Freelance writing is the in-thing today and more people have joined this industry. With so many freelance writing jobs available online, it is understandable that everyone wants to give this money making venture a try. But there are several questions in the mind of every freelance writing beginner including; do these freelance writing jobs pay? Are these jobs profitable?
Like with any other career move, it is important to assess the viability of freelance writing economically. This article seeks to answer these questions by looking at the capital investments required, the expected returns, availability of jobs and average pay. Keep reading.
How Freelance Writing Jobs Work
To determine whether freelance writing is a profitable career, you need to understand how it works. You have multiple freelance gigs to choose from including academic writing, website content writing, and blogging, social media content creation among others.
In all these, the most common payment mode is by use of word count or by hourly rates. Before starting on any writing project, you have to agree on the pay rate based on the number of words required or the amount of time you will spend on the content. Simply put, the more content you produce, the more money you make as a writer.
As a beginner, you might find it hard getting regular work but as you build a reputation, the pay gets better and you can choose the writing orders to pick.
Are Freelance Jobs Profitable?
Now, to the main question on every newbie’s mind; are freelance writing jobs profitable? To answer this question, consider what you need to invest. A freelance writer only needs a computer and a good internet connection.
Everything else you need is available online and at no cost. This means your overheads as a self-employed freelance writer are very low. The second point to consider is whether these jobs can pay your bills. There are millions of freelance writers living off these gigs and they pay all bills including taxes using their writing. Factors that affect your pay as a freelance writer include:
- Professional Experience
- Main expenses (electric bills, Internet connection, and phone bills.)
- Type of work
- Other expenses: Taxes, business expenses, health insurance, retirement savings, vacation days
- Industry rates
Image 1: A freelance writer at work
Breaking down the Pay
Different studies show that average Pay per Word for freelance writing is about $0.30 for an established. However, 72% of writers make less than the average as beginners. The profitability of a freelance writing gig will depend on the mode you use to charge, and the amount of time it takes to complete the work. You can charge using an hourly rate, per word rate, per page or project. To make good money in freelancing, you must have a Minimum Acceptable Rate (MAR).
When setting your pay rate, make sure you consider the overall costs, your expenses, the time required to complete the job, average industry rates and your experience. You should also focus on freelance writing jobs that pay better including long-form blog posts, ghostwriting, case studies, SEO freelance writing, personal finance freelance writing, E-book writing and tech writing among others.
So, is freelance writing profitable? Can you make money helping students who want “someone to get My Paper Done?”It all depends on your experience, the kind of gigs you choose and your overall expenses. Simply put, it is a profitable venture because the overheads are low and as you grow your reputation, there is a regular flow of gigs.