Whether you’re just starting out, or have been in the freelancing game for awhile, there
is ONE major difference between writers who earn $100 a month and those who earn $10,000
a month.
Wanna know what it is?
Keep watching...
Hey guys, it’s Alex!
I am super excited to have you here.
If you’re new to the crew, welcome!
Every single week I release a new tutorial on how to start and scale your freelance copywriting
business, so be sure to also hit subscribe below, and then click that bell icon so you
don’t miss any more videos from me!
Alright now, in this video, I’m diving into the often hella-awkward art of ASKING FOR
MONEY!
So if you’ve ever wondered exactly how to charge for your freelance writing services,
you are in the right place.
Because no matter where you are on your entrepreneurial journey this question is INEVITABLE!
And it’ll come up time and time again as you take on new clients and projects.
Perhaps you’ve been asked to rewrite the entire website of a company that’s going
through a total brand makeover...
Or maybe a client simply wants you to spruce up a small batch of marketing emails...
Or maybe you’ve been asked to put aside a few hours a week for a client that needs
a part time copywriter...
The great thing about being a freelancer is that your job can take many different forms,
to fit many different needs.
But this also means there’s no single pricing method that you can use for all of your projects.
How your charge your client ultimately depends on the scope of the project, the client, and
the level of experience or expertise you possess.
Now, if you’re new to copywriting or freelancing and want to know where to start, you may want
to check out my video on How To Become A Freelance Copywriter & Get Your First Client.
But in this video, I’m going to be sharing the four pricing models that I’ve used as
a copywriter, what’s great and what’s not so great about them, and what you need
to know in order to build a long-term $10,000/month copywriting business.
Okay so, pricing method #1...
Method 1.
Hourly
Charging based on the number of hours you work is probably the most straightforward
way to help your clients understand what they’re paying for.
Once you have the scope of work required, you can estimate the total amount of hours
you believe it would take to get the job done.
I usually recommend hourly rates for ad-hoc or ongoing general tasks that don’t require
heavy briefing.
So this can be things like editing, or proofreading, or optimizing copy from a previous writer,
or small pieces that require a quick turnaround time.
However, if you’re new to the biz, and you’re building your portfolio, and you’re just
not sure what your hourly rate should be….
This is a great pricing model to start with for your first couple of projects to find
your groove.
The trick, though, is to keep a detailed log of what you’re working on so you know what
each task would generally entail moving forward — whether that’s research, or calls with
your client, or actual writing time.
Plus — you never know when a client might request a breakdown!
And you don’t want to be caught scratching your head and going “err, what did I spend
my time on?”
So there are some great tracking tools out there, like Toggl and Harvest, that you can
use to log your hours effectively,
One of the possible downsides of charging by the hour is that you might get clients
that expect you to work faster and they’ll measure your results based on time instead
of value!
That’s why it’s really important to lock down project scope before you get started
so that you can give a realistic quote.
You also might have a hard time keeping consistent income if you charge hourly if your client
only needs you for a few hours a week.
So although you might be subconsciously reserving that valuable mental mindshare for that client,
you’re not getting paid for the hours you spend “waiting” for work.
So let’s move on to another really popular pricing model.
And that is, Fixed & Project-Based Pricing
So fixed pricing is when you quote a flat fee for an entire project.
Which is usually based on the time and effort it will take you to complete it.
Now the best part of this pricing method is that you always know exactly how much you’re
getting paid, which will help you with cash flow and your overall finances.
This works great for small to medium projects that are frequent, such as email sequences
and landing pages.
Or short-term projects that take between a couple of weeks to a few months to wrap up.
Fixed pricing is great because you can predict workflow and plan ahead to make sure you’re
maximizing your income every single month.
Just like hourly rates, though, it will take some experience to be able to estimate the
amount of time you require to complete the work as accurately as possible — and include
room for contingencies and potential scope changes.
You’ll probably need to run through a few clients in order to find that sweet spot for
pricing your projects.
Alright so let’s move on to pricing method #3...
Revenue Share
Now this is a pretty unconventional way of getting paid, but with the right client and
the right partnership this can be what takes you’re writing business from a “trading
time for money” gig to a “passive income” stream.
In this pricing structure, you typically waive or discount your service fees for a project
in exchange for a percentage of your client’s sales revenue resulting from your copy.
So it goes without saying that this pricing model only really works for deliverables that
are directly written for sales like sales letters, webinar scripts, sales emails and
promotional campaigns.
Just make sure you’re really clear on how revenue is collected, measured and distributed
— and whether you’re paid on gross, net, or net net revenue.
Now while there is potential for huge upside if your copy generates a large amount of sales,
there’s no guarantee that the revenue will meet your target.
Plus, it will take a little bit longer for you get that money, honey.
So it can be a risky move.
That’s why I only recommend this pricing model if you are confident in your experience,
have a deep understanding of your specific market, and have built a trusting relationship
with your client.
Once you get there though, this really can be the secret sauce to building your 6-figure
business.
Ok, and lastly, moving on to pricing method #4...
Retainer
A retainer agreement is where you allocate a specific amount of your time each month
exclusively to one client’s needs in exchange for a set and steady income!
This pricing model is fantastic, not just because it gives you a reliable cash stream
but also the ability to develop a great long-term working relationship with your client, who
will likely be incentivised to invest in your growth.
So if you’ve been in the freelance game long enough, you’ll know never to underestimate
the value of having a regular client who pays you a consistent paycheck on time, everytime.
The amount of time and money wasted on prospecting and onboarding a new client is enough to cut
your business in half!
And the longer you work with a client, the more predictable and repetitive your work
will become, making it easier for you to scale your client’s business, as well as your
own.
Alright and the secret to getting paid on retainer is to LEAD WITH VALUE.
Think – how can I consistently over-deliver to make my client wonder how they ever did
this without me?
And THAT, my friends is the single biggest difference between writers earning $100 a
month and those earning $10,000 a month or more copywriting.
The writers who are making bank think LONG TERM about their client relationships.
They PRIORITIZE working with clients that want an ongoing partnership, mutual accountability
and trust…
And yes they offer VALUE UPFRONT, rather than nickel and diming their clients for every
single minute spent and word written.
Now my copywriting business is built on this maxim.
While I still use all 4 of the pricing models that I described on a regular basis depending
on the project scope and the clients needs, I would way rather have a few clients who
pay me on retainer then a bunch of clients I have to chase down down for $100.
So your goal as a copywriter should be to work towards revenue share and retainer-based
pricing, but it does take time to get there.
Hourly and fixed pricing is a great way to get started, build rapport with a new client
and gain experience…
But just know at some point you’ll need to say no to those $100 clients to make room
for those $1000 and $10,000 clients so you can actually build a 6-figure writing business,
and not just have a side hustle.
Catch my drift?
Now, if you’re stumped on exactly how much you should be charging for your copywriting
services - you’ll definitely want to check out my 8 Pricing Tips you need to consider
before sending a quote.
You can watch that video right here.
And give me a thumbs up below if you found this helpful!
Thank you so much for watching guys.
I’ll be back next week, until then, I’m Alex. Ciao for now!