Being a freelancer is an extremely rewarding career. It allows you to work the hours you choose and live a lifestyle that fits you. One of the hardest parts of being a freelancer is deciding what to charge your customers. Charge too much and you won’t have any work. Charge too little then you will be short changing yourself. Coming up with a pricing structure can take some work but will be well worth the return.
Whose Your Competitors?
The first thing you want to do is find competitors that are around the same experience level as you are. If you are new too freelancing, then most the time you won’t be able to charge the same rates as someone who has spent years in the field and is well established. If you’re just starting out, take a look at others starting out or those who starting to establish themselves in the field. These can be great resources to find out what kind of pricing they are using so you can use this as a guideline.
Once you have found your competitors, see what they are offering to their clients. Do they have pricing packages based on different needs, is it flat rate work or some other kind of pricing structure. This will help you figure out what they are doing and will allow you to find ways to offer more or better services to your clients.
Your Brands Value
Now that you know who your competitors are, weigh your brand against them. Do you have a bigger social media following then they do? Have you had work published before by a well known company or website? Your brand is worth something, if its established. Take your brand into account when setting up your pricing. For those starting out, your brand really won’t be fully established yet. For some of you though that have been doing this for years, your brand may provide you with more value compared to your competitors. You want to take this into account when setting your prices.
When pricing, you want to make sure you have the entire scope of work laid out. This is an important step when trying to figure out pricing. If you and a client are on two different pages, your price may be way off compared to someone else. Having clear & concise communication with the client is key to knowing what the project entails and what they expect from you.
It’s Ok To Say No
So you have gone and found your competitors, did your research and came up with your pricing structure. Now you’re getting out their to sell yourself and your business. Some people may think your pricing is way to high and try to low ball you. If they do, don’t be afraid to say no. You know the value of your work and what you’re worth. It’s ok to say no. Don’t be afraid to lose a job. Tell your client the services you offer and why you worth the rate that you are quoting them. If they still try to low ball you, then move on to the next one.
Use You’re Best Judgment
There is no cut and dry way to truly figure out exact pricing. You need to use your best judgment and spend time researching what others are doing. Look at finding ways to improve upon what they are doing so you can add more value to your clients. This will make your rates seem more attractive and help to set you apart from others.