Setting your rates must be one of the most difficult aspects of freelancing. This may sound like a surprise to some people but it’s true.
A lot goes into setting the right freelance rates. It is not about setting a random rate for your service. It has a lot to do with what you have planned for your business, your budget and your mindset. If you’re not comfortable with your rates it may affect your performance and even your delivery. I know I start to get upset when I feel I have undercharged for a job.
Most freelancers think that their rates must please their clients. That is why some freelancers find themselves under charging their clients, working extremely hard to make ends meet and then getting stressed out with all the workload.
In this article you will learn some handy tips and principles that will help you feel comfortable with your rates while getting the best value for your hard work.
Get your mindset in order
This is the most important stage when it comes to setting your rates. Most freelancers experience imposter syndrome and when they do, they feel like they do not deserve to charge a higher rate or a suitable rate because they believe that they are not “expert” enough.
You need to come to terms with the fact that the service that you are offering is something of value to your potential clients. They hire you because they want you to do something that they cannot do for themselves. So, why shouldn’t you get paid well for your services?
Do not look down on your abilities. Even if you’re just a newbie, your time, creativity and dedication are valuable.
Assess how much you will need for the month
It is obvious that the amount of money you charge for your services must be enough to take care of all your living expenses, with extra left for savings and a few luxuries at least. Assessing how much you will need every month will give you a clear figure of what you need to work towards.
For example, let us say that you need £1000 a month and you want to work 5 days a week. This would mean that you should make at least £50 a day or £250 a week. You can then divide that among the number of projects you want to handle for the week.
Test out different rates until you arrive at your sweet spot
Here is something you may not hear every day: your clients have more money than they want you to know. Most times freelancers do a lot of rationalizing. They think about the income level of their clients. They think about their client’s expenses. As a result, they start quoting a rate that is far too low for the work they will embark on.
At the early stages, feel free to experiment with your rates with different clients and observe how each client will respond. The chances are that you will start noticing a trend. You will notice that you will have clients who will accept what you thought of as your “high rates”. After some time you will have a set of rates that will work perfectly for you.
Are you a freelancer or a self-employed person? How did you set your rates?
Very interesting read. I would love to have a career in writing about different men’s fashion ideas. Great read many thanks
Reblogged this on writer1710 and commented:
This is useful, I have decided to go freelance and try and make a success of my blog this year as I already earn a part time wage. I totally think I undercharge though after speaking to others and reading this has made me realise I need to up my rates slightly xx
Ah nice. Good luck with it all.
I’m quite lucky as I freelance on top of a full time job so the rates I charge can change depending on the brand/ who I’m working with x
Ha nice x
Could you please read my blogs and give some guidance on what I need to do better. I am new to this.
I do blogging and my rates changes according to the assignment and brand i am working with . Lovely pictures
I would have never thought to work it out like that. Unfortunately I work full time so don’t have time to concentrate on my blog x
Yea it is really that easy for those who want to work full time as freelancers.
This is really good. I am a freelance drama practitioner and people just expect me to work for free!
How annoying it must be for you.
I am in agreement with you on the frustrations of undercharging for work done. When I started off I used to set amounts to please the client but now I do for me and much happier about it
Smart move Anosa.
very interesting post! I think you are spot on where you say to try out various rates at the start to find what works for you!
Glad you like the post Jon.
Got me thinking about making mine better and working out how to get my WordPress and Niume out there
What is polldaddy?
It is a way to run a survey on your blog.
So can you get people to advertise on blogs. How ???
Yes you can. The brands usually come to you once you have built a following.
Ok need to build up my following. Thanks 🙏🏼
Great, simple advice that we all need to hear. Really useful.
Really great post Stella.
It is a shame when people expect you to work for free.
Took a while for me to come to terms that brands can actually pay more….
Yes they can. Thanks Moji x
I change what I charge all the time depending on who I’m working with
Some great tips it must be so hard when you can’t guarantee a regular income but much more rewarding working for yourself.
Yes it is Lisa.
These are great tips. I’ve started looking at how much I need for the month x
Glad you like them Kerry.
The joy working for yourself and setting up prices. I too have the same feeling, I get upset overcharging my clients or undercharge. I usually calculate my materials expenses and what I need to get by then I multiply by 2 to make it fair. Nowadays I make premade just under £10 for personalised request I charge over.
It is good to have a figure in your head for clients. Thanks Ana.
This is so helpful! I’ve never thought about diving it up by the money I’d like to make! Thanks for sharing.
Thank you for reading.
I’m thinking of going freelance this year so thanks for sharing your tips x
Thanks for reading Stephanie.
I love this post, time is valuable and if a company isn’t will to pay the rate you ask, then there will be one that it is.
Exactly. My time is too valuable.
These are great tips darling considering that more and more people go into freelancing. Thanks so much for sharing!
I just followed you!
Love from https://tbymallano.com/
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