Hello all!
It’s time for another in my frequently asked questions series. Since it deals with money, today’s topic tends to get people particularly curious: How do I determine my rates? Well, the short answer is that I multiply my hourly rate for the desired service by the number of work hours required to complete the project. But where do I get that hourly rate and that number of hours?
When I was describing the editing process last week, I mentioned that I do a sample edit to help me develop an estimate for any project. That is the origin of the number of hours. I take the total number of words in the project and divide that by the number of words in the sample edit, then multiply that result by the amount of time it took me to do the sample. That gives me a fairly accurate estimate of the number of hours a project will take me. For those of you who (like me!) aren’t exactly math-brained people, here’s an example to help illustrate the point:
- Say I receive a sample edit of 500 words. The total number of words in the project is 25,000. It takes me 30 minutes to complete the sample edit.
- First, I divide 25,000 words by 500 words, which gives me 50 (25000 / 500 = 50).
- Then, I multiply 50 by 30 minutes (0.5 hours), which gives me 25 hours (50 x 0.5 = 25). It will take me about 25 hours to complete the project.
That process gets me the number of hours. But then, of course, I need an hourly rate to charge for my work. For that, I simply use the industry standard as indicated in the Editorial Freelance Association’s list of editorial rates (found at http://the-efa.org/res/rates.php). The EFA is a national organization for editors, and they offer many marvelous resources for editors and authors alike. Their rate chart helps keep a level playing field when it comes to charging for editing in the United States. So, to continue with the example:
- The author for the project wants a medium copyedit, for which the EFA suggests charging $40 per hour.
- I multiply 25 hours by a $40 hourly rate, which gives me $1,000 (25 x 40 = 1000). My estimate for this project is $1,000.
And that is where my rates come from! Next time, I’ll be talking about the different types of materials I edit. I hope to see you then!