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Increasing your Freelance Writing Rates in 2008

Are you thinking about increasing your freelance writing rates in 2008? Is this something that you want to do, but are a bit afraid of? If so, you are not in an uncommon position. After all, every freelance writer has to deal with this as each new year starts. The fact of the matter is that increasing freelance writing rates is not as easy as it sounds. In other words, you cannot simply ask for more money without giving it any thought.

Here are several details to keep in mind if you are considering increasing your rates.

1. How much of an increase are you thinking about? This is the most important detail because it can make or break your business in the new year. It is very important that you increase your rates enough to make a difference, but not so much that your clients will object. For instance, you may charge $200 for a sales letter right now. In my mind, a fair increase in 2008 would be $50 or so. If you attempt to double your past rate to $400, you may run into some resistance. This is especially true with clients that you have worked with in the past.

2. What are you basing your rate increase on? You need to have some sort of reasoning and method to your changes. Your best bet is to consider your current rate sheet, experience, and what others are charging. From there, you will have a better idea of the percentage increase that you should put into effect. The bottom line is that you should not make a change for the sake of doing so. If you do, you may find yourself backpedaling during the first few months of the year.

3. If you increase your rates and later find that it was a mistake, you can always switch back to 2007 pricing. Remember, as a freelance writer you are your own boss. This means that you can do whatever you feel is best for your business. If you are not generating enough clients due to higher pricing, you can tweak this until you find a happy medium. Of course, you want to avoid changing your pricing too often; this will become confusing for both you and your clients.

Personally, I am not going to make too much of a change to my freelance writing rates in 2008. I feel comfortable with my rates as they are right now, and my clients have not expressed any concerns. Even though I may be able to get away with charging a few more bucks on each project, at this time I see no point in doing so. Instead, I am going to attempt to increase my income by increasing my output and adding new income streams.

With all of that being said, how do you plan on handling pricing in 2008?

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3 Comments »Freelance WritingDecember 14th, 2007

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