Time spent developing your skills and learning new techniques and.Your workspace, software, and materials.Non-billable time spent on admin work (you can track this with a time tracker).Some of the things you’ll need to account for when putting together your business plan include: Working in-house has a lot of perks that will disappear as soon as you become your own boss. The root cause? Neglecting your business costs. Here’s a mistake that’s all too common for first-time freelancers: you set your rate, get as much work as you can handle, and at the end of the year, you still discover red ink in your ledger. Try to assess how long they’ve been in the game and adjust your rates accordingly.” Step 2: Factor in your business costs “They’re usually friendly and willing to help. Editor Andrew Lowe suggests simply asking your fellow editors how much they charge - either online or in person. There’s no need to be cloak and dagger in your market research. The per-word rate is a more accurate reflection of your abilities and hard work. Why? Well, because every editor works a little differently, and the hourly pertains more to speed than quality. If you’re wondering, “What do freelance editors charge per hour?”, then the EFA also has the summarized on the page - the hourly editing rate tends to fall between $35-$50/hour.Īt Reedsy, we advise charging per word rather than per hour. The Editorial Freelancers Association has a page that lays out a range of rates for each particular service. Other than the details that we’ve given you so far, you can check out the resources of other editing societies and associations. And, as any good entrepreneur can tell you, the first thing you need to do is understand your market and see where you might fit in. How to set your freelance editor rates in 5 steps Step 1: Research the marketįreelancers are, essentially, entrepreneurs. To set freelance editing rates that really do justice to your hard work, follow the five steps below, as advised by some of Reedsy’s most experienced freelance editors. Now, you might feel as if you’ve just watched a round of Numberwang but don’t worry - these are merely references for baseline rates. The average freelance proofreading rates are as follows: The average freelance copy editing rates are as follows: The average freelance development editing rates are as follows: □ If you’re editing picture books, these by-word rates will not apply as there are many other aspects involved that you will have to take into account, from your level of experience, to time spent, and the value you bring to the collaboration. Using data pulled from thousands of recent quotes from the Reedsy marketplace, we’ve put together a whole selection of average rates per genre for three of the major editing services. “I charge differently for this type of book because the content must be deeply edited for comprehension, consistency, and logic path - yet I must also maintain the writer's voice and aesthetics.” “I primarily edit fiction, but also do and have done extensive work with self-help books,” says editor Maria D’Marco. Where the freelancer is located in the world.The freelancer’s experience and portfolio.Within each of these editorial types (copy editing, proofreading, etc.) there will also be a range of baseline rates determined by: One good way to find your own, ideal rate is to gradually increase it every few months until you find that you've hit a ceiling. ⚠️Note that many editors can (and do) charge higher rates than these, taking their years of experience and market demand into account. That said, here is a summary table for you to consult: Note that at Reedsy, we do not distinguish between line editing and copy editing, though rates for line editing typically fall between $0.04 to $0.05 per word. Some editors also charge per page, somewhere in the range of $3 to $7. Most editors charge per word, since hourly rates don't account for the fact that the more skilled you are, the faster you can get the job done. Click to tweet! Average freelance editing ratesīased on 2022 data from Reedsy's marketplace, average freelance editor rates can fall between $0.015 per word for proofreading, $0.020 for an editorial assessment, $0.021 for copy editing, and $0.028 for developmental editing.
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