8 Pricing RULES To Build A 6-Figure Writing Business

So let's talk about this little thing called pricing, shall we? How much should I charge for my services? If you've ever wondered this as a freelance copywriter, this video is for you. Hey guys, it's Alex. Thanks for being here. In this week's video, I'm addressing the big old green elephant in the room when it comes to freelancing, and that is pricing. Figuring out your freelancing rate is a crucial yet tricky decision for anyone who's starting out. And listen, guys, I'm going to be frank with you. If you're watching this video looking for me to drop a number and say, oh, you need to charge $100 an hour or $1,000 an hour. That's just not going to happen. It's impossible for me to give you a number because there is no one size fits all price for copywriting. It all depends on the type of deliverable you're writing, the market you're working in, your client, your, your network, and yes, your experience. Better writers can charge more. It's that simple. I've been doing this for almost 10 years and I've put literally tens of thousands of hours into my career, both as a copywriter and a marketer. So how I write is unique to my background and my expertise. So don't ask me how much I charge because your price will be different. But here's what I can tell you. There are eight, that is eight very specific factors that will influence your pricing. And that is exactly what I'm covering in this video. And at the end, at the end of this video, I'll share my easy 8 point pricing checklist to give you an idea of how to start charging for your work. Now, I know pricing can be an uncomfortable topic, but here is the great news. Your pricing can change over time. In fact, it should change as you gain more and more experience and find your groove Setting right now doesn't mean you're forever locked into that price. Figuring out your sweet spot is an ongoing process of trial and error. And like in any business, your market will help you gauge what's too little and what's too much. And either way, you'll learn quick and readjust. So if you want more tutorials on copywriting and how to start freelancing, be sure to join the copy posse and hit subscribe below. And to all my posse peeps, welcome back. Give me a thumbs up below to let me know you're here. All right, let's do this. Here are the eight factors that will influence your pricing as a Copywriter Pricing factor numero uno Time. This is simply how long the project will take. The longer it takes, the more you can charge. Being able to estimate the number of hours you need to complete a task won't only give you a good idea of how much to charge, but it'll also guide you on how to manage your time effectively. Now, it might not be easy to get this right at first, but the more experience you have with projects that are similar in scope, the more accurate your estimate will be. And if you're new to this whole copywriting biz, here's a helpful tip to ease the process. Track your hours with a tool like Toggl or Harvest to get familiar with how long it takes you to complete certain tasks. Okay. Pricing factor number two. Scope. Or in other words, how much work is involved. The more deliverables you have to complete, the more you should be paid for that project, obviously. Which is why it's super important for you to get clear on the list of items your client expects you to deliver before. And this is very important before you get the ball rolling. So. So this includes things like the number of revisions you'll need to do, meetings that you have to jump on, and any unforeseen changes in scope. A clear scope or job brief will help you estimate how much time you'll have to set aside for a project and therefore how much to charge your client. Having said that, here is a little tip. If a client is committing to a large project with you, it's a common practice to offer a quantity discount. For example, what you'd charge for one email would be greater than what you would charge per email if they asked you to write a 10 email sequence. Makes sense, right? Okay, so pricing factor number three. Deadline. How soon does your client need it? The faster they need it, the more you can charge. For example, there may be instances when a client wants you to submit your deliverable within three days. What? You would usually take a week to complete a task or project with a tight deadline means you need to make it a top priority, move things around your calendar, and perhaps put more hours into the day than normal. So this justifies a higher rate given the additional investment required on your part. However, as tempting as it may be to take on more work, here's a tip. Be realistic about committing to rushed deadlines and push back on any timelines that will force you to cut corners at the end of the day, you always want to submit your best work because, let's be honest, that is your reputation on the line. So only agree to timelines that still allow you to do your best work. Give me a thumbs up below if you agree. I really want you guys to hear this one okay, so pricing factor number four Experience. How much have you written in the past? The more experience you have, the higher your rates. And let me be clear about something. Experience has nothing to do with how many programs you've studied or how many books you've read on copywriting. Yes, while it's insanely important to hone your craft by studying programs from copywriters you admire, what clients really care about is how much actual writing experience