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How to price your freelance work

This is one of the most important questions when you start as a freelancer. However, is important to take into account some aspects before starting to price your work. Therefore, JOB4TRAVELERS bring you a guide to do it right.

Your work is really valuable, but you must be careful asking too much money because the client will take his business elsewhere, however, if you ask for less money than you deserve, then, your effort, time, and knowledge will not be compensated. Something really important is to do some

RESEARCH
about other freelancers' charging for similar work than you.

HOURLY RATES OR FIXED RATES

FIXED RATES

You fixed a price for the entire project. This modality of work is ideal for smaller projects because it is easier to calculate the time you are going to develop in the project.

ADVANTAGES:

  • This is really good for those faster workers, you know exactly how much you are going to be in that project, that means you know when is the time to start looking for the next one.
  • For some clients are better to know in advance how much money the project will cost instead of calculating how many hours it is going to be.
  • Your payment is not going to change.

DISADVANTAGES:

  • Pricing your work could be difficult, you need to calculate the time you are going to spend on the project.
  • Thinking extras hours, changes, or deadlines, in order to not be surprised for more requests after you set the price.
THINK ABOUT THIS:

Here some aspect to take into account before you the fixed rate:

  • How complex is the project?
  • How much is the budget of the client?
  • How long is going to be the project?
  • How much do you expect to earn each month?
  • Also it is necessary to think about all your expenses as the office rent, insures also the business tools.

HOURLY RATES

In this mode, you charge the client according to the hours you are going to spend on the project.

ADVANTAGES

  • It is good because you can charge more hours of work it is necessary if the project takes longer.
  • According to your experience and abilities, you can raise your hourly rate.
  • Depend on the project you can handle your schedule. Some experts have more than one project because they can manage the hours in each project.

DISADVANTAGES

  • If you're a faster worker, which means you are going to earn less.
  • To calculate your hourly rate you should be sure that you are going to finish the project in the time you already estimated. Clients may get upset if you don't finish in the hours that you promised

THINK ABOUT THIS:

  • Calculate how valuable your time is
  • Consider your experience and abilities before pricing.
  • Calculate how many hours you want to work each month.
  • Calculate all your expenses including taxes.
  • Think about all your business tools including the office rent or any little thing you need in each project.
Photo by bruce mars on Unsplash
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