Been freelancing for a while now, and I’m noticing some shifts in my industry. Prices seem to be all over the place lately. I’m wondering how other solo pros handle this.
Do you guys actively track industry trends? How often do you adjust your rates? It’s a bit of a balancing act, trying to stay competitive without undervaluing my work.
Pricing? I just wing it mostly. Charge what feels fair for the job. Never really checked what others do.
I don’t really track trends much. Just charge what feels right for the job. If clients pay without complaining, that’s good enough for me. Keep it simple, you know?
I look at my bank account. If it’s getting low, I raise my rates.
Seriously though, I keep an eye on job boards and what other freelancers charge. If I’m turning down work because I’m too busy, that’s a sign to bump up prices.
But I don’t obsess over it. As long as the bills are paid and I’m not working crazy hours, I’m good.
I’ve got a pretty laid-back approach to pricing:
If I’m turning down work, I bump up my rates a bit. If things are slow, I might offer a discount on the next project.
I also keep a ‘price list’ for common tasks. It’s not set in stone, but it gives me a starting point. Makes quoting faster and keeps me consistent.
One thing I’ve learned: don’t undervalue your time. If a client balks at your price, explain what they’re getting. Quality work ain’t cheap.
And yeah, sometimes I miss the mark. Had a client last year who thought my rate was way too low. Live and learn, right?
I’ve learned the hard way that you can’t ignore industry trends. My approach now is pretty straightforward:
Every quarter, I spend a day researching what others charge. I check job boards, talk to other freelancers, and sometimes even ask clients what they’re seeing.
But here’s the thing - I don’t just blindly follow trends. I look at my own costs and workload too. If I’m swamped with work, I might bump my rates a bit. If things are slow, I might hold steady.
Last year, I noticed rates in my field were climbing fast. I raised mine gradually over 6 months. Most clients understood when I explained why.
Just remember, it’s not all about the money. I’ve kept some long-term clients at slightly lower rates because the work is steady and they’re great to work with. It’s a balance.
Look, tracking industry trends is smart, but don’t get hung up on it. I check in every 6 months or so, just to make sure I’m not way off base. But really, it comes down to two things: Are you making enough to cover costs and put some away? And are clients still hiring you without too much pushback on price?
If both those are yes, you’re probably good. If not, maybe it’s time to bump up your rates a bit. Just be straightforward with clients about it. Most understand if you explain it simply.
One last thing: always leave a little wiggle room in your quotes. Makes it easier to adjust for those industry shifts without having to completely overhaul your pricing.