“What do I charge?”

Posted on March 21, 2008
Filed Under Assess |

This is probably the single biggest question I hear on a regular basis. It takes many forms.

My answer is always the same (sometimes to the frustration of the questioner): how much do you want to make? I’m not being glib, I’m 100% serious.

No one ever asks “how much water should I drink?” You drink until you’re not thirsty anymore. So how thirsty are you?

On a project-level: first, what do you want your hourly rate to be? Second, how long do you think the project will take, including research, writing, edits and communication with the client? Multiply the first number by the second, and there you go. It’s that simple. If the number seems too low, bump it up to a number you’re more comfortable with. If is feels too high…well, then we need to work on your self-worth…but I suppose you could go ahead and cut it back a little until you feel comfortable with it.

Thinking longer term—what should my hourly rate be—that’s pretty simple, too. How much do you want to make this year? Divide that by the number of weeks you’d like to work. Then divide that by the number of hours you’d like to work in a week.

If you want to make $100,000 per year, and you only want to work 40 weeks, that’s $2500 per week. If you work 25 hours a week, then you’re looking at $100 an hour. If you want to make $30,000 and are okay working 50 weeks per year, but only want to work 10 hours per week, then you’re looking at $60 per hour.

My point is, I guess, is not to worry so much about looking for external sources for what you should charge. Even in the most well-researched lists, broken down by industry and/or region, you’ll find ranges as wide as $250-$25,000 for the same kind of project…which is absolutely useless when trying to decide what you are going to charge your client.

The other thing I hear is mentors encouraging writers to make sure you’re getting “fair market value” for your work. Which is an admirable sentiment. But to my way of thinking, fair market value has less to do with what other writers are making, and more to do with how much I want to make this year, and what this client will pay me.

Which leads me to my final point. If your “client” doesn’t want to pay you what you want, come down a little on your price, as long as you are still fairly compensated for your time (which is largely a matter of personal preference).  If he still says no, guess what: he’s not your client. A client is someone who pays you for your work. If they aren’t willing to pay, then they don’t deserve the benefit of your services.

Because your writing is going to make them money. Good copy is an investment, the same as a well-designed logo or a dependable phone system.

Comments

2 Responses to ““What do I charge?””

  1. Michael Kelberer on March 21st, 2008 12:07 pm

    This is spot on. I’ve spent hours looking for external validation for my rates, even doing spreadsheet analyses of ranges given by different sources, and none of it yields an answer any better than the “how thirsty are you?” rubric. I’d say, figure this out and use that rate until the market tells you it should be different.

  2. Danny on March 21st, 2008 1:10 pm

    Exactly. Like I said in an earlier post: this is a service industry. Quit trying to sell your copy like a product.

    You’ll pay a lot more to have someone come clean your house than you will to buy a vacuum. You’ll pay more for a landscaper than you will if you go to a nursery to buy your own plants and shrubs. You’ll pay more for a massage than you will for a massager you can plug into the wall yourself.

    Why?

    You don’t want to do it yourself. You could do it yourself, but you’re seeking out someone who wants to do it, is good at doing it, and has the time to do it. And you pay more to have it done right.

    Stop selling brochures, and start selling yourself, and you’ll see the difference in the checks you get.

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