It’s unfortunate. But some freelance writers, even well-established ones, struggle to make a good living.
These are writers who’re busy with lots of clients and projects. They work long hours. They’re constantly churning out content. But somehow, things just aren’t coming together financially.
I often see this in many of my new coaching clients. And I’ve found that the problem typically lies in their perception of how much they’re charging.
They might think they’re charging reasonable rates. After all, they see lots of other freelancers charging similar rates—or even less!
Besides, they don’t want to come across as greedy. Because their clients need to make a living too, right?
But here’s the thing: If they sat down and calculated how much they’re ACTUALLY making an hour (based on hours worked and fees charged), they would be shocked!
So I invite you to do exactly that.
Calculate Your Internal Hourly Rate
The process for calculating your internal hourly rate is simple:
1. Figure out your average monthly income
Add up what you’ve earned over the past three to six months and calculate your monthly average income.
2. Determine the number of hours you work per month
Next, estimate how many hours you put into your business on a weekly basis. Multiply by four to get an approximate monthly amount.
Note: This is total time, not just billable time. So the time you spend invoicing, researching, planning, prospecting, etc. needs to be included.
3. Calculate your internal hourly rate
Divide the monthly amount earned by the monthly hours worked.
Then … take a deep breath.
There’s Your Motivation!
You may be happy with the number of you see. If so, that’s fantastic!
But I suspect that you might be saddened. Maybe even horrified!
The reality is that many freelancers are working for just a few dollars an hour.
Many more are working for less than minimum wage.
And the sad thing is … many of them don’t even know it!
So use this internal calculation as a wake up call! Calculate your internal hourly rate. And then use it to give you the confidence and motivation you need to start raising your fees.
By the way … whenever you’re ready, here are 4 ways I can help you grow your freelance business:
1. Grab a free copy of my training class for writers who are new to freelancing.
It’s called “The 3 Magic Levers: How to Get Your Writing Business Off the Ground and Land Your First Paying Client.” — Click Here
2. Download a free copy of my book for ESTABLISHED writers/copywriters.
You’ll discover how to quickly and predictably reawaken dead leads, generate new client opportunities and convert not-yet-ready prospects into freelance writing clients. — Click Here
3. Join our “Get Better Clients Academy”
You’ll get a personalized action plan based on where you are today in your business. Plus all the tools, scripts, checklists, cheat sheets and templates you’ll need to escape feast-or-famine … grow your income … and land clients who love and respect you. — Click Here
4. Get your website DONE!
If you’ve been struggling to get your website done … or if you’re not happy with what you’ve got today… let my team and me build you a beautiful website for your writing business. We’ll do all the hard work! Email me at firstname.lastname@example.org … put “WEBSITE” in the subject line … and I’ll reply with the details.