Setting Rates in Stone

Setting Rates in Stone

When you set up shop as a writer, you lay out a set of rates that can be used to charge for writing, typically either hourly or per-word.  While it is tempting to set those rates in stone, it might be a good idea to have some leeway in your rates to account for the difficulty level of projects, small businesses with equally small budgets, or even to give a discount for a cause you support. 

If you set your rate a little bit higher than you need, you have the freedom to haggle a bit and still come out with a rate you can be happy with.  If you charge per word, adding a small amount, such as one or two cents, can give you the freedom to offer a discount, which is something anyone can appreciate.  If your rate is per hour or per project, a percentage discount can entice clients without harming your bottom line, as long as you live some wiggle room.

Once you set your rates, however, you need to decide if you will change them for a client.  I recently interviewed for a large project and didn’t get it, simply because my rates were too high.  For me, that was an acceptable loss, because I want to make sure the rate I get is something I will be happy with.  While it is tempting to offer a “quantity discount” on a large project, keep in mind that you will be devoting just as much time per word as you would with a small project, plus you run the risk of burning out if it takes a lot of time.

It is hard to lose out on a job when you could get it by charging less, but when you begin to devalue your own work that way, you risk opening yourself up to resentment of a project because you aren’t getting paid what you feel you should.

Instead of lowering your rate below your ideal, focus on getting more work at the rate you like.  You wouldn’t expect a different service provider, such as a plumber, to lower his rates when asked, so don’t do it for yourself, either.