4 Tips for Setting Corporate Writing Rates for Freelancers
Have you ever wondered how to break into the world of corporate writing? Sheila Pinder reviews our latest Canadian Freelance Guild webinar series on The Business of Freelancing and answers this exact qusetion.
We’ve heard the rumours and we want in. We want to enjoy higher pay for our work and be treated with the same level of respect that we show to our clients. We want to know just how much corporate work can pay, and whether the rumours are true.
Can you make more money from freelance writing for corporate clients?
We asked these questions of our CFG Expert Panel on Corporate Work: What’s out there and how to find it (you can find the full discussion on the Webinars page of our CFG website).
Our corporate experts
- Trudy Kelly Forsythe—More than 30 years of freelance experience that includes working with her communications company to serve The University of New Brunswick and the Canadian Forage and Grassland Association, among several others
- Jaclyn Law—Began her writing and editing career at Chatelaine and Abilities, then freelanced for 15 years, working with corporate, institutional, non-profit, and media clients on print and digital projects. She is currently the managing editor of MoneySense
- Paul McLaughlin—Over four decades of freelance experience, including 15 years as communications consultant for Canada’s leading forensic accounting firm, where he wrote and edited a bi-monthly publication, Report on Fraud
- donalee Moulton—Professional journalist and corporate communicator for more than 25 years; she is the owner of a communications company whose clients include the World Health Organization, Environment Canada, and the Nova Scotia Barristers’ Society
Here’s what our experts told us
- Corporate rates for freelancers are market—and experience—dependent. Rates can range from $50 to $200 per hour. Whatever you’re offered, our experts advise that you not be afraid to ask for more
- Magazine rates for freelance copy editing typically run between $35 and $45 per hour. This same work for a corporate client will pay more. If you’re working for a sole proprietor, you can expect to earn approximately $65 per hour, while a medium-sized business might pay closer to $75 per hour. Rates will be higher if your services include more than copy editing. In the latter case, rates can range from $50 to $85 per hour. If you are also expected to provide some strategic planning support, for example, this will add to the rate you set
- Our experts advise that many freelancers start out by quoting a flat rate per project. If you’re working on an editing project for example, consider the number of words (and pages) that you’re being asked to read. Think about how quickly you can complete the work. Ensure that your hourly rate and subsequent flat rate are realistic and competitive. You may want to switch from a flat rate to an hourly rate after providing an agreed-upon number of drafts. Be sure to include these details in your contract terms
- Track your time. This will help you to set appropriate rates for the next assignment. Remember that there is a difference between billable and non-billable work and that both are necessary. There is always another email to send, marketing to do, and invoicing to take care of. Many corporate communicators work on retainer for their regular clients. They calculate the number of hours they are prepared to set aside for their client each week or each month and set a flat fee to cover that amount of time
Ultimately, the rumours are true. Corporate work is both lucrative and satisfying. The trick is to ask for enough money to allow you to enjoy the work you do.
