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Setting Estimates and Rates as a Freelancer

Oct 17,2018

Ways to Set Estimates and Rates in Freelancing:-

if you are starting your career in the world of freelance work, you are likely to find yourself confused about the rates and the method to choose the cost you charge your customers for each project. So here we have given ways to set estimates and rates.

You have already completed the paperwork to sign up as a freelancer, you have your workspace prepared and your team set up, you have an attractive portfolio and there are many clients interested in hiring your services.

However, it is possible that a doubt floats over your head: how much do I charge your client for the project and based on what? Will all the assignments take me at the same time and require the same skills and abilities? 

Setting a price too low is a common mistake of novice freelancers, as well as accepting too many projects at once, as it will cause the final result to lose quality, fail deadlines and lose online reputation among your portfolio. 

We review some of the methods and guidelines you can follow to build your rates as a freelance without forgetting that as your professional performance improves and your personal brand becomes stronger and famous on the network, your price will be higher.

Traditional methods: charge per hour/word:

Personal experience and intuition are the best you have at your disposal: if you worked for a company that set prices by word or came from a marketing or web development agency that charged customers by the hour, guide yourself through those references.

There are online tools such as Freelance Calculator that help you measure these aspects before issuing invoices to customers. 

Ask around and put a price after the investigation:

Especially if you have no prior experience, it is essential that you ask the freelance community how much they charge and how they established their rates over time.

You can also take a look at the main platforms of independent work, from Freelancer to Upwork Freelance and see the budgets that are handled between company and professionals according to the type of order, the required technical profile or the subject and the research that require the same. You can also investigate in local companies. Do not be afraid to ask questions!

Use the Freelance Rate formula:

If you're still not sure how to set your rates or at least where to start, you can use the Freelance Rate Formula explained on various sites on the internet. It can be really useful and resourceful tool.

This is aimed at establishing a basic hourly rate which you can indicate directly to customers or use as a reference to calculate your project, package or day rates.

Another option is to pivot constantly to find the formula that satisfies you and that allows you to get economic performance from your professional performance.

You may prefer to set entirely individual budgets according to the project, preferring to charge half in advance or do it in instalments, including items or free services from a considerable volume or have different rates depending on the service: for example, advice, SEO and online writing.

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