Personal finance

Beginner’s Guide to Freelance Writing-How to Earn Money with My Writings?

freelance-writingSometimes, writers want to make sure that they are paid for their effort to compose articles or general texts. In the short term, writers may work for very little money while they become known, but in the long term, writers who don’t earn enough, won't be able to freelance for a long time. Freelance writers should ask themselves before setting their prices:

How much time will I invest to write?
Full-time freelance writers usually spend the equivalent of a full working week on writing. That means more than 2000 hours per year. However, take out all the time you spend blogging, filing or making cups of coffee as well as holidays and "bad" days and there will probably be about 1800 hours left per year.

Writers must also think about the price of consumables. Print cartridges, papers, pens, all these writing instruments means money and this should be deducted from the final money what writers want to earn.

How much do I want to earn?
Some writers compose in their free time but have full time jobs elsewhere. These writers may not need to earn as much as those who only rely on writing. Regarding both situations, writers should consider how much money they need to earn in order to pay the bills, to eat and maybe have a little fun from time to time.

Writers also need to think about the taxes. Depending on where writers live, from 18% to 35% or even more (if a successful business) will be taken up by the government. For instance, in the UK, tax and National Insurance takes over 30% of the total income (after allowances and additional payments). So writers need to take care when thinking about the amount they want to earn.

Which is the best hourly rate?
Once writers have calculated the amount of time they will work and the money they want to earn, working out an hourly rate is quite simple. Dividing the amount needed to earn by the number of hours planned to work that results the hourly rate. Once writers have worked out what they must earn, they have a figure to care for.

One last thing that must be mentioned: even after setting an hourly rate, each freelance writer need to be prepared to work for less from time to time. The freelance writing business is very competitive and, for some reasons, sometimes that's better to eat than to stand on principle. Writers always have to take the best decision. When freelance writers have a good and well organized portfolio, they will stand a better possibility to obtain the hourly rate they actually deserve.
In conclusion, don't expect too much revenue from your writing if you are not a well-known freelance writer. Take your actions step by step and you'll succeed.

If you have any questions, please ask below!