Freelancing: How to set Freelance Rates - The Online Money Box
One question that I have come across within my time as a freelancer as well as a blogger offering advice for new talent to the subject, is what exactly should be the charge of the freelancing service that they want to offer. I considered this myself when I started freelancing and I am sure that everyone else has always thought about it plenty of times. There are many business pricing methods that I have already covered however freelancing works slightly different for deciding on the right price for your ‘gig’. Lets discuss what you should take into account: Whats the demand for this service? Freelance rates can change a lot depending on how much demand is around for that current service. If you are someone who can create a high quality logo, then your prices will most likely be higher as people will need a logo to start any project. The demand for a paid article was previously very high and therefore you found some high rates, which people were willing to pay, just for this service. Sadly that topic is now not as heavily demanded so the prices have therefore decreased so they are still enticing for the customer to order. To see this you really need to look around at how many orders people are getting. A tip on how you can do this is by using a site like Fiverr to see when the sales are coming in and to scope out your target audience and see how much they are willing to spend. Competitors How many competitors do you have? What are they charging? Those are two big points that you have to take into consideration. If you have a lot of competitors that are charging low prices then you way of picking up market share will be to do one thing – provide a quality service for less of a expense. This will allow you to pick up trade and beat the current competition. Remember – you are the new person. Beating your competition will not happen by itself. You will need to provide a better experience for the customer for a better rate in order to pick up the clients that will keep ordering and hopefully in the future, make bigger purchases. Then its down to you The final part to deciding how desperate are you for that money. The more you need the money, the cheaper you are most likely willing to set the service for because you will want customers. You also have to consider how time consuming the job is for you and use that to decide on a price for your service. It is not an effective method of freelancing to set a job for $5 if it takes all day to complete. If that was the case, you could earn a maximum of $35 in a whole week which is just not enough money to justify the time spent. The more your freelancing career developers, the more you should charge. This is because you will then have client testimonials and a portfolio to say why people should pick you rather than relying on impulse buying from people who could go to other, developed gigs and not order from you.
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