May 13, 2005, Newsletter Issue #18: How Much Are You Earning?

Tip of the Week

HOW MUCH ARE YOU EARNING?

Whether you are employed as a copywriter or a freelancer, you need to know what your peers are earning. You need to know if you are earning less than the average or more than the average.

If you are employed, it just makes sense to benchmark yourself against what other copywriters are earning. You need to know whether you are being under-paid, or doing just fine. You`ll know whether you should be asking for a pay increase or sitting tight.

If you work as a freelance writer, knowing the going rate for various types of jobs is essential. It`s a critical part of the bidding process. You need to know what the market thinks a particular kind of job is worth. Without knowing what the norm is, you may end up bidding either too low or too high for your next job.

Bid too high, and you`ll likely bid yourself out of the job. Bid too low and, ironically, you might also lose the job because your prospect won`t take you or your talents seriously. Bidding too low is a sure way to damage your own reputation and credibility.

You also need to take your own experience and expertise into consideration. If you are fairly new to freelance copywriting, don`t expect to be able to charge the same as another writer who has ten or fifteen years` experience under his or her belt.

Estimating for jobs is never easy. But it is a critical part of building your business, and your first step is to know what others are charging and what your clients are comfortable paying.

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