Friday, January 20, 2012

Fixed Price vs. Hourly Jobs – Which Ones Pay the Most?

In the world of freelance writing, you have the option of getting paid by the hour or by the article. There are pros and cons to both options, so you have to figure out what the best one is for you specifically. I tend to make more money working by the article than I do by the hour, but that is because I can work quickly. Some other people would lose a ton of money in the day if they got paid by the article. Let's take a look at both of these options more closely so you can determine how you want to get paid in the future.

The Pros and Cons of Hourly Pay

The best part about getting paid by the hour is that you will earn the same money no matter how long it takes you to write an article. If you have to research one article extensively, you will be paid for your research time. With fixed price work, you don't have that opportunity. You just have to eat up the time and hope you can make up for it with other work.

The reason I don't like hourly pay rates is because I get a lot more done in an hour than most other writers do. Thus I am working my buns off without getting compensated for it. It takes me 15 to 20 minutes to write a 600 word article, including research time. It takes some people an hour or more to do the same thing. Thus I am actually losing money by getting paid hourly, and I have no motivation to get through my work quickly. Because of all of that, I just prefer to work by the article.

The Pros and Cons of Fixed Price Jobs

The best part about fixed price work is knowing what you will be paid from the start. You have a certain word count to abide by and a certain pay rate per word. If you get paid $.02/word and you have to write a 600 word article, you know you will be paid roughly $12 for your article – no matter how quickly you get it done. If you get three or four of those articles done an hour like I do, you can quickly see where the profits come from.

The problem with fixed price work is that it doesn't take into account the time you spend outside of writing. Some articles only take a couple of minutes to research, but others may take a half hour or more. In those situations, I usually charge a higher rate per word or ask the client if I can get paid some form of compensation for my efforts. Most people are willing to work around that to make sure I get paid for my time.

Choosing the Right Jobs for You

Only you know what sort of pay you should be getting for your work. If you are a quick writer who has a firm grasp on writing for the web, you may want to look into fixed price work. If you are more of a slow and steady kind of writer, you might fare better with an hourly paying job. As long as you find good clients to work with, you should be able to secure the pay you need no matter what. Do a little calculating to find out where you are going to make the most money, and then you can adjust your work plans to make the most money possible in freelance writing.

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