Tuesday, January 13, 2009

What is Your Time Worth? Calculating Rates

Illustration of a scribe writingImage via WikipediaIn setting prices for work and in deciding if a gig is ‘worth it’, there are numerous factors to consider. While picking a number out of the air that sounds good is possible, it is not practical.

One basic way to calculate rates is determining how much money you want or need to make per hour. Once you are experienced with your particular brand of writing projects, it is easy to calculate accurately how long it takes you to accomplish various tasks.

For example:

If you can write two 500-word articles that are light to medium in research in one hour and wish to make $30 per hour, you need to get at least $15 per 500 word article.

However, you also need to consider if that $30 will cover all of your expenses related to those articles and your writing business in general. Taxes, internet, licenses, business registration, advertising and even Paypal fees may need to be covered.

There are some wonderful resources online that help you calculate what you need to charge and remind you of all the little things you need to consider. I have listed a few of those below, and have also included a rates resource to show you the average rates charged by your peers.

Editorial Freelancers Association. Current Editorial Rates (Updated Sept. 2008)

The How-To Catalog. Putting A Price On Your Capabilities: How To Set Your Fees As A Freelance Writer by Debra Jason.

About.Com: Freelance Writing. How Much Should I Charge by Allena Tapia.

Freelance Switch Hourly Rate Calculator

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