Freelancing setting your rates and raising your rates
Freelancing is a great form of work, because you can be your own boss!You also can work on your own time schedule and decide when you want to accept work offers from clients!One of the other aspects of freelancing is setting your rates and deciding how much you will charge your clients.This can be a constantly shifting process, and it will often require some thought.Here are some of tips in regards to setting your rates and raising your rates for freelance work:
- Set your rates based on your experience:One of the things that you should do is base your rates on how much experience you have.How much do experts in your field charge for your work?How much do people charge who are just starting out?Think about your own experience and expertise, and then try to place yourself close to the rate that a person with your similar experience charges.In addition, feel prepared to raise your rates as your get more and more freelance experience within your field.Remember, once you start doing a lot of good work, then your freelance will become a valuable asset that people will want!
- Take living costs into consideration:Another thing that you should take into consideration is the living costs in your area.For example, if you are living in Montana, the living cost is considerably less than if you are living in New York.You probably will charge a lower price for your work than a colleague that is also doing freelance in New York.However, you also can take the living costs of your clients into consideration as well!If you have a client who lives on the East Coast, they might be prepared to pay considerably more for your freelance than for a client that lives with you in Montana.So, if you like, you can raise your rates for a client that will be able to pay more!
- Raise rates with inflation:You will also want to make sure that your rates are keeping up with inflation.This concept ties into the idea of taking living costs into consideration.Remember, the rates that you charge will likely become higher or lower over time!If you are doing freelance work for a job that will take a couple of years to complete, then you will want to take inflation into consideration when you set your price with your client - you don't want to be charging a really low rate when prices are raising over time!
- Raise your rates based on the job:You also should not be afraid to raise your rates based on the type of work that your client offers.If the work that your client wants done requires special skills or a lot of attention, feel free to raise your standard rates for this specific job.In addition, if you are going to be completing a freelance job for something that is in "high demand" (such as advertising), then you should be able to also raise your rates to a better price.
The great thing about freelance is that no one has to tell you what your rates need to be.Since you work for yourself, you can charge whatever you think is reasonable.If you are concerned about what rates to advertise on your website or company fliers, then you should simply say that they rates vary.Give a general price range instead of a fixed rate, if you like.Best of luck in your freelance work and setting the right rates for your jobs!