Hi Reader,

Happy Friday!

Big news 🎉

I'm launching The Promo Playbook v2.0 on Monday for the final time this year. If you want to get in on this cohort and start 2025 with a promo strategy that attracts the kind of clients you've always wanted to work with, get yourself on the waitlist.

I'll only be launching to the waitlist this time around, so you need to be on it if you want to join 😉

P.S. This week on Instagram, I shared some ways you can network as a freelancer. See them here.

Here's what I've been up to this week work-wise:

👉 I wrote 4 pieces for clients (including Klaviyo, Experlogix, Salsify, and NumeralHQ)

👉 I refreshed 2 pieces for Shopify

👉 I had an intake call with a new client

⏱ Approx hours spent on client work this week: ~18

⏱ Approx hours spent on non-client work: ~4

💰 Total revenue this week: £4,720

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Check out my three practical courses that have helped 500+ people get more clients, earn more money, and create better content.

Friday Freelance Tip​​ ✨ ​

Rates are such a sore point in the freelance world.

It’s hard to know what to charge without knowing what everyone else is charging, right?

When I first started, I charged £0.05 per word, working all hours of the day and night just to scrape by.

Today, I charge £850+ per post and work less than 20 hours a week. It’s been a journey to reach this point, and finding the right rate is something that took time, experience, and a clear understanding of my value.

So how can you speed up the process?

Look, I’m not going to sit here and say I know what you should charge. There are plenty of freelancers who charge way more than me and plenty who charge way less.

Everyone has a unique situation and it completely depends on:

• Your commitments outside of work
• Whether you have a family or not
• How much it costs to live the lifestyle you want
• What your bills/rent/mortgage looks like
• Your experience
• The type of clients you work with
• What industries you work in

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​All of these things can impact rates.

I know it’s harder to earn £850 a post writing about travel or gaming than it is to write about tech or medicine. There are SO many factors at play that the only thing you can really rely on is using your own intuition and gut feeling.

But obviously that’s a bit woo-woo for me, so here’s some practical advice 😅

Firstly, let’s talk about hourly rates...

Most of you know how I feel about charging hourly long-term. It only punishes people who work fast and, the more experienced you get, the less you get paid.

It just doesn’t make sense.

BUT.

For those just starting out, charging an hourly rate can be a good way to ease into the world of freelancing.

Here’s why: when you’re new, you’re still figuring out how long tasks take, the nuances of client demands, and how to build in “hidden” time like project planning and revisions. An hourly rate helps you avoid undercharging while you’re learning.

Hourly rates also help you track exactly how much time you’re spending on a project.

But, as we all know, charging by the hour has its drawbacks. Clients may be wary of open-ended costs, or they may focus more on how many hours you spent rather than the quality of the work.

That’s where switching to a project-based or value-based model can benefit both you and your clients.

The end goal: project-based or value-based pricing

Once you’ve got a good grasp on the value you provide and how long it takes to complete tasks, you should really transition to value-based pricing.

Rather than charging for the time spent, you’re now charging based on the impact or value of the work to the client.

Value-based pricing means clients pay you for the results they get, not the hours you work, which benefits both sides.

Project-based pricing means clients pay for the output or the finished draft/piece/whatever, not the hours you spent doing it.

For example, if you’re writing a blog post that could drive thousands of visitors to a client’s site, your fee should reflect the potential impact on business—not just how long it took you to write it.

I tend to use a project-based pricing model because it’s difficult to track the results my work generates for clients.

But if you regularly write landing pages, ad copy, or website copy, you should absolutely consider a value-based pricing model.

Think about it: if a client generates £20,000 through your landing page, charging £2,000 doesn’t sound so bad, does it?

When considering whether value-based or project-based pricing is for you, ask:

• What problem are you solving?
• How painful is the problem you’re solving?
• Is your input integral to your client running their business?
• Will your work generate ROI (however small)?
• Is your input a key part of the client’s strategy?

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And look, you can ask these questions during a discovery call or intake form.

💡 Get pre-made discovery call questionnaires and intake forms in Workflow Wizard.

You can literally get clients to tell you this info directly. In fact, you absolutely should be asking these questions before signing a client because it shows you how much value you’re bringing to the project.

And then you can charge accordingly.

Here are a couple of examples:

• If you’re hired to write a batch of 10 blog posts to boost a prospect’s search ranking but there’s no guarantee of how much you’ll boost their ranking, charge a project rate.
• If you’re hired to write a landing page that’s the cornerstone of a paid ad campaign their running to launch a new product line expected to make £££, charge a value-based rate.

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The hardest part of figuring out a fair rate is deciding (or knowing) how much value you’re bringing to the client.

And this is why a lot of freelancers undercharge.

We think we’re just “writing a few paragraphs” that “anyone can do”, so we squirm at the thought of charging big bucks.

But when you put it into perspective and see where those “few paragraphs” slot into the bigger picture, you can start to see just how valuable your input is.

A final note: your rates aren’t final. You will undercharge. You will have clients who say no, you’re too expensive. It’s all part of the fun.

The good news is you’re in control of it. You can increase your rates, you can drop clients who don’t have the budget. I guarantee the rates you quote today won’t be the rates you quote this time next year (or, they shouldn’t be!).

Each year, I slowly inch my rates up to meet market demand, to account for my new skills/portfolio pieces, and to better serve my clients.

Here’s a quick breakdown of what that looked like:

• 2014: £25 a piece
• 2016: £75 a piece
• 2018: £150 a piece
• 2020: £400 a piece
• 2022: £650 a piece
• 2024: £850+ a piece
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Pricing is never easy (I still hesitate when clicking "send" on proposals now, even 11 years in!). But it becomes easier. When you remember you're operating as a B2B service provider and offer a valuable service, it makes so much more sense to charge well.

We need more Freelance Money Diaries entries!

I'm in awe of how many people have been open enough to share their freelance finances with us, but to continue the series we need more submissions.

Just a reminder that you can do this anonymously if you prefer :)

I appreciate every single one of you and I want to continue my mission of financial transparency in the freelance world. Can you help?

As always, happy freelancing :)

Lizzie ✨

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