determining rates and terms

[ShortPedant]

I work as a copyeditor and proofreader. I've just got a couple of new clients but I am unsure about what rate to charge for my work. How do you all go about determining what to charge? What methods do you use to find out the market rate and/or the rates of your competitors?

One of my clients issues a quarterly publication, so as it would involve a substantial amount of time to work on each edition would you charge by the hour/day or per issue?

I realise that this is a key question for many freelances, particularly those working in niche areas with less direct comparison. I'm also worried about how to negotiate my charges, particularly as I am now going from part time employed with some freelance work to full freelance status. I really need to make sure that I don't mess this up from the start!

Finally, does anyone have a good source of information on how to establish contractual terms with a client; for example, set vs flexible working hours, retainers etc.?

Thanks so much for any advice you can give.

SP
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{slinks away feeling like a total numpty }

Hi

I don't know much about your industry so can't help with specifics. But there are various things I took into account when setting my rates.

Work out all your expenses so you've got a sense of your outgoings (don't forget phone, broadband, requirement for extra heating in the winter, pension contributions etc etc). Don't forget that you won't get paid if you go on holiday and that you won't neccessarily have paid work all year (ie you'll need to spend time looking for new business and won't be paid for that time). That should give you a sense of what you need to earn to cover your costs.

My best advice would be - don't undersell yourself. There is an awful temptation to lower your charges because you want to be sure you'll get the work. But my experience has been that most people seem to think that they get what they pay for (ie if they are paying peanuts they'll get a monkey!).

I have a terms doc that I use with clients so you could have a copy of that if you like - although I'm not in your industry it might be a reasonable starting point. Email me at seagole at googlemail dot com.

Good luck!

I do the same as you! Check out the Society for Freelance Editors and Proofreaders (I'd recommend becoming a member) - they give average rates etc.

My rates depend on the client, which country they're in, the type of work etc. I'm normally paid by 1000 words for the agency I work for as the standard of each document changes but for stuff from regular clients (eg, quarterly newsletters, regular reports etc) it's easier to be paid by the day/hour. TBH my minimum is £250 per day but ranges up to £400 for clients with urgent deadlines - less than this doesn't cover my expenses/childcare etc, thoguh I might consider less for a particularly easy client with long deadliens etc.

Definitely don't undercharge, otherwise it's really just not worth your while working at all. Using a freelancer saves a company so much money in tax etc, they will normally pay more than you might expect.

Just bumping in case ShortPedant didn't see it

I'm in PR and copywriting, so not the same, but not too disimilar either. I charge £250 a day and try to bill as a daily/ half day rate. My hourly rate is £50 so it is actually cheaper for them to book me for a day. Definitely don't undersell yourself and remember all the costs involved, having to do your own tax returns/ accounting etc which takes up alot of time. I put aside 20% of everything I earn to cover tax, so def factor that in.
I use a 'heads of agreement' letter that must be signed before I start work, it just lays out exactly what they can expect from me, my payment terms and also for those clients wishing to pay me a retainer (which makes planning much easier) a three month get out clause on both sides. If you want to see a copy let me know. Hope that helps.

Hi I do proofreading and copyediting as well and as Staranise says it does depend on the client. Most of my work is for Oxford University Press as I used to work there full-time as an Ediotr before babies and they pay below the market average generally: I get between £16-£12 per hour depending on type of work, etc. I think that is quite low compared to the industry as a whole.

And as you can see I am the sort of proofreader who can't SPELL! I was an Editor not an Ediotr.

Thanks so much everyone for your very helpful replies. You've given me confidence that I am setting my rate at roughly the right level, and also to charge on a daily/half day rate where I can. I'd be really grateful to see your agreements to give me a starting point, mascarpone and katie3677, and will drop you a line v soon.

Many thanks again

SP
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FAO katie3677

Hello

Please could you contact me via charlotte dot forder at btinternet dot com ?

I'd be very grateful if you could send me a copy of the 'heads of agreement' letter that you mentioned.

Thank you

SP
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Have emailed it to you