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  • Five Valuable Lessons for Setting Freelance Job Rates

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Freelancing has become popular lately. Most freelancers work comfortably from home and usually on their own time. There are numerous opportunities for qualified contractors or service providers worldwide like web, desktop, mobile and software development India firms, who continuously look to hire professional freelancers. If you have the expertise and experience, it is easy to get a project or regular work. The only aspect you need to be careful about is setting the right freelance job rates.

Costs and Fees

Many companies hire freelancers online. For these businesses, one of the most common approaches to pricing is known as “Cost + Pricing Strategy.” This is one important lesson for entrepreneurs who outsource. The strategy involves computing expenses related to production of output plus an extra mount for profit. It is simple and fair. In short, the service provider must charge based on this unwritten rule taking into account rentals, subscriptions, and food before adding the increment.

Market Rates

Market rates for online freelance jobs depend primarily on the business environment, the freelancer’s location, and industry. You should also determine the costs charged by your competitors in order to make informed decisions. For example, prominent freelance global platforms like Upwork charge differently across various regions. The contractor including app development companies India must know the local and international markets very well. Pricing strategy is not enough to win a prospective client as market settings are equally crucial.

Pricing Based on Values

Value-driven pricing is a more appropriate term. Freelancers must charge their services based on how much target customers value their worth. Any company looking at a corporation with millions of dollars in annual revenues will have to deliver value the organization expects. Certainly, the company will not invest a lot of money for substandard or inferior work. A smart freelancer can start with flat rates for specific services, and offer add-ons for extra perks.

Appropriate Price Structures

You can initially consider hourly rates which is very common in the freelancing industry. However, you will have to monitor hours worked since clients like to set a fixed time to accomplish certain tasks or projects. So, computing your rates can be difficult. Again, identify your expenditures and cover these costs before adding the amount for profit.

Project Basis

You may also opt for daily, weekly, or monthly rates. This approach is easier for service providers, like app developers, web developers, designers, writers, and SEO specialists, in terms of time management. At the same time, it helps your customers determine your commitments for a particular duration. There is also the choice of proposing a fixed rate for the project. This technique is advisable for developers, designers, and creative artists.

Valuable Lessons for Freelancers

There are many prospects for online freelance jobs. All that a service provider has to do is to offer top-notch services. Always think of your service as valuable merchandise or commodity. It is quite tough since services are intangible. Your primary goal is to distinguish your service from thousands of competent competitors worldwide.

Manoj Rawat

By Manoj Rawat
who is a Ideator, Innovator, Growth Hacker and Experienced in SMM, SEO and Marketing Consultant with over 7 years IT experience. Working with an app development companies India firm and he loves to share tips & marketing strategies among online marketers. He is an avid sports person, explorer, traveller & nature lover.

Member since April, 2018
View all the articles of Manoj Rawat.

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