A Freelancer’s Salary: How much should you charge?
Every day,less and less jobs are requiring being bound to an office or a schedule and freelancing is where the magic happens. The freelancer or entrepreneur is a person who follows a professional path on his own, going against the “office type” paradigms and establishing a personal work process. Now that we have an idea of what we are, the usual question arises: how much should I charge for my work?
Most of the times, this dilemma supposes an internal struggle since we do not want to overcharge or appear greedy. This is a concept that must be forgotten if you want your business to prosper. As the Joker says in “The Dark Knight”: “If you’re good at something, never do it for free.”
If you want to develop a trust worthy brand and be a self-sufficient professional, we recommend you have a clear view of the different prices of your work. There are many factors that can influence the cost, as well as other things that you need to take into consideration:
- Do your research on how much your competition is charging. You can add or take off up to 20% of that price, depending on your level of experience. This way, you can establish a range of prices to start out.
- You need to know the exact amount of your monthly expenses. You can establish the minimum amount you need to make to cover them each month and then raise your prices when your business starts growing.
- If you work with suppliers, you need to make sure you know their fees in advance. When establishing the prices for your work, you need to make sure to cover those expenses. It may also help to explore the market until you find the supplier that has the right prices and quality.
- Always be prepared to be asked for a discount. Clients will always try to get a discount or a percentage of the price off. Never take off more than 10%.
- Ask for a percentage of the price up front. This way, your client will be interested in the project and will not disappear mid process without a trace.
- If you are just starting out and have a client who you believe has a lot of potential, but cannot quite afford your services, you can always propose some kind of exchange or settle for an amount that might work for both parties. Remember that establishing connections with your clients is key when starting a business.
Give your clients something to compare you with. It is always good to explain exactly your product or service is about and what makes you different from the competition.
Keep in mind that every case is different. You might want to start with a more limited client base, charging at an accessible price and as you gain more experience and win your clients’ trust, you will be able to adjust your prices.
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Tibay Vargas / NEUVOO
Strategic Alliance Coordinator for PR