How to Determine The Price For Your Business/Service:
Our price calculator is designed to be simple and easy to use. It covers everything you need to price your freelance writing business
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How To Price Your Freelance Writing
One of the most challenging aspects to becoming a freelance writer is determining how much to charge for your freelance writing.
When businesses under-price their product, this can be extremely detrimental to their bottom line and reputation.
Often times, businesses under-price their products to drive demand and volume, but that last thing you want is for customers to view your product/service as "cheap." Additionally, this can have a big impact on the type of customer you attract, which can be difficult to recover from.
On the other hand, when businesses over-price, this tends to be just as damaging to the business.
When customers buy, it's likely that they will explore the internet and look at other competitors to ensure they're getting the best value + deal. This is why it's so important that you research your competition and understand where you land in the marketplace.
Here are some factors to consider when pricing your product:
Understand your customer
It's important that out of the gates, you identify the type of customer you want to attract and how much they're willing to pay for your service. One great way to do this is by surveying your customers. Here are some important items you'll want to takeaway:
- Customer demographic: Age, gender, location, etc.
- Buying habits of your customer: What they buy + when they buy
- Level of price sensitivity with your customer
All of these segments will help you identify the type of customer you're attracting and how to price your product accordingly.
Understand your costs
When pricing your freelance writing, it's critical that you first identify all of your costs and consequently mark up your freelance writing so you can factor in a profit.
The actual cost of your freelance writing may include things like:
- The actual cost to make the product (ie. raw materials, supplies, manufacturer).
- Shipping + overhead fees
- Operating costs to run your business
You may want to consider creating a spreadsheet with every single expense involved in operating/owning your business. This will give you an idea as to what you need to generate in order to at the very least, break-even and will help you price your products to factor in a profit.
Create revenue goals
When determining the price of your freelance writing, you'll want to create goals for revenue + how much profit you want your freelance writing business to make.
This process is simpler than you may think:
- Think about your breakeven cost (by completing the above step).
- Create a revenue goal based on your break-even cost
- Evaluate the # of items you plan to sell in a given period (make sure this is a realistic number)
- Divide your revenue goal by the number of items you plan to sell
This figure will help determine your estimated price per product in order to meet your revenue goals.
Evaluate your competition
The last piece in determining how to price your freelance writing is by simply looking at your competition.
The best way to do this is by finding like-minded businesses that offer product(s) with similar perceived value. Then, you can compare prices of the different businesses and determine where your freelance writing fits best in the marketplace.
All of these factors play an equal part in pricing your freelance writing, so it's important you evaluate each one individually to come up with an accurate price that will help optimize your business from the start.
More Tips On Pricing Your Freelance Writing
Lauren Costanza, founder of Bluminary provides us with a detailed spreadsheet of all of her costs associated with running her business:
I knew this would be a self-funded adventure, and I set aside $3,000. During the first three months, I had a detailed spreadsheet where I tracked where the money was going and what was going toward products versus researching and developing new products.
The spreadsheets involved columns and rows of numbers to craft a budget and gain an understanding of how much would need to be invested at each stage of the process - from gathering supplies to building a website, and shipping materials.
Thanks for reading. We wish you success in your business endeavors.
Examples of a successful freelance writing business
8. Thornton & Lowe ($1.8M/year)
Dave Thornton (from Bolton, UK) started Thornton & Lowe about 12 years ago.
I’m Dave Thornton and I am the Founder of Thornton & Lowe. I started the company 10 years ago, at the age of 23.
- Sales over $130,000 per month
- Complete over 400 tenders each year with a win rate over 75%
- Train over 500 delegates
- One of the largest UK databases of Bid Professionals
- Highest customer satisfaction in the industry
9. Article-Writing Co ($1.5M/year)
David Tile (from Toronto, Ontario, Canada) started Article-Writing Co almost 11 years ago.
My name is David Tile. I own and operate a Content Writing Service, under the banner Article-Writing.co.
We don’t consider ourselves a content marketing firm. But a firm dedicated to the business of writing. Project management offers most often attached to marketing agencies. We work against marketing briefs delivering content on time and under budget.
10. Platypus Publishing ($166K/year)
Matt Rudntsky (from Austin) started Platypus Publishing over 7 years ago.
I’m Matt Rudnitsky, and I’ve been helping people write books for over five years. My company is called Platypus Publishing, and we have two flagship products.
For those who have no budget or prefer to do it all themselves, I offer a 220-page, DIY guide for free. It’s called, You Are an Author: So Write Your F*cking Book. For select clients, I also offer coaching, consulting and editing services.
