If you have friends or even friends of friends who do what you do, talk to them. Ask them what they charge and ask how they arrived at a particular number. There are a lot of U. Go research those groups, make connections, and network.
Finally, turn to Google. Do some research. I have a friend with deep experience in design and marketing. She was a creative director living in a metropolitan area and commanded a very impressive salary.
When it comes to the rate you charge, prepare yourself. Can you actually command that rate and feel good about it? Sometimes clients can be picky or have a strong attention to detail. If it is the kind of client that is going to be tweaking every little thing, then you need to base your pricing with that in mind. This one gets a bit tricky on the ethical side, but it is the most important criteria of all.
The first prospect is Startup Sam. Sam has a cool business, a creative idea for his project and seems enjoyable and easy to work with. The second prospect is Corporate Tom. Tom has a large established business. He has a great idea of what he is looking for and seems enjoyable and easy to work with.
Both clients have similar scopes of work, yet both have different budgets in mind. This seems like the right way to handle things, but this may actually hurt you. Charging based on the scope of the project seems ethical and like a right idea. If you can align your pricing with their expected spending then you will improve your income and your chances to win the project. Just asking for the budget goes a long way. Whenever I get this question I answer with a wide spectrum.
Did you have a budget in mind that you were looking to spend? The third and final criteria to base pricing on is how much value you are providing the client. With value-based pricing, the idea is that you anchor your price point against the value that you are providing to the client.
Sometimes you can quantify this value in specific numbers. Other times the benefits may be intangible. If you can emphasize the value that you provide to the client in your proposal process, then you will begin to see your income grow as a result of it. For example: You are doing a website design or branding project for a client, then you are providing them significant value.
You are helping them improve their online presence and you are improving their brand perception. This will help them drive more sales and increase the income of their business. Maybe you are writing the sales copy for their website, maybe you are designing the cover for their book. You are providing value to them that they will earn back when they launch the product and make sales.
Focus on the fact that your service is going to help them make more money and anchor your price against that value. Recently, I had a client approach me for a simple fix to the home page of their website. They needed to implement a feature that would completely change the landing page for their website.
They were an online business, so their homepage was a huge deal for them. They had no idea how to make the change, but in about 20 minutes I was able to fix the problem. As you can see, these three criteria offer no formula or perfect way to calculate pricing. Instead, they are intangible metrics to base your pricing on. When figuring out pricing look at these metrics and consider them, but always remember that with pricing, there are no rules.
There is nothing unethical or wrong about charging one client more than the next. Try to remember that the client always has the decision to hire you. With pricing, the worst that can happen is the client says no.
As is the case with any skilled professional nowadays, your own continuous professional development should be intricately woven into your DNA. Just as remote working opportunities have proliferated since the advent of the world wide web, so have remote learning opportunities. Get in contact with us today to find out how CareerFoundry can help. I finished the website in 3 hours… And worst of all, the website looked freaking good.
Determining How Much To Charge While moving toward project-based fees sounds beneficial, there is still the question of how much you should charge for a project. Mistake 1 To set project-based fees, many creatives estimate the time that they will spend. Mistake 2 Another problem is that many creatives base their pricing off of what other people charge. It comes down to one simple method to determine your pricing. There Is No Formula As you can see, these three criteria offer no formula or perfect way to calculate pricing.
Every project is different Don't get too worried about having a set hourly or day rate. It will inevitably vary from one project or client to another. Just stay aware of your competition and the economic climate as well as everything we've laid out in this article, and you can't go wrong.
Create a rates chart With your rates likely to differ from one client to the next, create a spreadsheet to keep track. Refer to this at the end of each financial year, so you can assess whether it's time to consider price increases. If you need help with raising your rates, here are some helpful tips to increase prices without losing clients.
Some of the UK's leading bodies, associations and agencies have published recommended freelance rates, allowing you to make comparisons to your own. Here are some of the best sources, broken down by theme:. Some highlights include:. However, the IT Jobs Watch is far more current, as it tracks the latest going rates for various tech professions.
If you're a developer or designer, then Mud , an agency based in Bath, has crafted this smart online tool that helps you figure out your rate based on your age, UK location, years of experience and profession. Editors and Proofreaders The Society of Editors and Proofreaders has its suggested minimum rates for freelancers, as follows:. Highlights from their findings include:. Join 30, creatives to enjoy a regular dose of inspiration and motivation, delivered to your inbox every Tuesday.
Creative Boom celebrates, inspires and supports the creative community. Launched in , we explore the best in creativity and deliver news, inspiration, insight and advice to help you succeed. Written by: Katy Cowan 8 April Tips on Calculating Your Rates 1. Editor's Picks. Inspiration Advertising The Christmas ads of Reflecting a year full of change, hope and joyful optimism. Inspiration Illustration Martin Reznik brings a touch of film noir suspense to furniture design illustrations.
Inspiration Graphic Design Amazing graphic design portfolios created at an online bootcamp. Insight Graphic Design The biggest trends in graphic design for , as predicted by leading creatives. Inspiration Illustration Paintings of friendship inspired by a fun illustrated postcard exchange during lockdown. Resources Graphic Design Five-week free retreat to help emerging designers improve their portfolios.
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