How you price your services makes a big difference in how your business is viewed by prospective clients. For freelancers, especially those just starting out, the tendency is to price work on the low end to generate client leads and interest.
Whether you are doing freelance writing, photography, web design etc, you certainly want to get compensated with a fair wage. If you are just starting a freelancing career, one of the most difficult things can be setting rates. How much should you charge? Here are a few simple strategies for setting your freelancing rates.
Check Out the Competition
It helps to look up other freelancers to see what they are charging. Flip through trade magazines to see what payment rates are serving in the freelance market. This will give you an idea of what other people might charge.
Set the Price by the Service
Freelancers often charge by the hour because clients often inquire about hourly rates or because of precedents set by others. While there are industry standards for hourly rates, try selling your services, not your time.
Evaluate Your Skills
You need to know what kind of services other freelancers are providing to the clients. You can easily evaluate your skills by checking the quality, quantity of services. You can use all of these skills to ask for a higher rate.
Take time to Deal with Clients
Freelancers often close a deal too fast, buckling and caving in to every client demand because they worry that their prospect will walk away. In some cases, it may make sense to swiftly conclude a contract, but in general, practice caution and patience before diving into a project. You need to take a reasonable time for setting prices of the freelance project.
Provide Essential Information
You need to provide essential information to your client. Complete detail of project with reasonable price should be mentioned on that contract file. The contract must have all main points of the project with detailed explanation.
Charge What You are Worth
In order for you to have a successful freelance business, you need to make sure to charge what you are worth. Your rate is determined by what you feel is the right rate, so be sure to make it worth your time.