You're a freelance Business Relationship Manager. How can you make sure your rates are competitive and fair?

1. Know your value You need to think about how you can quantify and communicate your value to your potential and existing clients, and how you can demonstrate your impact on their business outcomes. 2. Research the market You can also join professional networks, such as the BRM Institute, to connect with other BRMs and exchange information and insights. 3. Consider your costs You need to account for the expenses that you incur, such as taxes, insurance, equipment, software, travel, training, and marketing. You also need to consider your desired income and lifestyle, and how much you need to 4. Negotiate with confidence You should not be afraid to ask for what you deserve, or to walk away from a deal that is not worth your time and effort.

As a freelance Business Relationship Manager, ensuring your rates are competitive and fair involves a combination of market research, understanding your own value proposition, and considering factors such as your level of experience, expertise, and the specific services you offer.

Conduct thorough research on what other freelance BRMs are charging for similar services in my industry and geographic location. This will give me a benchmark to gauge the competitiveness of my rates. Assess my level of experience, expertise, and the value I bring to my clients. If I’ve specialized skills or extensive experience in my field, I will be able to justify higher rates. Different projects may require varying levels of effort, time, and resources. I take into account the complexity of the projects I undertake when determining my rates as more complex projects warrant higher rates. By calculating my overhead costs, such as equipment, software, office space, and taxes, and ensure they are covered in my rates.

BRMs?are?strategic?partners?who?assist?in?coordinating?business?objectives,?requirements,?and?expectations?with?IT?capabilities,?resources,?and?solutions.?They?are?more?than?just?a?business-IT?liaison. A?BRM?also?aids?in?measuring?and?enhancing?the?return?on?IT?investments?and?promotes?innovation,?cooperation,?and?communication?within?the?company. Consider?how?you?can?explain?and?quantify?your?worth?to?current?and?prospective?customers,?as?well?as?how?you?can?show?how?your?work?affects?their?business?results.

You should conduct some market research to obtain an idea of what other independent BRMs are charging. Online marketplaces like Upwork, Freelancer, or Fiverr allow you to look through the rates and profiles of other BRMs in your area, sector, or specialty. In order to network with other BRMs and share knowledge and perspectives, you can also become a member of professional networks like the BRM Institute. Additionally, you can review the pay scales for BRMs across various industries and geographical areas and modify them according on your background, abilities, and credentials.

No olvidar que vivimos en un mundo competitivo y estar siempre enterado del mercado y principales competidores y tu nivel es importante para el venderte y el precio adecuado para el cliente.

The overhead you incur from operating as a freelance BRM also influences your prices. You must take into consideration all of your out-of-pocket costs, including those for marketing, taxes, insurance, software, hardware, and travel. Along with how much you need to save for emergencies, retirement, and vacations, you need also think about your ideal lifestyle and income. You can estimate your hourly, daily, or project-based rates based on your costs and objectives by using online calculators, like the Freelance Rate Calculator by Bonsai.

You must confidently bargain with your clients once you have a range of pricing that accurately represent your worth, the market, and your expenses. It's okay to demand what you are entitled to and to turn down a deal that doesn't merit your time and energy. Additionally, be ready to defend your prices with examples of your worth, such as case studies, portfolios, or testimonies. Depending on the size and type of the project, you should also be adaptable and open to various payment alternatives, such as milestone, retainer, or performance-based payments.

Lastly, you want to periodically review and modify your rates rather than having them set in stone. You should keep an eye on your clients' opinions and level of satisfaction, the supply and demand for your services, and market developments and trends. Along with monitoring your own output and performance, you should look for ways to advance your knowledge and abilities. It's important to assess your own contentment with your freelancing BRM work as well as whether your prices fit your goals both personally and professionally.

Make sure your adjustments are properly carried out and working with respect to how you monitor your value inorder to build trust and consistency.