11. Writing Income Accelerator ($120K/year)
Arlie Peyton (from Lake Oswego, Oregon, USA) started Writing Income Accelerator over 3 years ago.
Hi, I’m Peyton! My full name is Arlie Peyton, but I go by the last name. I am the creator of a freelance writing program that teaches intermediate-level writers how to command $1,000 - $3,000 per article. I just have a coaching program so far, but I’m working on an online course as we speak. I love what I do because I get to teach and talk about business all the time.
I realize that many writers make well over six figures a year. However, what might be interesting is that I wrote for two years to practice my craft and made nothing. It’s not because it wasn’t good, it’s just that I never charged anyone. The first time I did charge a client, I invoiced them for $1,000 and I’ve never looked back.
12. Eva Gutierrez ($0/year)
Eva Gutierrez (from Los Angeles, CA, USA) started Eva Gutierrez almost 5 years ago.
I’m Eva Gutierrez and I run a freelance writing business. I write content for businesses committed to publishing high-quality articles and email newsletters. I’m currently making $7,532 per month on average and recently started coaching freelancers on building their own successful freelancing business.
13. Angelella Editorial ($54K/year)
Kate Angelella (from Baltimore, Maryland, USA) started Angelella Editorial over 7 years ago.
Hi! I’m Kate Angelella and I’m the owner of Angelella Editorial, a freelance editorial business that helps authors take their writing to the next level.
I started the business about five years ago as a sole proprietorship, but have since grown into a very different company with a brand new co-founder and a stable of eight amazing editors working as independent contractors for the company. Together, we provide author coaching, full and partial manuscript critiques, authenticity reading, ghostwriting, and book doctoring. Basically, we help authors who have taken their novels as far as they can take them on their own by giving them feedback on their stories and helping them navigate the next steps in their literary journeys.
14. Daniel Waldman Writing ($42K/year)
Daniel Waldman (from Nantes, Pays de la Loire, France) started Daniel Waldman Writing over 5 years ago.
I’m Daniel Waldman and I’m a freelance writer. My business is called Daniel Waldman Writing and I’ve been in business for about 3 years. That said, I’ve worked in marketing and public relations for nearly my entire career (over 15 years), and writing has always been a central element of my professional activities.
I offer a wide variety of writing and editing services, but mainly clients come to me for help with blogging, article writing, their website copy, and video script writing. I’ve also helped one writer with editing a business book and continue to expand my editorial services. On average, I earn about $3500/month (before taxes).
15. The Language Delegate ($36K/year)
Pat Stainke (from Donna, Texas, USA) started The Language Delegate about 8 years ago.
Hi. My name is Pat, and I serve my clients as The Language Delegate. In the course of any given day, I coach others in the fine points of writing, edit their works before they publish, enhance a descriptive scene in a novel, translate a chapter, proofread magazine copy, or give a second language learner's paper a more natural flow. My clients come from all walks of life: entrepreneurs who need support in the written aspects of business, doctoral candidates, first-time authors, small publishing houses, pastors transforming a sermon series into a book, magazine editors, travel groups, office clerks responsible for special reports, French authors seeking a translation to English, and students writing personal statements in their second language. And that’s just for starters!
It took me a little more than three years to build my business up to full time. I now make about $4,000/month, working an average of 25 billable hours a week. It was a great day when I no longer had to work a second job to pay the bills while building the business!
16. Freshly Squeezed ($33.6K/year)
Adam Crookes (from Bristol, England, United Kingdom) started Freshly Squeezed about 2 years ago.
My name is Adam Crookes and I am the Founder and Lead Content Writer at Freshly Squeezed. We deliver on-demand content writing for SEO growth to small businesses and startups.
17. Tyla's Writing Services ($8.4K/year)
Deja Tyla Hansen (from Oceanside) started Tyla's Writing Services over 1 year ago.
My name is Tyla and I am the proud owner of Tyla’s Writing Services. My business is a professional writing service that provides writing needs for businesses and professionals. Our professional services include resumes, cover letters, letters of recommendation, and LinkedIn profiles. Some of our business services include business reports, transcription, website content, copywriting, and so much more. With a wide array of customers, I have the luxury of constantly working on something new in many different fields and subjects. As such, I am constantly learning something new which I truly enjoy.
Currently, my business is just getting started and we are averaging only an income of $1k a month. My goal is to build my customer base by connecting with professionals and small businesses that need help! Also, by providing each customer with customized and unique content, I feel most customers will come back if they’ve enjoyed their first experience.
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