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Do I charge a proofreader by the hour or by the project? That is a question best answered by the needs of your project. For example, if your freelance proofreader is doing a one-shot deal for you, you may want to pay per project. An example of this would be proofreading a book or an article. However, if the work is ongoing, an hourly wage may be better. An example of this would be proofreading a newspaper or newsletter. The length of these pieces will vary, making it hard to pre-price them.
*Over time, you and your proofreader can progress toward developing a regular fee schedule.