I was recently inspired by a few conversations to consider the setting of fees for copywriters.

The first conversation was with James, who mentioned that many copywriters aren’t proficient in using numbers. Another conversation was with an associate who stated that he has seen freelance projects on Elance for which the bids were $5 for blog posts and $50 for sales letters.

What do you guys think about the world of sports? Would you be willing to work for $5?

Many writers aren’t able to deal with numbers and don’t like talking about money. 

This needs to be clarified.

To clarify, I’m referring to setting rates or writing copy for business markets. It is not poetry, short stories, or articles that will not pay much. Copywriting includes writing sales letters, brochures, blog posts, and blogs for websites and business pages.

Hourly rates for long-term or uncertain projects 

If there’s more than a reasonable level of uncertainty about the project’s time, it might be in your best interest to charge copywriting an hour. 

• It is impossible to predict the time it will take to complete a project.

• The client can make significant changes during the project.

• These objectives are unclear.

• It is unclear what project you are working on. This could be an idea for an advertising campaign.

Set a minimum project budget for hourly billing.

Don’t bill for short increments of time such as half an hour. You will lose money if you don’t factor in the time it takes to complete estimates, print contracts, fill out forms, and make phone calls.

I charge an hourly fee for client meetings and require at least four hours. My goodness!

Minimum $50/hour

It’s not easy to ask for $50 an hour when you are used to earning $15-20 per hour as a full-time copywriter. If you charge less, you will struggle to make a living.

Full-time work can be as low as 50 dollars an hour. However, expenses such as downtime and office work could make it very expensive $25,000 a year. Long-term, stable work can generate more income

A reasonable hourly rate should be $100. A full-time job that allows you to write for 30 hours per week plus 4 weeks of vacation would bring in approximately $144,000 in annual gross earnings before taxes.

Use a project price for well-defined projects.

Be clear about the time and anticipated changes, and set goals. Because project fees offer you important benefits 

• Your expertise should be what you sell and not your time. Clients need to see you as an expert who can help with special tasks.

• Clients like predictability. Clients are more likely to pay more for a fixed price.

• Make more money. Charge an hourly rate. Project prices are a measure of how much you can make regardless of whether or not you raise fees.

Be responsible with your project fee.
Many copywriters don’t understand the importance of project fees. They see it as a cost estimate, and then they charge for their time in completing a project regardless of how much they paid.

Some people try to do it both ways by charging extra for additional work and then quoting an upfront project fee. If the project takes longer than expected, they forget to lower their bill.

The project fees should be fixed and flat, with no additional charges for any work, except when the client makes major changes to the project.
Adjust your fee schedule if work is longer than expected. You can spread the cost of the project over several projects.

Look at the fees that are typical and double them.
It can be difficult to estimate the cost of copywriting. Get started fees by contacting writers you know.

Please continue to review your fee structure.
If you’ve been getting $1,000 per brochure, ask a new client for $2,000 instead. Consultations usually cost $100 per hour. Request $150 for the next project.

Keep trying new prices and working with new clients to increase your income. You’ll be surprised at how often you get what you want.

This is an intelligent approach to the problem. You can set minimum and maximum fees to cover different types of projects. “Say $700. You can be sure that I won’t go over the top of your scale. This is a great way to close sales.

Money issues should be dealt with upfront
Talk about money with potential customers.

It’s okay to pay high fees.
Some people will make you feel guilty for making money copywriting.

You may have people in your life that don’t value your work. You may not be seeking the right clients.

Always get a signed contract
While most people are honest, some will try to take advantage of you. Make sure you have a written contract with your client detailing your work, the due date, and the cost.
Request a 50% retainer for your first project. This will make you more business-like, and more experienced and set the stage for mutually benefiting relationships.

Never discount your writing rates.
When a client complains, your first instinct is to reply, “Well, that’s flexible.” This is a mistake. You should respond immediately to any client complaints.

Clients will see your weakness and offer you a lower rate. Be open to asking for an adjustment in the price.

Prices are not considered a selling price
Wal-Mart doesn’t exist. You will be in worse shape if you charge too little for your services.

Search for clients looking for your expertise and experience

Rate your copywriting rates.
Clients are often unable to afford a high-end copy, so be sure to explain all the tasks you will need to complete their project.

Invoices, proposals, and estimates should include all relevant information. This includes travel time, research, and phone calls.

OK, that last one isn’t necessary. I charge a secret PITA (pain in the ass) upcharge. Some people can be more difficult to work with.