Setting your personal price

Hi Michael,

Sorry to bother you - I'm a subscriber to your 'Thought of the Day' feeds (which are becoming more like 'thought of the week!!' i look forward to them so keep writing pls).

I have a quick question that I thought your copywriting/marketing experience could help me with: what is the usual copywriting fee p/h for freelancers? Trying to get that information online is harder than trying to extract teeth from a chicken. I'm leaving my current copywriting position and my boss would like me to stay on contract, but I don't know what rate to charge.

Would you mind giving my dilemma a few minutes thought and get back to me asap (we're due to meet to talk about it in the next few days). Sorry - here I am asking you for a favour then rushing you to do it :)

Thanks very much, I look forward to your response.

............

Dear (name),

If I can post my response to you (without mentioning your name) on my blog...

There is no scale for copywriters like there is for public servants and members of symphony orchestras... You are entering a pure market. A perfect market. Two individuals meet, find a means of agreeing on the value of a good or service. This is done without reference to governments or regulators. It is free market to the max. After agreeing on the "value" of the stuff, then they might enter a contract. At this stage they refer to an outside body (the law of contract).

So, what have we to work with? In your case and in every case in a free market, price is set by market forces. Demand.

The Art of Negotiation is the science of settling on a price. Any basic text on negotiation will give you the fundamentals.

The words above: 'find a means of agreeing' are the fulcrum for balancing the equation. Look for a way to 'frame' the valuation that both sides can agree on.

Such "frames" include the following: 1. "The Budget." (Client appeals to a third party who has control of the money, in this way making their discretion absolute.) You take it or leave it. 2. "Time and materials." You estimate how much you need to make to cover your costs and make a profit. The client take it or leaves it. 3. "All Things Considered." You balance the valuation across a range of considerations, such as a big brand that gives you cred for attracting other clients vs a no-name, the ease or difficulty of dealing with the client (personalities, location, quality of brief, number of revisions, creative freedom vs following the formula from head office, the volume of the work and its regularity, etc.)

Do you charge different clients different amounts or do you charge everyone the same rate?

Get the picture?

Cheers!

Michael

PS. You are more likely to quote too low than too high.

PPS. People will only value you as much as you value yourself.

PPPS. Why not suggest to your boss that he make an offer? If you post the first bid, you are likely to lowball. It is your boss's notion of your value that will be decisive. (IE. the customer is always right.)