For most freelancers starting out, knowing how much to charge for their services is often a difficult endeavor. There are no rulebooks to guide new freelancers on how much they should charge for the services that they offer. This makes the entire process a guessing game. However, here are a few tips that can help you calculate your rates.
- Research the current market rates
The first step in knowing how much to charge is to investigate the current market rates for your services. Search the web to find out how much other freelancers with similar offerings to yours charge for their services. If you have friends who have been freelancing for a while, ask them how much they charge for their services. Compare the results, and determine a rate that is fit for your experience and skills. However, you need to ensure that the prices you set are competitive so that you can attract the best clients.
2. Think about how much you want to earn
The amount you want to earn will also be a great determinant of the rate you plan to charge your clients. You need to determine how much you want to make in a year, and then figure out your weekly billable hours and the number of holidays you want to take throughout the year.
3. Determine your lost hours
You will also need to take into account your weekly lost hours when determining your freelancing rates. You cannot expect to work all the hours of a workweek. You will need to dedicate some time to other aspects of the business such as invoicing, and administration. You need to account for these lost hours when setting your freelancing rates.
4. Select the pricing strategy that works for you
You need to decide the best pricing strategy that is suitable for the projects that you undertake. The main strategies you use to price your projects are time-based or project-based. The time-based strategy involves you logging your days or hours and invoicing your client. This means that you are charging your client an hourly/daily rate.
The project-based strategy involves calculating how much time and effort you think the project will take, and then coming up with a fixed price for the entire project.
It is pertinent that you select the best strategy for each job, as this will influence your total income.
5. Create a rates’ spreadsheet
Because you will be charging your clients differently, you should try to keep track of the rates that you are charging. One of the best ways to do this is by creating a spreadsheet that details how much you are charging each client. You should review this at the end of every year to determine if you need to adjust your rates.
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