you have, how long you've been in the business, and how great your track record is. It doesn't mean businesses won't hire green writers though. In fact, many companies do look for and prefer fresh talent that they can mold with their own brand, voice and training. However, they do expect to pay lower rates than hiring a seasoned and experienced copywriter. So my tip here is to have proof of your experience, showcase testimonials from your previous clients and peers, give your LinkedIn page a pro proper polish, and have a portfolio of your top work handy for new clients to review. Okay, Pricing factor number five Expertise. Now this is different than experience because it relates to the amount of specific experience you have in a particular niche. The more specialized you are, the more you can charge. For example, you could be the copywriter who specializes in tech or fitness or real estate or personal growth or tourism. There are a ton of different markets and niches out there. Having highly specific experience allows you to bump up your prices when working with a client in that particular market or niche. I am a big fan of going deep rather than going broad. I've been writing copy in the personal development, well being and spirituality niche for over 10 years now. Here's another tip if you're wondering where to start with your pricing, do some research on freelancer sites like Hubstaff, Upwork, Flexjobs, and Working Not Working to see what similar writers in a similar niche with similar experience are charging for similar work. Alright now, pricing factor number six the Relationship potential. The more potential a project has to turn into a long term, mutually beneficial relationship, the lower you might want to charge. Plot Twist it's always a wise idea to consider the relationship you could build with a client and the potential of a long term retainer contract. Working on retainer with a client gives you the security of a consistent and steady income. It's a freelancer's dream come true. So with that in mind, you may want to Consider charging slightly lower for your first project to see if there's a mutual fit and to start off on the right foot by adding massive value upfront. So now here's a tip. When working on retainer, you want to incentivize your client to pay you on retainer, so you should give them a discount and throw in some added value services like unlimited revisions, calls and smaller pieces of copy as needed. So to find out more on retainer pricing and when to use it, you can check out my next video video on the four Best Pricing Models for Copywriters Alright, Pricing Factor Number seven Portfolio Potential. So ask yourself how much value will I get in return? Like any creative work, if you really want a job to be able to add some major cred to your portfolio, you may consider charging less. For example, if you're looking to expand and specialize in a new market or niche, you may lower your rates in order to get your foot in the door place. Plus, it's common practice for new copywriters to charge less at the beginning as a way to gain experience and build their portfolio. But here is a very important tip. Your first few clients will really set the tone for the niche you find yourself in. Like a river through a canyon, your previous experience will shape the direction you're heading and the longer you flow, the deeper you will go. So take some time to really think about the niche you want to write in and what type of clients you want to write for early on, and then go out and find those clients. How? You might ask. I've got you covered. Click right here to watch my video on the four ways to get new clients. Pricing factor Number eight Fulfillment. Or in other words, how much will you actually enjoy it? The more excited you are to work with a brand, the less you may want to charge. It is every copywriter's dream to get to that place where you're able to take on only those projects that fulfill you with a client you actually like and who values your work. However, there will be times when a brand or cause you're passionate about just doesn't have the means to pay your rate. So, like portfolio potential, this is where you could look beyond pricing and consider the value of taking on that gig. If it's a project that excites you and you know it'll be a lot of fun, then I would say go for it. Because here's the thing that I've learned in the past decade. Fun trumps money every single day of the week. If you're not excited about a project. Don't do it. It's not worth it. It never ends well. But listen, I know not everyone has the luxury of turning down business, especially if you're just getting started. And hey, we've all been there. So if this is the case for you, here is my tip. Come up with your map the minimum acceptable price that you'd be happy with to accept a job and not end up feeling miserable or resentful down the road. And no matter what, make sure you're charging for your time and expertise and not just the deliverable. So there you have it guys. Those are the eight key factors that will influence your pricing. As a copywriter, you know the drill. Give me a thumbs up below if you found this video helpful. And to get your hands on my handy pricing checklist, click the link in the description below. Here are some videos for you to check out next and be on the lookout for my next video on the four different pricing models you can use and when best to use them. Until next time guys, I'm Alex. Thank you so much for watching. Ciao. For now.