Customizable Editorial Rates Calculator
One of the biggest challenges facing freelance editors, especially those working primarily with indie authors, is setting rates and quoting new projects.
Do you charge by the word? Do you charge by the hour? Do you create a customized quote for every project? How do you make sure you’re accurately estimating how long a project will take you?
Different editors have different answers to these questions, especially if you’re asking developmental editors and proofreaders, fiction editors and academic editors, and so on. I’ve created a customizable tool that helps editors track and quote projects more easily!
Personally, I have a range of per-word rates for copyediting and proofreading that I use to create a custom quote for each project. I use the sample editing process to estimate how many hours a manuscript will likely take, and then I use that information to identify the proper per-word rate and total cost. This ensures I don’t charge the same price for a 60k-word contemporary romance novel with simple language and a 60k-word historical fiction manuscript with photos and anachronisms and names to look up! If a project is going to take longer to do right, I need to make sure I’ve accounted for that in my calendar and my budget.
I created a tool to help me track my average editing speed and to (quickly, easily, and accurately) calculate estimated costs for different projects. And after spending way too much time writing formulas and color-coding this tool, I figured I ought to share it with other editors.
The rates in this document are based on the Editorial Freelancers Association’s rate chart. This is a great resource for editors and authors alike. They even have a rate estimator of their own, but it doesn’t allow for the customization us editors need.
How to Use It
The rate estimator allows you to set a per-word rate and speed (how many words you can edit in an hour) to calculate a project’s total cost and total estimated hours. You can customize this information for all the services you offer (from manuscript evaluations to proofreading nonfiction). Follow the instructions in the sheet to start calculating.
I also built in an easy-to-use project tracker that automatically calculates your average editing speed across different project types. This will help you make sure you’re not over- or undercharging for a certain service. Follow the instructions on the second tab to log completed projects. Then you can adjust the numbers in the rate estimator accordingly.
My favorite part, however, is the word count goal tracker! It’s a thermometer that automatically totals the number of words you’ve edited, based on the info you put into the project tracker. As you complete more and more projects throughout the year, your thermometer will fill up (and reveal secret messages). You could adapt the thermometer to track other goals, too, like number of clients, income, pages, and more. Just make sure you’re setting achievable goals for yourself; this tool is meant to be a fun boost of encouragement.
Where to Find It
I’ve uploaded the calculator on Google Drive. You can download it as an Excel or make an editable copy in your own drive.
Note: If you’re a potential client, this is not the way to get a sense for how much my services cost. The calculator I’m sharing here is based on the EFA rate chart, not my own data. Contact me to learn more about my services and pricing.
Let me know if you have any questions, if you need different services added, or if you want help brainstorming the customization!
