Taking the Stress Out of Quoting Freelance Projects

By Ed Gandia

For many freelancers, one of the most stressful aspects of their
business is quoting project fees to a new prospect. There’s a lot at
stake. Quote too high and you risk losing the project. Quote too low
and the prospect may wonder if you’re a newbie with little
experience.

The best solution to this dilemma involves the use of a “master fee
schedule,” which is nothing more than a list of the types of
projects you work on and an approximate fee range for each.

The beauty of a master fee schedule is that it takes the stress out
of the quoting process. That’s because when you’re confident that
the fees in your schedule are fair and reasonable (based on the value
you bring to the table and what other freelancers at your level are
charging), you no longer have to worry about quoting a fee that’s
going to scare the prospect away.

Sure, she may still decide that you’re too low or too high. But
that decision will be based on her budget — not your value.

How Do You Assemble a Master Fee Schedule?

#1: Ask fellow freelancers
Developing a reliable fee schedule takes time. You can start by
talking to fellow freelancers and asking them what they charge for
different types of projects. You should also factor in the feedback
you get from clients and prospects when you quote various projects.

#2: Scour the web
Many freelancers will also post their fees for a variety of projects
on their website. You can poke around and get a good feel for what
others are charging. However, be careful with those figures. There are
thousands of freelancers doing work for virtually nothing. That’s
not where you want to be.

#3: Consider the time and effort required
You should then compare this information with the time you spend on
projects. You’ll want to see if the fees you’re charging are
aligned with the time and effort you’ve been putting in. You’ll
also want to compare how your colleague’s fees compare to the
average time you’re investing in some of your projects. That can
reveal areas where you might be undercharging.

I use a tool called TraxTime to record the time I spend on every project
(For Mac users, you have other options. My friend and colleague Steve
Knapp uses “On The Job” from Stunt Software.

Every three months or so, I run reports in TraxTime to find out how
I’m trending in terms of time spent on different types of projects
and profitability levels with each of my clients. This information is
invaluable in helping me evaluate and update my master fee schedule.

#4: Books and Reports
Other good sources on fees are books and reports written by
professionals in your particular field. For instance, Steve
Slaunwhite’s Pricing Your Writing Services is an excellent resource
for freelance writers (Steve is a friend and co-founder of this blog,
so yes, I’m biased!).

So is Michael Stelzner’s White Paper Writer Industry Report. Also,
The Designer’s Guide To Marketing And Pricing: How To Win Clients and
What To Charge Them by Ilise Benun and Peleg Top, has been
recommended to me by several graphic designers.

Whatever your field, you will more than likely be able to locate a
book, article or report on pricing for your profession via a quick
Google search.

How to Use Your Master Fee Schedule

Here’s how I use my master fee schedule to qualify a lead. Say that
I get a call from a company looking for someone to write three case
studies. My fee range to write a two-page case study is $1,500 -
$2,000. This includes an interview and up to two rounds of edits.

Once I understand the full scope of the project, the work involved,
the prospect’s needs, degree of urgency and other miscellaneous
factors, I pull out my master fee schedule and quote a range.

But I don’t quote the full range. Instead, I usually quote from
somewhere around the midpoint to the high point. So I may quote $1,500
to $1,750. Why? Because, invariably, if you quote from the low point,
the low number is the only number many folks will remember. Quoting
from the middle up avoids this problem. It helps you set the right
expectations. Also, it gives you a cushion that can protect you should
the project be more difficult than you expected.

Once I quote the fee range, I’ll ask the prospect, “Is this range
within your budget?” I find that this two-step approach (asking
first if they have a budget and then quoting a fee range) is more
effective than the more abrasive “What’s your budget?” question.

This last question is important because getting the “money” issue
out of the way as early as possible will reveal if the prospect is
viable from a budget perspective. In many cases, it will keep you from
having to spend a lot of time thinking about the project, drafting a
proposal and following up three or four times with a prospect who was
only willing to pay half of what you’re asking.

Finally, if the fee range fits within the prospect’s budget, let
the prospect know when he or she can expect your proposal. Even if
they ask for one, never give prospects a firm number during the
initial call. A fee range is as far as you should go. You need some
time to think through all the factors and arrive at a number that
makes sense.

Is this a foolproof system? Not at all. But it takes a lot of the
stress out of the process. It also saves me a great deal of time. It
impresses many prospects who want straight answers (rather than a,
“Well, it depends, Mr. Prospect. I can’t really say.”). And,
above all, it enables me to land more profitable work.

—

Ed Gandia is the co-founder of TheWealthyFreelancer.com and co-author of The Wealthy Freelancer: 12 Secrets to a Great Income and an Enviable Lifestyle (Penguin, 2010). To grab a free copy of his “Freelancer’s Income Expander Kit” (a $126 value) visit http://www.TheWealthyFreelancer.com.

