This is one of the most important topics for the people who freelance their services and answer to this question is not certain. It is obtained by the years of experience but in the end it still difficult for a person to determine its price. The nine points that a person should take into his consideration before fixing his price are discussed below.
Main Nine things to consider while deciding your price
1. Your Costs
You are in a big trouble if your rates are not covering your cost. To avoid this best thing is to sum up all your cost and divide by the total number of hours you think you can bill a year. But don’t think that you will bill as per hour keep an account for sick days, holidays, and any other reason of not doing the work. Also keep in your account other hidden costs you need to pay.
2. Your Profit
Keep in mind that you are doing business for which the profit is a necessity so always consider the amount you are getting.
3. Market Demand
Also be aware of the market conditions if the demand of your field is high keep your rates high and change them in accordance with the demand changes.
4. Industry Standards
Try to be aware of your competitors and know what they are charging for their services. In this way you will do your work better.
5. Skill level
Change your rates according to your skill level increase them as your skill level increases.
By experience you will get the better relationship with clients and you will get more work than the person having same skill level as you but don’t have experience.
7. Your Business Method
Strategies your work it will effect a lot on your pricing and how much you get priced. Show them to the people that you are cheap, high or something in between them.
8. Your Service
The service you provide to your customer will also make a huge difference on what price level you are eligible. So adjust yourself in accordance with the level of service you provide and decide a way in which you are going to act.
9. Who is the Client
As far as your price is concerned it may differ from client to client. This is due to the demand of the customer as some required more effort from you, some are repeated clients, some have jobs you need, so adjust your price and keep an account for all these factors.