Secrets Of A Freelance Writer, Road To $100,000 a Year : How To Set Your Fees?
“To sell, your copy must get attention . . . hook the reader’s interest . . . create a desire for the product . . . prove the product’s superiority . . . and ask for action.” ― Robert W. Bly
This article is a follow up to our book summary of the book “Guide to Freelance Writing Success: How to Make $100,000 a Year As a Freelance Writer and Have the Time of Your Life Doing It” by Robert W. Bly. It’s a classic book that will explain to you from A to Z how to acquire a comfortable standard of living by carrying out a freelance writing activity!
With over 30 years of experience in the business, Robert W. Bly has a proven track record. As a U.S. copywriter specializing in marketing and business-to-business (B2B), he has had time to build a solid reputation and experience. He has even taught copywriting at New York University.
A. SETTING UP YOUR FREELANCE WRITING BUSINESS
The Nine Most Common Reasons Why Clients Hire Freelance Commercial Writers
To know how to act and succeed in working with clients, you need to understand the potential reasons why they want to work with you. Here is a non-exhaustive list to help you get an idea.
· Overworked: Your client’s team of writers can’t handle any more work.
· Understaffed: The company can’t find anyone in-house to do the job here and now.
· Quality: the work will be better done by someone outside the company, especially because they are specialized.
· Results: the writer’s work can be monitored and measured more easily.
· Fresh perspective: an outside freelancer can bring expertise, an original point of view.
· Inability: Simply put, the company is unable to do this work by itself.
· Dissatisfaction: you replace other freelancers or the internal team, judged inadequate.
· Price: you offer to do the work cheaper than if it were done in-house.
· Flexibility: the company needs someone right away and you readily agree to the terms.
Even a surgeon had to start operating by finding a patient he could trust, so why shouldn’t you be able to find your first client?
SHOULD YOU BE A SPECIALIST OR A GENERALIST?
“My experience is that specialists are almost always paid more and in higher demand than generalists. The reason has to do with the nature of the freelance business. When companies hire a writer, they don’t care that much about their education or specialty because they can always train them in their way of writing on the team. They’re mostly looking for creativity and talent. But when companies or advertising agencies need a freelance writer, it’s for a specific project. They don’t want to have to train him or her […] They want a writer who is immediately able to step in, pick up the slack and do the job on his or her own, unsupervised — quickly, correctly and competently.” — Robert W. Bly.
Two types of specialties exist: by industry or by type of writing. So you can specialize in information and communication technology, healthcare, tourism, financial writing, etc., or you can focus on emailing, newsletters, community management, corporate reports or press releases, etc.
Of course, if you don’t have a specialty yet (no previous education or work experience), it’s perfectly acceptable to start as a generalist, and slowly work your way up. Some areas, some content will interest you more than others.
On the other hand, it is not advisable to systematically reject opportunities that might come your way, even outside your field of expertise. Diversifying your activities can bring a welcome novelty to your business and help you push the boundaries of your creativity.
BUILDING YOUR PORTFOLIO AND SAMPLES FILE
Keep your texts, classify them by specialties. Send the most relevant ones to the client (by industry or by type of text). Gradually build a library of samples that you can select in a timely manner.
Today, a digital version of the portfolio is more than enough. If — by some miracle — you are asked for written materials, send copies, as you will probably not see the materials again.
SETTING UP YOUR OFFICE
“Over 90 percent of the freelance business writers I know work from home. They do it for obvious reasons: when you work from home, you don’t pay office rent, you have a commute of less than 60 seconds, and your work is always at your fingertips, whenever you feel like doing it.” — Robert W. Bly.
However, it can be good to work outside the home. In fact, that’s what Robert W. Bly prefers to do. Why? Because he is away from all possible distractions: children, housework, TV, etc. He forces himself to focus on his work and he has more room to organize his affairs.
So, here’s a tip: to work well at home, make sure you have an office that is closed to distractions, with all the necessary electronic equipment, where you can work at ease and in a completely professional manner.
COMPUTERS
It goes without saying: today, the purchase of a computer is absolutely essential. It’s your main work tool. Make sure you get the best one you can afford, because you probably don’t want to have to change it in a few months.
You want a device that performs well in terms of memory, processor, hard drive, etc. Think about the extras as well: the printer, the scanner, the fax machine (probably not as useful nowadays). Of course, pay particular attention to the choice of your word processing software and your internet provider.
BUILDING A REFERENCE LIBRARY
Depending on your specialty, build a library of books and online resources so that you can work more efficiently by having all the necessary or useful information at your fingertips. Make sure it is up to date (especially in certain specialties such as law or health).
If you work for multiple fields or subspecialties, organize your library so that you have easy access to all this data. Also, keep on hand any content you’ve already written for your clients, as well as any information that comes from their company (brochures, etc.).
B. TASKS OF THE FREELANCE COMMERCIAL WRITER
Here are the tasks you might have to perform as a freelance business writer. The figures provided by Robert W. Bly are related to the United States and are therefore not very relevant to the contemporary French-speaking world.
In any case, take the time to learn about the types of writing that suit you best and find out what you could earn for doing this type of work.
· Advertising: writing advertising copy.
· Advertorials: an advertising article (longer than a simple ad).
· Annual reports: a demonstration of a company’s achievements over a year.
