Setting Freelance Rates
Tips for Setting Your Rates as a Freelancer
Most
important question asked by newbie freelancers before going to start is, how
shall we define our rate? It’s necessary to know about the price of your work.
In this regard you should know the worth of your work or project. If you know
your worth, you have no difficulty to define rates. How you can recognize your
worth to figure out your hourly rate? Below are tips to know all about you want
to define your rates.
How much effort you require to complete a task?
Consider the length of project and time to complete it, e.g. for
a writer how many words employer expects to write and for a web designer and
developer pages to design and develop.
How much expenses you require to complete a task?
List out all the expenses used to complete a project. Expenses
like Internet and Electricity bills, gas expenditures, taxes, family, monthly
business expenses (like website hosting fee, domain charges etc). Add all these
expenses in your charging rates.
How to figure out hourly rates?
Here I will explain you by taking daily life example: Suppose
you are content writer and an article of 250 characters in 20$, and it takes 45 minutes to complete. To figure out your hourly rates divide price by time and multiply
it with one hour (60 minutes). Here is formula to calculate per hour charges.
Per Hour Charges = Price/Time to complete *60
In above scenario
Per
Hour Charges = 20/45*60 = 26.66 $
Instead of above given formula, you can also calculate your charges by using Toptal Calculator.
Always remember your worth and value you are adding to the
employer. Keeping in mind above given point declare your hourly rates.
