Practical changes to increase your rates

photo (1)The subject of rates is often fraught with difficulty. We work in a competitive field, and there can be tremendous pressure on budgets. However, if you’d like to increase your average hourly rate, there are some small changes – which you don’t have to make all at once – that can add up to a big difference in your earnings over time.

Be strict with yourself

Know how long you can spend on any project in order to achieve your preferred rate, and stick to that. I’m not suggesting that you cut corners or leave bits out in order to achieve this, but don’t get sidetracked, and don’t spend time on anything unnecessary. Monitor your progress as you go. If you realise that the budget really doesn’t cover the work, you can say so (many clients will be understanding if they have underestimated the amount of work involved), but you really need to raise this early on.

Learn to be decisive

Editors seem to love to discuss the details … Should there be a comma, or not? Perhaps a semicolon? And what’s the correct spelling of that word? How should this work be referenced? Sometimes it’s hard to know what to do, and the longer you look at something, the harder it becomes. It’s good to have colleagues to ask, and you’ll be amazed at how helpful people can be and what you might learn – but don’t get sucked into the trap of deliberating over every editorial decision. Use the house style (if there is one) to guide you, use your common sense and the relevant reference tools – and move on as quickly as you can.

Build efficiency into everything you do

I’m not just talking about keyboard shortcuts, find-and-replace routines or macros. All these things, used in a way that suits you and the type of work you do, can speed things up and improve your earnings. Think too about everything you do that surrounds a project. Can you find things quickly on your computer? Are there emails you send regularly that don’t need to be written from scratch each time? How long does it take you to send an invoice when you’re done? The next time you receive a similar project, will you be prepared for it? Each and every task you perform repetitively has the potential to be made more efficient – and the less time you spend doing things you can’t bill for, the more time there is to spend on things you can.

Try asking for more

This sounds simple, but it might be the hardest to do. However, if you don’t ask, you won’t know. The worst that can happen is that the client won’t budge. Surprisingly often, though, they will.

Don’t give discounts for large jobs

It can be tempting to accept a large project at a lower rate than you would usually work for. There is something comforting about having a lot of work booked in, after all. But logically, this means you will be tying up a lot of your time working for less money than you’d like, when you could be looking for other work that pays better. Only you can decide what is acceptable, but don’t feel that you have to do the work for less just because a client is supplying you with a lot of it.

Share information

It can be hard to discuss rates – it’s a potentially emotive topic – and it can be upsetting if you find out that a colleague is being paid more to do the same work. However, making yourself aware of the rates others are getting for similar work puts you in a stronger position to negotiate. You may be able to share this information anonymously through your editorial society (for example, the SfEP provides a ‘Rate for the job’ service for members), and you may find that online discussions shed light on the subject. Or, bring up the topic in person with a few trusted friends. Try not to see it as comparing yourself with others, but rather as arming yourself with information that could help you all.

Keep track

Finally, one of the best ways I have found of keeping my rates moving in the right direction is simply to keep track of what I earn per hour for any given project; I can then look at how this averages out across multiple projects for the same client. In this way I know which of my clients pay best, and which pay worst. If a project dips below what I consider to be an acceptable minimum, I can then figure out if there’s a way I could do the same work faster, if I need to ask for a bigger budget next time, or if it’s simply time to move on.

Liz Jones SfEP marketing and PR director

 

Liz Jones is the SfEP’s marketing and PR director, and has been an editor since 1998, specialising in general non-fiction and educational publishing.

Proofread by SfEP provisional intermediate member Gary Blogg.

 

The views expressed here do not necessarily reflect those of the SfEP.

One thought on “Practical changes to increase your rates

  1. Kathleen Lyle

    “Use the house style (if there is one) to guide you, use your common sense and the relevant reference tools – and move on as quickly as you can.”

    Yes, quite right, but you can add to it – make a note of what you have done, and where in the text it occurs (e.g. with a Word comment, which of course you will remove when you have finished editing) so that you can quickly refer back to it if another example occurs later.

    Reply

Leave a Reply

Your email address will not be published. Required fields are marked *