Charging for a freelance job may pose a bit of a challenge for the freelancer, because they have to decide the value of their time and effort. Also, many people seeking freelancers do so because they feel they can get a better deal. If you set your prices too low, you could miss out on some hard-earned cash, while charging too much could deter business. There are several factors to note prior to fixing your fee; they include, type of project, magnitude of the work and the amount of time that will be dedicated to the project.
The first thing you should decide is how much money you want or need to make annually. To come up with this figure, you may want to look at how much you currently make. After you figure out how much you want to make annually, you can calculate how much you need to make per month or day to reach that goal.
However, when you’re just starting out, there will be times when you just don’t know what to charge for a project – and that’s OK. Before you blindly send an estimate, here are some key factors you should consider and tips for setting your prices.
- Do some research on the market, and find out what other freelancers charge for the type of project you are embarking on.
- Start out with an hourly rate and work from there. This may not work in Nigeria, but if it is achievable, do it.
- Don’t be afraid to charge what you feel you are worth, but make sure you put your money where your mouth is and deliver.
- Find out what you will need for the job, for instance, will you need to transport yourself to different places? Also, give room for unplanned occurrences, they usually always occur, so you need to be aware of them.
- Finally, don’t be afraid to walk away, and always know what you are worth.