How to set your freelance rates and get paid what you deserve?

Why is it important to refresh your freelance rates every now and then?

 

Revising your freelance service rates periodically, helps  you ensure that you are keeping up with market changes and charging a fair rate because the market is dynamic and constantly changing. What was a fair rate for your services a year ago may no longer be reasonable today. As you gain knowledge and experience as a freelancer in your field, your value as a freelancer in the market increases and your rates must reflect this progress/development or even if you have equipped new skills, built some skills, you may want to adjust your rates accordingly. Offering new services or skills may require additional time and effort, and your rates should reflect this.

Another important factor to consider while revising your rates is inflation. 
Refresh your rates according to your financial needs and goals, an increase in Inflation and cost of living increases can impact the amount of money you need to earn to maintain your desired standard of living.

Now, How do you set rates as a freelancer?

Setting freelance rates can be tricky, make sure that you are being paid fairly for your time and expertise, while still remaining competitive in the market.

These are some steps you can take that will help you set your freelance rates wisely and get paid what you deserve:

1. Keep in mind the financial goals and needs that you need to satisfy then start by calculating the minimum amount you need to earn per hour. Always set an hourly rate that you personally think would cover your expenses and help you reach your desired income. Also consider your experience, skills, and industry standards when determining your hourly rate.

• Research! Research! Research!. Always do your research about the current market status, trends and patterns. Look at what other freelancers with similar experience and skills are charging, run competitor analysis and see what other successful freelancers are doing differently, what are the decisions they’re making, of course your style of working is different from others but you can always consider learning the ethics others follow that has driven them to be successful. This will give you an idea of the market rates in your field and help you determine if your rate is too high or too low.

• If the project requires additional skills or expertise or the client expects you to learn new skills while working on a project, you may want to charge a higher rate. Likewise, if the project is straightforward and requires less time, you may want to charge a lower rate.Consider the project scope!  

• Another option is that you could also consider charging your clients project-wise, Consider offering a project-based rate rather than an hourly rate, especially for larger projects. This will give your clients a clear idea of what to expect in terms of cost and deliverables. Use contracts to outline project details and ensure that both you and the client are clear on deliverables and payment terms. Send invoices promptly and follow up on late payments.

Trust yourself and your rates! Be confident! 
Remember that you are providing valuable services and expertise to your clients, so do not undervalue your work. Be confident in your rate and the value you bring to the table.

By following these steps, you can set your freelance rates confidently and ensure that you are paid what you deserve for your time and expertise.