· Books: either advertising a company or a celebrity.
· Booklets: shorter, they explain the benefits of a product or service.
· Brochures: the typical flyer you find in every store or hotel, for example.
· Business plans: the detailed project of a business being created.
· Success stories: write the success story of a product or service.
· Catalogs: the details of a company’s products.
· Commercial e-mails: to attract new customers, in particular.
· Advertising reports for television.
· Packaging for products that are found in stores.
· Sales pages for websites.
· Manuals: technical explanations for products or services.
· Multimedia presentations: conferences, PowerPoint, etc.
The list goes on and on! And I’d say it’s getting longer by the day. Old-school copywriter Robert W. Bly doesn’t mention it, but professional copywriters today can write scripts for podcasts or YouTube videos, subtitles, etc. And, of course (the author cites it at the end of his list), content for websites! Freelance web writing has a bright future ahead of it.
C. SETTING YOUR FEES
1. PROJECT VS. HOURLY FEES
Many copywriters offer flat rates, even though this may seem less advantageous to them at first glance. In fact, they are the ones who assume the risk of going overtime and thus losing revenue.
However, the intelligent writer is able to know what the client is willing to pay for a service (for example, writing a brochure) and he can also accurately assess the time it will take.
He can therefore adjust his package without having to announce his hourly rate (which the client might not accept) or the time he will take to complete the task. For these reasons, the flat rate is preferable.
“People understand that a single price is tied to a single product, which is one of the most common ways in the world to sell something.” — Robert W. Bly
2. DOES AN HOURLY RATE EVER MAKE SENSE?
Sometimes this can be useful. In which situations? Here is an indicative list.
· You are the recognized expert in your profession: you can charge whatever price you want.
· You cannot estimate the duration of the work correctly: it is therefore better to be prudent.
· A project that is too small (correction, proofreading of a page, etc.): the client will probably prefer an hourly rate.
· Other tasks than writing: you can then propose an hourly rate that seems relevant to you, according to your skills.
3. DETERMINING YOUR HOURLY RATE
“Everyone should have an hourly rate. Writers who get paid by the hour need to establish what they will charge their client. But even writers who get paid by the project need an hourly rate. If you charge by the project, your project estimate will be based on multiplying the number of hours the job will take you by the hourly rate you want to earn.” — Robert W. Bly.
He suggests a calculation based on your salaried work, if it is relatively similar to what you will do as a freelancer. In this case, you divide your annual salary by 2,080. To get a minimum hourly rate as a freelancer, you will have to multiply the result of this first calculation by at least 2.5 (to take into account the charges). This will give you a starting point: the minimum acceptable hourly rate for any job.
Then look at what the competition is offering and assess your own level of expertise (are you a beginner or not, etc.). Also, keep an eye out for feedback from your clients; with these different indicators, you will be able to adjust your hourly rate and decide on the price of your services.
4. HOW TO SET YOUR PROJECT FEES
Follow much the same logic: learn from your competitors/colleagues. See if it matches the calculation you made based on your hourly rate. Remember to estimate the entire project, not just the writing: research, editing, writing and proofreading.
5. FOUR FACTORS THAT AFFECT FREELANCE FEES
In summary, what are the main factors to keep in mind when deciding on your prices?
· Your status: be honest about where you are in the business (inexperienced, novice, experienced, etc.).
· The going rate for this type of service: what clients are generally willing to pay.
· Competitors’ prices: what are your colleagues’ practices?
· Financial need: do you need (or want) to get into this business?
If you don’t particularly want to work in a certain field or type of product, or if you are already overworked and financially comfortable, don’t hesitate to charge more. In fact, it allows you to naturally sort out and drop the less interesting projects without regret.
Also, as a beginner, learn not to underestimate yourself too obviously. You might be surprised at what clients are willing to pay!
6. TERMS AND CONDITIONS
It is essential to send a document like this, at least after you have agreed on the price. It is up to you to decide how you want to be paid, how many proofreadings you accept, etc., but also what you promise to your client and include in the price.
It is imperative that this be clarified to avoid conflicts and waste of time. So, even if it is not always obvious to present to the customer, it is necessary to do so. As a seller, you are responsible.
7. PRESENTING YOUR FEES AND RATE STRUCTURE TO POTENTIAL CLIENT
“Once I determine if I want to work with a potential client, the next step is to tell them that I will send them detailed information about my services. The material I send includes a page with pricing and general terms of the sale. I also keep a PDF of the pricing schedule that I can send to the client if they want to see it right away.” — Robert W. Bly.
You have some leeway on your fee schedule if you list, rather than a single price, a range of prices. This will allow you to price each specific project within that range to match the difficulty of the work. You can then present your price list as a basis for estimating the service.
8. PRICE QUOTATIONS AND FEE NEGOTIATIONS
Remain flexible, despite your fee schedule. Think carefully about the value of the assignment to your career or its financial benefit. Consider, for example, offering discounts if you want to get a project. Above all, resist the temptation to be underpaid, especially when you are a beginner.
9. SHOULD YOU EXTEND CREDIT?
This is a common practice among freelancers, since you get paid after the work is done. You can ask for a part of the payment in advance (for example by offering solutions via PayPal or credit cards). In any case, you run the risk of not being paid in full.
To minimize this risk, the best protection is to have a document with clear terms of sale, signed by the client.
