Marching into the world of freelancing can prove a little hectic for beginners; several things can crop up in your way, setting up the rates for the projects will be the first to emerge. It is a vital point which should be noted down seriously by every freelancer.
Although there are no homemade methods or any books to teach you this, but some basic points you should follow, because at the end of the day losing a good copywriter just because you were giving far less than others in the market can hurt you a lot.
1. Pricing should synchronize with the project
You should put forward the length and duration of the project before hiring copy writers or graphic designers, the pricing of the project should be set in accordance with this. If the duration of the project is long, you should be paying more than a small scaled one. Put your terms and condition before hand and donât violate them.
2. Research the market
Setting the fees can be made easier by researching the market, explore in and around as to observe how others are setting their prices. You can keep a close eye on their terms and conditions as well, but donât copy their style or violate any terms.
Remember you are a starter and their terms may not suit you.
3. Reasonable rates
Starting off most of the freelancers start with a lower rate than in the market, which comes in handy but donât get too low as it may question your quality.
On the other hand if you think your services are good enough you can exceed a little but not enough to raise the eyebrows of your clients. And if you are in the business for a long run you can afford a price which is less than your competitors, it will give you a slight edge. You can increase the price afterward but it should not be done frequently, leave a reasonable gap between; say once or twice a year.
You should always keep track of your expenses and profits of a project before deciding the rates. You should not be paying from your pocket more and end up in a loss. Profit is the heart and soul of every business.
Things to watch out for
Before hiring any copywriter or graphic designer, study their bio data carefully. An experienced client may demand more than an inexperienced one. Respect their experience, because it matters a lot in the field of advertisement. As a new comer, you may not be able to negotiate this away. You may have to fluctuate the prices in the start but with time, you can fix a price that will suit everyone.