Freelance Pricing Structures
Are you struggling with finding the perfect pricing structure for working with clients? We’ve talked about how to accept money from freelance clients, but we haven’t talked about how to price those projects. Before you get money, you have to let them know how much you are charging.
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In today’s episode, we’ll be chatting about freelance pricing structures.
Per Word Pricing
This is an excellent pricing structure for writers and editors who are just getting started. Per word can be challenging because it can be too exposing for some clients. For example, saying that you charge $.25 per word might come off as daunting, whereas $250 per post might seem perfectly fine. You would still write 1,000 words, but you might be able to show value more with a per post or another pricing structure.
Per Post Pricing
Per post pricing is a flat rate per post. If you aren’t a writer, you could use this same structure for things like graphics, pictures, and so much more. Instead of a rate that fluctuates per word, you give them a simple flat rate. This may not be great for beginners who aren’t sure how to price things according to their needs. You may feel cheated if you work on a project for longer than you anticipated.
Per Hour Pricing
Another great pricing structure for beginners is per hour pricing. If you don’t know how long an assignment will take charge by the hour. You know you will get paid for every hour that you work. Some people charge $30 an hour, while some people’s hourly rate is $300 or more. The range is so drastic, and it depends on what you bring to the table.
Don’t work for minimum wage. Even if you are a newbie freelancer, you should never work for minimum wage. You are not an employee. You don’t have the luxury of your employer paying some of your taxes or using company equipment. All of that is out of pocket for you. By the time you pay for taxes, you will be making considerably less than minimum wage. So, you should always start pricing yourself above minimum wage.
Day Rates
Some people have day rates, especially artists. If you intend to be putting a day of your time on the calendar for one client, you need a price that reflects that. Day rates need to take into consideration the hours (usually 8-10 hours), the productivity you’ll lose when you can’t take on other projects, and your expertise.
Per Project/Package Pricing
If you have multiple art pieces, blog posts, social media accounts, etc. to work on, you might offer a project or package price for clients. Think about all the time you’ll save because you are working on one big project instead of a few posts here and there. Especially if you have a retainer, you’ll have a more consistent income. It’s essential to figure out some packages and projects to offer clients. Add those to your website. You should also give your clients the option to create a custom package or project with you.
Value-Based Pricing
Last but not least, you should work on value-based pricing. Your blog posts are more than just blog posts. Blog posts increase SEO, build trust with an audience, and can even convince people to purchase something or join an email list. Your work has more value than you think, and your price should reflect that.