I’ve been doing contract work for a while and often find it tricky to set prices that are fair for both me and the client. How do you figure out what to charge without undervaluing your work? Any tips on breaking down your costs and time would be really helpful.
I figure my rate by adding up all direct costs such as labor and materials along with time spent planning and cleaning up. I always include a necessary profit margin to cover unexpected delays and overhead. Keeping a detailed record of my hours helps me see when I might be undercharging. Using a reliable invoicing system keeps everything clear, which makes it easier to explain and justify the numbers to clients.
i typically set my prices by calculating an hourly rate that includes all expected expenses along with a little extra for those unexpected hiccups, and then I adjust it based on the specific job’s demands, which helps me avoid undervaluing my work.
I compare my rates to living costs and expected hours and adjust for client specifics. Reliable invoicing has helped too.