Working as a freelancer, you may find yourself in a tight corner pricing your services. You get stuck between what rate is over-priced and what rate underpriced because, in as much as you do not want to take advantage of clients, you do not want them to take advantage of you too. It is prerogative that you know your worth as a freelancer. If you’re stuck on how to price your services, then this article is here to serve the purpose of teaching you how.
Make it a point to analyze and consider your target market.
It is necessary to know your target market to use that as a pricing guide. For instance, when dealing with small businesses, you cannot charge them as much as you will charge big companies. However, do not charge too low as it may give you a hard time building credibility and growing your business.
Know your worth.
Before deciding on how much to charge clients for your services, write down your rate options and then begin to scrutinize the quality of your services. Do you have all the necessary tools and equipment for the job? Are you well inclined to the various advancements in the business field? Ask yourself these questions once you determine your worth or the worth of your services, you will be able to decide which of the price options suits you best.
Make a detailed research on the market.
Before you begin your career as a freelancer and price your services, make a quick but detailed research on how much other people in the job field charge for the same offering you are looking to render. This way, you have an idea of what rates will be deemed reasonable by clients. Find out which rates are acceptable for a start-up freelancing business. Depending on how fast you grow or build credibility, you can now begin to increase your rates.
Price at the rate you believe serves you best.
Considering your target market does not mean you need to work almost for free. After analyzing your target market, set your pricing at a manageable rate but also profitable to you. You cannot be working and running at a loss simply because you think your target market cannot pay what will benefit you. You must be fair, not compromise. Hence, let the quality of your work speak for you and prove to customers why it is a win-win even if they pay a little above their budget for your services.
Know that there is a place for everyone on the market.
No matter how expensive or how cheap your price options seem to you, that should not be a worry. The sky is big enough for everyone- trust that you will get loyal customers who will patronize you for your quality service, good customer relations, etc. They will be unmoved by your rates regardless of how expensive or cheap it may be.
These are just a few but helpful guides on how to price your services as a freelancer. If you go by these, you should not have too much of a hard time deciding which price will be best.
