Freelance Writing Tips- Fixed Price or Hourly Assignments?
My previous blog post 6 Freelance Writing Tips for Netting Your First Project discussed in detail about suggestions to launch your freelancing career.
Once you enter the freelance industry, you will see that all of the freelance projects are classified into two categories: fixed price assignments and hourly assignments. As a newbie, you will find it difficult to decide between the two. So this post will shed some light on this matter.
Fixed Price Freelance Writing Projects
Fixed price freelance writing projects are negotiated on the basis of cost or expense to the client in getting the project done by a freelancer. Both the freelancer and the client mutually agree on a fixed price for the entire project. The deadline of the project will also be fixed by mutual agreement.
Now it is up to the freelancer to decide the total amount of hours that he / she has to put into the fixed price freelance writing project to get it completed within the deadline.
Pros and Cons of Fixed Price Freelance Writing Projects
The pros are that both client and freelancer know about the budget beforehand. As a freelancer, you know how much money you can make from this project. However; in my opinion this type of freelance writing arrangements work best only for short term projects. It is tougher to estimate the cost and time required for larger projects.
Many a times, the client may require edits or changes after you submit your work, and this can take up extra time and effort. If you have not taken all these into consideration before settling on the pay for the project, you could be at a loss.
Fixed price freelance writing jobs work very well for clients because they have better control over their expenses. Such arrangements also help them to pre-plan their budget without receiving any unpleasant surprises later on (which is common with hourly jobs).
Freelance Writing Jobs on Hourly Billing Arrangement
In this kind of arrangement, the freelancer is expected to estimate the total work that he / she can get completed within an hour. Clients usually select freelancers who commit to getting maximum amount of work in an hour and the freelancer who combines quality + speed the best, nets the project.