As a freelance writer, you’re in charge of paying yourself a salary. Maximizing revenue is, therefore, a key goal. But…how?

It turns out: you don’t have to introduce a new offering, snag a big-name client, or revamp your entire business to make more money. In this episode, we’re diving into six simple strategies that have helped us make more money as freelance writers over the years.

1. Raise your rates with existing clients

The first thing you can do to make more money is to raise your rates with your existing clients.

The right way to approach this conversation is to:

Explain why you are raising your rates and by how much. As you spend more time working, you gain more experience and authority in your niche. Explain this in the context of your rate increase.
Talk about the value you bring. Tie in hard numbers to drive home the impact you’ve made.

You can also use a rate increase as a way to book projects when things get slow, as this approach creates an element of FOMO. A simple message like this can do the trick: “Hey! Just wanted to let you know my rates are going up on X date. If you’d like to get in on my old rates, you can do that by booking a project with me before the end of the month.”

2. Set a project minimum

Project minimums are conditions you set that must be fulfilled before you start working with a client. Consider asking clients to commit to a minimum amount of money, projects, or time per month to get on your calendar. (If you’re using this approach, be sure to get a deposit upfront!)

“Project minimums elevate the relationship between you and your client.”

Some examples of project minimums are:

A three-month or a six-month retainer arrangement
Agreeing to a minimum of X blogs or X words per month
Minimum spend of $1,500 over 30 days

Project minimums act as a filter for quality clients. If they’re not ready to spend a specific amount on you, are they really invested in working with you? Probably not. This approach also ensures the time you invest into learning about a company is well-compensated (and you’re not constantly starting from zero with new clients every month.)

Plus: The client gets a writer well-versed in their offering that fully understands what they’re working toward. Win-win.

3. Minimize expenses to maximize profits

There are two ways of maximizing your income: increasing your profits or reducing your expenses. While there is a limit on how much you can reduce expenses, it’s always a good idea to re-evaluate your costs from time to time. The common areas where freelance writers often overspend are tools, courses, and equipment.

Some actionable tips to minimize your expenses are:

Evaluate how frequently you use a service or software. Is the ROI on it justified? If that AI editor saves you 10 hours a month, go for it. If not, push pause.
Be deliberate about what equipment you invest in. Do you need that webcam upgrade or a new desk, or is your current setup working just fine?
Ask for discounts on the tools you use regularly. It is not always about cutting down the resources you use, but seeing if a better deal is available.
Make a budget for yourself for “nice-to-have” expenses. These include courses, educational materials, and traveling to networking events and conferences.

4. Offer standardized pricing

Freelance writers, especially less experienced writers, can lose a lot of money by being talked down on their pricing. However, standardized pricing gives allows you to charge what your work is worth. You become better at forecasting the decisions you need to take to grow your business, which results in more revenue down the line.

Have a standardized rate sheet—a brief document explaining what your rates are for each service you provide and what your client gets in the package. Similar to an onboarding document, it saves your time in communicating details back and forth. You close the deal with clients much faster. Your standardized rate sheet should always be evolving, so remember: it’s not a one-and-done assignment.

Note: This doesn’t need to be strict. Both of us are in favor of having wiggle room along with the standard rates.

5. Book larger-scale projects

Another way to bring in more money is to book bigger-scale projects that are adjacent to the services you’re already offering. Example: If you offer blogs, consider adding in case studies as an add-on. If you’re writing sales pages for websites, consider offering entire website packages. You can experiment with different formats.

A bigger project requires more of your time and effort, but the money you make often scales up faster than the work.

“With a large-scale project, I made the same amount of money on one project as I did doing six or seven projects.”

Pro tip: This approach works well with regular, long-standing clients. You have an established trust there, which makes it easier to get these bigger projects.

6. Launch a digital product

Packaging your knowledge and offering it as a digital product opens up a new revenue stream for freelance writers. It can be a course, a template, a strategy outline, or a guide. Digital products are relatively passive and make a nice add-on to your service-based offerings.

Emma and I did this with our template bundle for freelance writers and a DIY case study kit.

Make more money as a freelance writer

Ups and downs in monthly revenue are a part of freelance writing, but compared to a full-time job, you have more freedom to make choices that diversify your income. Using these six strategies, you can:

Grow your income
Add new revenue streams
Stabilize financial fluctuations as a freelance writer

Give them a try and see what happens. We think you’ll be impressed.

6 Simple Strategies To Make More Money As A Freelance Writer