Treat Every Person as a Mentor

By C. Hope Clark

I read that phrase in a blog this week. It wasn’t the major point of the message, but it was the piece that caught my attention.

 
It’s human nature for us to compare ourselves, our talents, our looks, to those around us. We catch ourselves being smug as we recognize poor writing on a cheap website. Or we feel demoralized as an opening hook in a story puts ours to shame.

 
But what if we quit making comparisons and started seeking the take-away value of everyone in our writing path?

One reader placed me on her newsletter list. Her voice was clean, her message multi-layered and intellectually challenging. She shamelessly tackled social issues in her region, often recommending action others wouldn’t have the guts to stand up and endorse. Months later I learned she
lived on a fixed income in a trailer, struggling to make ends meet.

I know another lady who lost her job and opened a writers’ retreat. I purchase articles from writers for FundsforWriters, and many of them amaze me with their knowledge. A new writer can teach you how to be daring and disregard some of the old rules we think we can’t break. An established writer can show us the ropes.

 
As my sons grew up, as they compared themselves to their peers as all boys do, I told them that all of us have the same amount of talent. Imagine me holding my hands in a bowl fashion, as if holding that talent.
Some people use all their talent in one area, becoming gifted, even genius. They might perform their talent without effort, but they can’t balance a checkbook, keep a job or find a  girlfriend. Then there are others who distribute their talents across the realm, spreading it out and becoming
known as a Jack-of-all-trades. They perform decently at almost everything they touch, but aren’t exceptional at anything. Then there are all those in between, utilizing their bowls of talent in different directions and venues.
My point is that everyone is talented. No one can be grand at everything, meaning they have shortfalls and assets. That writer who critiqued your work might get under your skin, but a night’s sleep might make you
realize she was right on your page two. It doesn’t matter if she’s published, where she’s published or whether she’s self-published. Her voice deserves to be heard.

 
That editor who declines your work and makes a suggestion might not understand the point of your story, but he might have a firm grasp of marketing to his readership. He isn’t wrong because his opinion isn’t yours.

Everyone you run into has something to offer you as a writer, as a person. In them you find your best stories, and your best opportunities.

 

—

C. Hope Clark is editor of FundsforWriters.com, an award-winning newsletter family that reaches 31,000 writers.

Three Things All Freelance Writers Need To Do

By Amanda Evans 

If you want to be a successful freelance writer there are three things that you need to be doing on a regular basis.  These are:

• Promoting
• Networking
• Job Hunting

 

Promoting

Promoting yourself as a freelance writer is vital to your success.  There are a number of ways that you can do this.  You can use article marketing, post new articles to your blog or website or write guest posts for other blog owners.  Promotion is all about getting your name out there and having your freelance writing talents recognized.

 

Did you know that most potential clients will Google your name to find out more about you?  What does you name show up?  Have you ever actually Googled yourself to see what the results display?  You might be surprised at what you find.

 

Networking

Networking is all about staying in the loop and talking with other freelance writers.  Networking is a great way to meet potential clients too.  There are a number of ways that you can network and these include using websites such as Facebook and Twitter, following and commenting on other freelance writing blogs and participating in forums.  Networking is also a great way to meet other freelance writers and discuss issues or problems you might be having.  Networking also gets your name out there and to be a successful freelance writer people need to know your name.

 

Job Hunting

Let’s face it, without freelance writing jobs you are not a freelance writer.  Job hunting is essential no matter how busy you are.  By keeping an eye on what jobs are currently being offered along with the rates that clients are looking to pay you will know exactly what is going on.  You should be doing this on a daily basis because you never know when your dream job will be posted.

 

These three essential items should be part of your daily freelance writing ritual.  You should dedicate at least an hour a day to these items.  I would suggest that you leave the networking aspect till last as it is very easy to get caught up in the world of Twitter and before you know it you could have spent two hours tweeting and you haven’t even started your paying work yet.

 

Any successful freelance writer will tell you that promotion and networking are essential to their success and whilst they might have a full client list they still keep an eye on the freelance writing jobs that are being posted.

 

If you are serious about your freelance writing career then you need to focus on these three items and include them in your daily freelance writing plan.

 —

Discover how you can turn your writing skills into a fabulous ghostwriting career. Amanda Evans’s e book “Ghostwriting Uncovered: How I Quit My Day Job & You Can Too” at http://www.ghostwritinguncovered.com/sl.htm  takes you from novice to pro ghostwriter in step by step format. Packed with information, the e book also provides tips and advice that will help you secure endless clients. You could be signing up your first clients within two days.

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