S2:E10: Know Your Worth: Setting the Right Rates as a Video Editor

In this episode of The Video Editing Guru, Dustin explores the factors that can influence the rate for video editing services. He notes that the level of experience, the type of work, the complexity of the project, as well as location and client budget greatly sway pricing. He explains that beginner editors might charge lesser than more experienced editors and highlights how different types of projects have wide-ranging costs. Comparing hourly and project-based pricing models, he explores the pros and cons of each. Dustin also provides strategies for increasing rates, emphasizing the need to show value and conduct effective negotiation. He concludes by reminding listeners not to undersell their skills and time and encourages trying different pricing models based on market research.

Episode Transcript

Speaker 1 (00:04):
Hey, what's up, fellow creators. Welcome back to another episode
of The Video Editing Guru, the podcast where I dive
into all things video editing to help you become a
master in the art of post production. I'm your host, Dustin.
In today's episode, we're diving into how much you should
be charging for your video editing services. We'll discuss how
rates change with experience, type of work, project complexity, and

(00:27):
even location and client budget. We'll explore the pros and
cons of hourly and project based pricing models, and finally,
we'll touch on when and how to raise your rates.
So sit back, strap in, and let's start the show.
First up, let's talk about the factors that affect your rate.
If you're a beginner with less than two years experience,

(00:48):
your rates might be on the lower side. As you
gain experience and build up your portfolio. With more experience,
say two to five years, your specialization will allow for
a higher rate, and if you're an advanced editor with
more than five years under your belt, you can charge
premium prices for your expert services. The type of work
you're doing also affects your pricing. Video edits for social

(01:08):
media might go for one hundred five hundred dollars per project,
while advanced projects like documentaries can fetch up to ten
thousand dollars. Project complexity is another major factor. Simple edits
require less time and skills compared to advanced motion graphics
and color grading, which demand a higher fee. Also, remember
that rush jobs equal higher rates. Lastly, you need to

(01:30):
consider location and client budget. Working with small local businesses
might fetch less income compared to major brands with larger budgets.
And remember, while your focus should be on getting a
fair price for your work, don't undersell yourself just to
land a gig. Next, let's dig into the difference between
hourly and project based pricing. Hourly rates are probably what

(01:50):
you're most familiar with, with beginners charging from twenty five
dollars to fifty dollars per hour, mid level editors around
fifty hundred dollars, everts commanding up to two hundred and
fifty dollars per hour. Some clients, however, might prefer a
flat rate for a project. Project based pricing allows you
to estimate the time and effort a project will take
before you quote a price. This protects you from scope

(02:13):
creep and sets clearer expectations with your clients. Now let's
talk about raising your rates. Knowing when it's time to
increase your rates is crucial for your growth as an editor.
This could be justified by getting better equipment, a faster
turnaround time, using advanced software, or simply by providing more
value instead of just a price tag. A vital part
of the process is negotiation. Ask for more with confidence,

(02:35):
and remember always show value instead of just quoting a price.
Final thoughts before we sign off, Your time and skills
are valuable. Never undersell yourself. If you're unsure what to charge,
start with market research and test different pricing models. Speak
up about your pricing experiences, and don't hesitate to reach
out if you have questions. Don't forget to check out

(02:55):
the show notes for any links or articles mentioned in
today's episode. Thanks for joining us today on the video
editing Guru. I'm Dustin your guide to mastering the art
of post production. Subscribe, stay tuned, and we'll see you
next time.