be going out of business.
Determine What the Market will Bear
First, determine what type of freelance writing services you will offer. Are you serving traditional copywriting jobs such as brochures, advertisements, website content and scripts? Or, are you focusing primarily on online, SEO or bulk copywriting services? Define the type of copywriting services that you will offer and then research the current pricing structure within that niche.
You can research pricing matrices of your competition through visiting their websites. You can review freelance websites for what bids have won projects, what your competition is listing in their project profiles and you can ask for feedback from buyers. Compile this information together to develop your own pricing matrix.
Evaluate Pricing Regularly
Once you develop and implement your pricing strategy, be sure to schedule regular re-evaluation sessions to ensure that your pricing is still competitive. Pricing will change within the freelance writing industry as the market changes, as the global employment market changes and as economic conditions change. Set aside time to review your revenue generation results and your lead conversion rates. Work to target 25-33% lead conversion rates within your business structure. If your results deviate from this level of conversion rate, make necessary adjustments to your pricing model and then re-evaluate again within the next quarter.
Work to remain competitive within the marketplace by establishing and modifying your pricing structure on an ongoing basis.