As a solo freelancer, setting my rates has always been a challenge. I’ve tried different approaches, from researching industry standards to asking fellow contractors. Still, I’m never quite sure if I’m pricing myself right.
Sometimes I wonder if I’m leaving money on the table or pricing myself out of potential jobs. How do others navigate this tricky aspect of freelancing?
Look, setting rates ain’t rocket science. Figure out what you need to make each month to cover bills and put some aside. Then work out how many hours you can actually bill for.
That’ll give you a starting point. From there, adjust based on the job. Tough client or complex work? Charge more. Simple stuff? Maybe a bit less.
Don’t sell yourself short though. Cheap rates attract cheapskates who’ll nickel and dime you to death. Better to lose a job than work for peanuts.
Review your rates every few months. As you get better at what you do, bump 'em up. Good clients understand that.
Pricing’s always been a headache for me too. I’ve tried a bunch of things over the years.
Here’s what I do now:
I also:
Don’t be scared to lose some gigs over price. The clients who haggle are usually the biggest pains anyway.
And remember, your time’s valuable. Don’t work for peanuts just to stay busy. Better to have fewer, better-paying jobs than a bunch of cheap ones that eat up all your time.
I keep it simple. Figure out my monthly expenses, add some profit, divide by hours I can work. That’s my base rate.
I adjust for each job based on complexity and the client. If they want rush work or lots of revisions, the rate goes up.
Review your rates every few months. As you get better, charge more. Don’t work for peanuts just to stay busy.
I just wing it with pricing. Charge what feels right.
Never thought much about it really. Not a business guy.
I usually just go with what feels fair. Don’t overthink it too much. If the job’s a pain, charge more. If it’s easy, maybe less. Keeps things simple for me.
Pricing is tricky, I hear you. When I started my business, I undercharged big time. Learned the hard way that low prices attract difficult clients.
Here’s what worked for me:
I tracked every minute I spent on projects, including admin stuff. This showed me how long things really take.
Then I figured out how much I needed to make per month to cover expenses and have a decent life. Divided that by hours I could realistically work.
That gave me my base rate. I add a buffer for taxes and unexpected costs.
I also ask other business owners what they charge. You’d be surprised how open people are if you’re not direct competitors.
Every few months, I review and adjust. As you get more experience and better clients, you can nudge those rates up.
Don’t be afraid to say no to low-paying gigs. It frees you up for better opportunities.