While working as a freelancer, one of the toughest issues you will have to face is choosing and negotiating for your pay rates. Choosing the right pay rates is never straightforward, not even for experienced freelancers. Despite the high number of opportunities available, you certainly want to avoid being used and underpaid. Unsurprisingly, not every freelancer will be paid the same rates. The following are some of the top factors you may need to consider to get your worth’s pay in the freelancing business.
Your own needs should form the basis of your minimum pay rate as a freelancer. If you have family responsibilities, and you intend to use your freelancing services as the sole source of your income, then you have to negotiate for pay rates that will pay your bills. Under personal expenses, you also have to consider your overheads and tax requirements. These can help you gauge how much you need to make per year and thus guide you in choosing the best minimum rates for your services.
Like any other jobs, you have to conduct your market research to find out the best fees to charge for your freelancing services. You can do this by speaking to other freelancers in your field and also looking at online reviews of freelancing sites and projects. This can particularly help you avoid overpricing or under pricing your freelance services. You need to give your clients the best rates to retain them, and at the same time, you should not be strained.
Even though many freelancers opt for an hourly rate, this may not be suitable for all the projects. Some freelancing projects may be long-term and time-consuming hence negotiating for an hourly rate can be devaluing your services. You, therefore, need to examine the type of project you are dealing with and decide the payment mode and rate based on its nature.
Level of Expertise
It goes without saying that newbies might not get the same pay rates as freelancing experts. This is mainly attributed to experts having high ratings in their fields, a factor that automatically increases their demand. For new freelancers, it is essential to learn the ropes first and gain a good rating before setting high charges for your services. With time, your experience and rating can help your increase your charges.
If you still feel confused about what amount to charge for your services, then the online freelancer calculators can help you make an informed decision. You will need personal information regarding your current financial situation, and the online calculator will calculate exactly how much you can charge for your services. You should note that if you have less financial responsibilities, the freelancer calculator will recommend you get lower hourly rates for your freelance services
You should always remember that your pay as a freelancer is not cast in stone, and there is always room for re-negotiations. You will sometimes undervalue your services during your first days, but this should not discourage you. With more experience, you will learn to trust your instinct and negotiate for better pay rates.