If you clicked on this article, that probably means you’re in that crucial yet exciting place in your life as a freelancer where you have a good amount of potential clients. Perhaps you’re even getting close to the moment where you’ll be able to walk away from any full-time job you may have had to supplement your income. Congratulations, sis! The work that you’ve done to get to this point has, no doubt, been plentiful and you deserve an applause. Now, we have to make sure that you are getting what you deserve. In the early aughts of freelancing, it can be difficult to really get down to the business of setting fair enough prices to fully compensate your workload. In fear of running off potential clients, we can accept severely less than what we are worth. It can be hard to get a good grasp on what the standard rates are for these services you provide while still being able to have enough income to make freelancing worthwhile.
But there are some things you can consider as you move forward as a freelancer.
How much of your time will need to go to the project?
Most freelancers juggle many projects at once meaning time is of the essence. Even when charging hourly rates, there is still a need to think about the full scope of how much of your time will need to be dedicated to this specific task. Make sure to take in account time for editing or making changes according to the clients needs, as this is often a time where extra hours can be dedicated to the project and often a place where freelancers get stiffed when it comes to compensation. All time is billable time.
What are the industry standards?
This is a good base point that you can use as a guide for setting your own prices. Whether you’re just starting out or have some good experience under your belt, your prices should reflect the quality of work you do. This is not a good time to over or undersell your abilities but to instead use brutal honesty about the level of services you’re able to provide.
What kind of clients do you want to attract?
Let’s get real: clients that are looking for budget services can sometimes be the hardest clients to please. The quality of your work can definitely put you in a league where more eyes are on your work; therefore, attracting clients from all walks of life. However, if your goal is to attract big brands or small businesses with sizable budgets, setting prices that reflect that can be helpful. You may feel as if shaving more reasonable prices will open the flood gates for being booked but when it comes to clients, quality is more important than quantity.
What is your end goal?
Is the plan to be a full time freelancer with the freedom to travel and rest when you want? Do you want to live comfortably or live lavishly? Are you wanting to be a major player in your industry? The possibilities are endless and whatever you want is completely fine but being clear on what that is mandatory. With your end goal in mind, you can go about setting prices that make attaining it more viable.