Let’s be honest, if you are thinking about becoming a freelancer or freelance writer, you really want to know what a potential freelance writer salary is, right?
Who gets into this business without any curiosity about freelance writer salaries? I know I wanted to discover some hourly freelance rates and my true earnings potential when I got into the field.
Having an understanding of how much you could earn as a freelance writer is essential. Here, we’ll dive into the world of freelance writing rates, explore freelancer salary structures, and provide you with some tips to maximize your earnings.
What is a Freelance Writer Salary?
As a freelance writer, you can choose different ways to earn money, depending on the type of writing, industry, and project type.
Per word: You might get paid a “per word rate” for long-form articles and blog posts. (Here’s how much you should charge for a 500-word article.)
Per hour: You might get paid for consulting or editing services for each hour you work.
Per project: For larger assignments and long-term projects, you might get paid for each project.
Having the flexibility to quote their price and structure allows freelance writers to adjust prices to fit different types of work and client needs. Knowing how to adjust your freelance rates can ensure you’re able to earn a living freelance writing.
Key Factors Influencing Freelance Writer Salaries
Here are some tips to consider when setting your freelance writer rates, whether that’s per hour, word, or project, and how to increase your freelance writer salary.
1. More Experience Equals Higher Rates
Your experience and expertise are gold! Seasoned writers with extensive portfolios can charge higher rates because they can tackle complex assignments and deliver content that requires very little editing.
2. Niche Down and Earn More
Specializing in high-demand and the best-paying freelance niches like technology, healthcare, or finance can significantly boost the demand for your services and, in return, boost your income. Clients pay more for specialized knowledge that meets their specific industry needs. Picking a niche is not required, but it could be a good fit for you depending on your experience.
3. Consider Your Local Cost of Living
Where you live matters when you quote your freelance rate. Writers in higher-cost areas typically charge more to cover living expenses. Conversely, those in lower-cost regions might adjust rates to attract clients while still maintaining a reasonable income. You don’t have to tell the client this but keeping local and state tax costs in mind as you work toward your freelance writer salary is important.
4. Find Clients and Industries with a Marketing Budget
Corporate clients and industries like finance and healthcare have larger marketing budgets, allowing writers to command higher rates. Smaller businesses or nonprofits might have tighter budgets, but targeting high-paying freelance clients can elevate your earning potential.
Average Salary of a Freelance Writer
According to the U.S. Bureau of Labor Statistics (BLS), the median annual wage for writers was $73,690 in May 2023. In the United States, freelance writers earn an average of $23 an hour as of July 2024, according to ZipRecruiter. Specialized fields like technical writing or copywriting for SaaS (software as a service) brands fetch higher rates, starting at $84 per hour, and report annual earnings similar to $163,800.
If you’re aiming to be a freelancer earning one of those competitive freelance writer salaries, you need to keep honing your freelance skills and learning how to run your business better.
Enroll in this course to learn how to earn $100 an hour (or more) as a freelancer.
Understanding Freelance Hourly Rates vs. Project Rates
Let’s examine the pros and cons of hourly rates vs. project rates.
Pros of Hourly Freelance Rates
Hourly rates are like a freelancer’s safety net—you get paid for every single minute you work on a project. This can be especially handy when projects take unexpected turns (hello, surprise revisions!).
Another great thing about freelance hourly rates is that they’re perfect for projects where the scope and the due date are more likely to shift. Charging by the hour ensures you won’t lose out if the workload balloons.
Cons of Freelance Hourly Rates
As you get better and faster at what you do, hourly rates might start feeling like a speed bump. Sure, you’re finishing tasks in record time, but your earnings don’t reflect that boost in efficiency.
Plus, let’s face it, there are only so many hours in a day. When your earnings are tied to your hours, your income has a built-in ceiling. This can make it tough to take on new gigs or enjoy some well-deserved downtime.
Pros of Freelance Project rates
Project rates, on the other hand, are like a breath of fresh air. You agree on a set fee for the entire project, and everyone knows what to expect (no surprises!). This kind of financial predictability can make budgeting a breeze and keep stress levels nice and low, allowing you to focus on knocking the project out of the park.
Cons of Freelance Project rates
Misjudge the time or resources needed to complete a project, and you might find yourself working for pennies. It all hinges on your ability to foresee potential challenges and include them in your quote.
If your client decides to add on extra bells and whistles midway through, you could end up putting in extra hours without extra pay. This is where clear communication and good contracts become your best friends.
When understanding freelance writer salaries, it’s crucial to account for taxes. Unlike a traditional W2 job, freelancers do not have taxes automatically deducted from paychecks.
This means a portion of your earnings must be set aside. Work with a tax professional or use reliable tax software for help navigating the complexities of taxes for freelance writer salaries.
Tips for Increasing Your Freelance Writer Salary
If you’re looking to make six figures as a freelance writer, it’s possible. Still, you’ll need to aim for a higher hourly rate and higher-paying assignments or dedicate time to working extra hours to reach the goal of increasing your freelance writer salary.
It’s fine to start writing 500-word articles for $50 each if you’re a beginner freelancer, but you’ll need to earn at least $2,000 weekly to make a six-figure freelancer salary in gross numbers–that means no vacations!
Here are more tips to increase your freelance writer salary.
1. Negotiate Higher Rates
Showcase your experience and expertise to justify higher rates. Build a solid freelance portfolio with client testimonials to bolster your credibility. Clear communication about deliverables and deadlines also helps clients see the value in investing in your services.
2. Build a Strong Portfolio with Client Testimonials
A robust portfolio and glowing testimonials are your best friends. They provide tangible proof of your skills and reliability, making it easier to attract higher-paying clients.
3. Expand Your Services
Stay competitive by learning new skills like SEO optimization or social media content creation. Offering a broader range of services can justify premium rates and attract a wider array of clients.
Whether you are freelance writing as a side hustle or freelancing full-time, it’s important to set annual goals and break them down into monthly, weekly, and daily goals. That way, you have an “average” target rate to aim for. It’s crucial to revisit that freelance writer salary goal periodically to see how well you’re tracking that goal.
As a freelancer, you must keep yourself accountable if you need to make modifications to that initial number or if you need to kick your behind into high gear for the remainder of the year.
How to Reach Financial freedom as a Freelance Writer
Ready to kick your freelance writer salary into high gear? It’s possible to improve your freelance money mindset when you understand how to set fair rates that reflect your skills. Remember to incorporate factors like experience, niche specialization, and industry standards.
Stay informed, build a strong portfolio, and continuously hone your craft to thrive financially and establish yourself as a valuable asset in the freelancing world. You can do this!
FAQs
1. How do freelance writers get paid?
Freelance writers are typically paid per word, per project, hourly, or through revenue sharing, with terms negotiated based on the work’s scope and nature.
2. What should freelance writers consider when setting their rates?
Consider your expertise, project complexity, industry standards, desired income, and the time required for research, writing, and revisions. Review these top questions freelancers should ask clients before quoting your rate.
3. How much do freelance writers make?
Earnings vary widely based on experience and project complexity but typically range from $0.10 to $1.00 per word or $20 to $100+ per hour.
4. What types of clients do freelance writers work with?
Freelance writers work with businesses, agencies, publications, nonprofits, and individual entrepreneurs, creating content for websites, blogs, articles, and marketing materials.
