Finding the Right Pricing Strategy as a Freelance Writer
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Finding the Right Pricing Strategy as a Freelance Writer
Have you ever been told “Just raise your rates!” whenever you mention your earnings as a freelancer?
It’s a common piece of advice on social media platforms like LinkedIn. But is it really that straightforward?
Let’s consider an analogy: imagine you own a beautiful antique chest bound with brass. In theory, it might be worth thousands of rupees. However, to actually sell it at that price, you’d need to find someone willing to pay that much which could be challenging. If you desperately needed money, you might end up accepting much less than its ‘true’ value.
How does this relate to freelance writing?
If you’re a decent writer, it’s possible you’re worth more than what you charge right now. But if you suddenly raise your rates and end up losing all your existing clients, you might be left with little to no work. That leaves you “like the antique chest without a buyer”: valuable, but not generating any real income.So, what’s the solution?
One strategy is to first secure new clients who are prepared to pay higher prices. Once you build a comfortable base of well-paying customers, you can approach your existing, lower-paying clients to discuss a rate increase. Some may agree, others may not—but with your new client base, you’ll stay busy and gradually boost your income.Ultimately, your rates should be aligned with what your clients are willing to pay. If you believe you can earn more, focus on finding clients who recognise and pay for the value you bring to the table. After all, pricing isn’t just about setting a number—it’s about knowing your worth and making sure there’s a market to back it.
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