How do I charge my freelancing services? New freelancers often have this question on their minds. This is because they are having difficulties in identifying how to charge their clients.
Knowing how to charge your clients is essential. Thus, it would help if you learned the right ways to do it. Otherwise, clients will not hire you because they see you as not confident and not an expert in your field.
On top of that, your freelancing rate depends on your freelancing categories or niche. This is why knowing how to charge your clients is imperative to have a thriving freelancing business.
Hourly Rate of Fixed Rate, Which is Better?
Should you charge per hourly rate or per fixed rate? The debate between the two topics is unending. And a lot of freelancers are confused about the two, on which is effective to their freelancing careers. So, let us debunk the difference between hourly and fixed-rate and learn when to use them in charging our clients.
Charging your clients on an hourly basis is good if you’re a total newbie. Due to its simplicity, hourly pricing is most common among new freelancers. By this method, you establish an hourly rate for your work and then multiply it by the number of hours spent.
On the other hand, fixed-rate or pricing per project is where you charge a fixed amount for the entire project. Your payment is based on the results you deliver, not the number of hours you work. In addition, you can use this option for projects that have clear goals.
Other Charging Tips
1. Create your pricing plan
Creating your pricing plan is vital because it ensures that you are not underpricing your freelancing services. Consider the following points when making your pricing plan. First, you must identify how much is your money goal in a year. Also, you need to know how much to support your lifestyle. And you need to know how much a full-time freelancer earns, your expenses on your freelancing business, the demand of your skills, and the value you provide to your clients. As a result, you can now set your annual income goal.
2. Calculate the number of billable hours needed
This is vital, especially if you are charging on an hourly basis. You and your client should be clear on the number of hours you will be working in a week and or in a month. By doing so, you can easily calculate your weekly and monthly income from your client.
3. Including freelancer expenses in your price
As a freelancer, your freelancing career is a business. So, you have incurred expenses like equipment, maintenance, internet, electricity, and software or tool premium fees. These are expenses on your business, thus, in calculating your pricing to your client, you should include them.
4. Ask Experts in your Freelancing Community
Each freelancing category and niche differs when it comes to rates. Therefore as a newbie, it will be helpful to reach out to your freelancing community like a Facebook Group to ask for ideas about how they charge their clients. This way, you’ll be able to have a picture of the rate of your niche plus your experience.
I hope this article helps you in identifying how to charge your freelancing services. I have found this as one of the difficulties encountered by many freelancers out there. Looking for a way to start your freelance career as a newbie? Enroll with Surge Freelancing Course and get ready to earn six- digits a month!
And be part of the Surge Marketplace Family, where you will embrace two freelancing networks. These networks enable you to learn from your co-family experiences and get hired directly by clients.