How do you decide what to charge for your services?
Abhishek Samant
Scaling brands sustainably via efficient & effective PPC & social media Ads | Marketer, Stock Trader & Pro Photographer | Avid traveller - 18 countries & counting.
When someone asks you how much do you charge as a freelancer, what’s your answer?
Here’s my take on how you should fix the pricing as a freelancer.
Let’s begin here. What are your expenses behind every deliverable? How much are you spending in order to be able to deliver these services? You need to figure out how much money you need to at least break even, because who would want to work and lose cash?
Do consider your average profit margin and the average order value. High end marketing agencies and freelancers can even charge as much as 50% to 60% margins while startups and smaller freelancers can see margins around 10% to 30%.
Then, we need to understand what other service providers are charging.
What is the average minimum and maximum pricing tiers within your industry/niche? Of course experience, brand value, clients etc all play a huge role here, but every industry has certain average pricing standards. You need to figure out where you fit in.
Also, you need to consider your own personal requirements as well and then balance those with the requirements of your clients. What do they want to achieve and what are their expectations from you?
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Think about things like the total number of hours per day, the amount of travel involved, the research required, third party expenses, rentals if any and other related expenses.?
Then, to end this I would say that you need to consider one more thing here.
Your own personal brand. And that’s important. Look, I’m not saying that you need to charge excessively because of some BS reasons. Nope. But you do need to charge fairly. We often spend a lot of time building our own personal brand. Especially freelancers, since we are our own company. Building that brand requires a lot of effort & it’s also not that cheap.
So yeah, you need to consider that as well.?
Pricing doesn’t have to be complicated. Just don’t skip the homework.
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