Have you entered the freelance economy and don’t know what to charge? It’s true, you can make more money by freelancing. You don’t want to under or overcharge for your freelance services, however. You could end up doing tons of work for too little money or not get any clients because you are charging to high. Fortunately, there is a way to find out what your freelance hourly rate should be, and price yourself as a freelancer.

 

  1. Perform research and come up with an hourly rate. Consider the scope of the project. Know your role and the goals you have to meet. Know whether this is a one off project or ongoing work. Know the budget the client has, as well.
  2. Estimate Length in hours. You’ll need to break the project down into parts and estimate how long each will take.
  3. Multiply rate by hours and then add to it. You’ll want to take your base hourly rate of pay and multiply it by how long it will take you, and then add to that figure. The padding you are adding will be for questions, revisions and other unforeseen things.
  4. Communicate clearly. You don’t want their to be any questions in regards to what you are charging and what your duties are.
  5. Track hours and adjust accordingly. If you find that you are under or overestimating the length of a project, you can change for future projects or even discuss on your current project.

 

With these tips there will be no more guessing what to charge. You’ll know your worth and feel confident when setting up a contract for work. You won’t be undervaluing yourself and making less money, and you won’t be scaring clients away. It will be a good fit for your business. Know your worth, and don’t apologize for it.

Posted by Amir Shaikh

Mr. Shaikh is a CEO of GigTricks and a Dubai-based Entrepreneur, Business Mentor, Engineer, and Philanthropist who is on a mission in making the world a better place by facilitating unlimited growth opportunities for both entrepreneurs and freelancers around the world.

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