The Writers Market remains an excellent resource for writers, particularly those just entering the field. In her article How Much Should I Charge, written for the Writers Market, Lynn Wasnak notes the following about freelance writers who sustain themselves on a freelance income:
“Periodically, they sit down and think about the earning potential of their work, and how they can make freelancing more profitable and fun. They know their numbers: what it costs to run their business; what hourly rate they require; how long a job will take. Unless there’s a real bonus (a special clip, or a chance to try something new) these writers turn down work that doesn’t meet the mark and replace it with a better-paying project.”
You can read the rest of Lynn’s article here:
http://www.writersmarket.com/assets/pdf/How_Much_Should_I_Charge.pdf
After reaching a certain level of writing experience and expertise, you need to be able to say no to low-paying jobs and actively go after higher-paying ones. That’s the trick to moving up the ladder in writing.
In How Much Should I Charge, you’ll find a table listing what other writers, including ghostwriters, charge for their services. The rates for ghostwriting a book run from $5,000 to $100,000 per project. Why such disparity? It has to do with the many different factors involved, from the experience of the writer to the length of the project, from how much a client is willing to pay to how good the writer is at negotiating.
The table indicates that the going rate for ghostwriting for business (such as business columns or trade magazines) is $25 to $135 per hour. And for ghostwriting articles, the rate stated is between $50 and $200 per hour.
If you’re charging significantly less than the low end of these rates, it’s time to increase your rates. The start of a year is a good time to raise your rates. You may lose some clients who can’t afford to pay your higher fees; don’t be discouraged. Keep marketing your services (there are ways to do so for free) and keep going after higher-paying jobs and clients who can afford to pay you a better wage.
This way, your fees will begin to approximate what other more experienced ghostwriters are charging (and getting), and you will be able to make a living wage as a freelancer.
Happy and productive writing,
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Great post, Graciela. I figure if I don’t value my own work appropriately, no one else will. Sometimes it’s a step of faith to turn down the low-paying jobs, but it’s a necessary step – unless there’s some appreciable upside (and it needs to be very appreciable!).
Thanks, Sally. It really is a step of faith. I haven’t always followed my own advice; there have been times when, out of need or fear or uncertainty, I’ve taken on a low-paying gig. In those instances I end up working hard for little pay. When I’ve taken that step of faith, though, and held out for a better-paying job, it’s truly paid off in the long run by bringing me to a higher income level. It’s worth it.
I’ve been ghostwriting for at least a dozen years now, and I always find myself doing a thorough soul-search before I sit down with a potential client to talk about what I will charge for his project. A number of people have come to me with stories they want to get off their chests, and out to the rest of the world. Often, it’s a matter of being able to tell their side of what happened, sometimes from a horrendous situation. These people generally don’t have much money, and my heart goes out to them. I can take one such client every few years, with the caveat that he understands that his book will not make him wealthy, but that we can make a compelling book of his story, that at least some people will want to read. After that, it is a matter of advertising and getting good reviews, and those things can be very expensive.
Otherwise, I just raised my prices this year, and I will be raising them again next year, to keep up with the cost of living. I don’t like doing that, as so many people are out of work. I was talking with some editors a few weeks ago, and they all said that it is getting much harder to find clients who can afford to pay their rates. What have your experiences been along these lines?
Thank you for your insightful post. I agree with you, ghostwriting fees can be all over the place, from one ghostwriter to the next and even from one project to the next. It is a juggling act. We tell our clients what our fees are. Some are willing to pay that, others won’t or can’t. We then have a choice — we offer a discount and work with them, or we say, “Sorry, I really can’t offer a lower rate.” My feeling is that we need to evaluate projects on a case by case basis.
You’re absolutely right — there are countless people out there with compelling stories to tell. They’re not celebrities or successful CEOs, just regular people with unusual, amazing, tragic, and/or inspiring stories. How do we ghostwriters help them get their stories into writing? Options include:
1. Offer ghostwriting services at a lower rate, or
2. Encourage them to get their story on paper any way they can, and offer editing services instead (I charge significantly less for editing than I do for ghostwriting), or
3. Refer them to another competent ghostwriter who is willing to write for lower rates.
In the past I’ve done all of the above at one point or another. There are times when we feel called to take on a compelling project even if the pay is low. And there are times when it’s prudent to refer the client to someone else.
Like you, I’ve had to raise my rates in order to earn a decent income. I would agree, many clients nowadays are looking for a bargain. In a challenging economy, many don’t have the funds to pay a good writer what she or he deserves. What do you do?
Here’s what I recommend:
1. Do not take on projects that financially are not worth your time,
2. Reach a workable compromise on the projects you want to take for clients who need a discount, and
3. Offer your writing and editing services to financially solid businesses and professionals willing and able to pay your full rates.
Often businesses are able to pay better rates than individuals can. Ghostwriting corporate bios, speeches, and blogs for the right places can be lucrative.
I hope these thoughts help. Thanks again for your input! Wishing you all the best in your endeavors.
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