The budget for your project can be calculated in two ways.
You can either choose to specify a fixed rate for the entire project, or specify a price per word.
In all cases, determining a budget for a certain project depends on several factors, including:
- Project type: the type of document your freelancer will work on affects the budget you set for each project. Writing a blog article is definitely less costly than writing material for ebooks.
- Project size: how big is this project? Is it a large-scale project that requires intensive research and building intensive familiarity with your brand before getting to the writing phase? If yes, then your budget ought to be higher.
- Skills needed: do you need a freelancer with specialized knowledge of a certain industry or topic? Do you need an industry-specific expert or a freelancer with previous working experience in a specific field? If yes, then your budget ought to be higher.
- Timeline: if you’re on a tight deadline and you need a big project at the earliest, then it’s better to have a higher budget. This is because working around a rushed schedule is more challenging than working around a flexible schedule.