Freelance Finance

Time is money. The minute you get a freelance assignment gig, calculate how much time the client is buying from you. Unless you are absolutely dying to do a particular project, a $500 project should buy fewer of your hours than a $1,000, $2,500 or $7,500 project. I have written $1,500 to $2,500 articles in a day. Once, I collected $12,000 for a week’s work. At the same time, I have wasted weeks on $700 articles that went nowhere.

If a project is turning into a nightmare—exceeding its allotted hours—you need to alert the client immediately that the project is in danger of running over budget. Next, negotiate a new rate. This is perfectly reasonable, provided you have phrased your original contract to allow for this possibility. (The clause should say that you reserve the right to revise your rates in the event that the scope of the work changes dramatically.) If haven’t done this, then you are stuck with the original terms. This is one reason why I wouldn’t advise working for a flat rate; the work can easily expand and consume your life for no additional pay.

Yes, I know that many freelancers are offered gigs that cannot be negotiated. “We’re paying this much—take it or leave it.” Only you can decide what that project is worth to you. But I think we can both agree on this: Your long-term goal should be to stop accepting projects like this and move on to more lucrative work.