Why Most Editors Are Broke and How to Fix It

“Most video editors are broke by choice,” Brian Alves posted on LinkedIn. “Why?, he continued, because “they panic when it’s time to price.” He recommended that we understand our value and price ourselves accordingly.

Scott Brewer suggests that we shift the conversation from “What do you need me to do?” into “What do you want to accomplish?” By focussing on the goal, rather than the task, the value of the results become more tangible.

That got me thinking about the business seminars I used to teach. Here are some pricing tips from those seminars that can help you make more money on your next project:

• Take time to think about how much you need to earn to cover your ordinary living expenses. Convert that to an hourly fee, then double it. Use that number as a starting point for pricing your time.
• Clients will spend more money with people they trust. Work to build a comfortable relationship before talking money.
• Be clear on the client’s goals before quoting a price.
• Make sure to fully understand the scope of a project before quoting a price. It is easy to lower your price after you’ve made your initial bid; it is very hard to raise it.
• Don’t be the first person to mention money. In almost all cases, the client has a budget in mind or they would not have called you. Ask them what they are thinking to spend before providing your quote.
• ALWAYS ask for some money up front. And be REALLY CLEAR on when you can expect the rest of the money. Once they have your finished edit, they have no incentive to pay you.
• No producer today is so outstanding that they can demand you work for free “to prove how good you are.” They don’t work for free and you shouldn’t. (From personal experience, I can assure you that, once you do a free job, they will either never call you again or expect you to work for free forever.)
• It isn’t illegal to charge people who have the money to spend a bit more than you would charge your broke friends.
• It isn’t bad to work with broke people – many charities are worth donating your time for – but before donating your time, make sure you can buy groceries.
• Finally, if you sense the client will be difficult or demanding, but you still need the work, double your fee. When the situation turns bad, at least you know you are being well-paid for the pain.

While there is debate over whether to charge hourly or by project, everyone agreed that whichever payment method you choose needs to specify the number of revisions that are included in the price. Otherwise, the client will expect unlimited revisions for free.

Good luck. Being an editor should not mean you are always broke.