- Personal Finance»
- Income & Making Money
How to Determine Hourly Pay Rates for Freelance Work
How to Set Your Hourly Wage as a Freelancer?
How do you set your Hourly Wage as a Freelancer? This is a question we Freelancers often ask ourselves - Yes, I am a Freelancer myself and I wrote this article because I know it's hard to start pricing your services.
There are two different thought lines Freelancers have:
- They think they are too cool for school, and price themselves up right at the start, it usually doesn't end well
- They work almost for free to get their first costumers - this can sometimes cause trouble.
Case 2 can sometimes cause trouble because people who get used to working for laughing prices have some difficulty in raising them later - for starters, their current costumers won't go for it, and another point is they lost their touch with "reality".
More on this later, but for now let's analyze hourly rates for different Freelancing Professionals.
Setting your Hourly Wage: As a Freelance Designer
Designing is a job with some demand on the internet world, so it's prime ground for Freelancers.
Freelance Designers should have these factors into account:
- Proficiency: How good are you compared to your competitors? (Be Honest)
- Fame: How Famous or how good reviews have you got?
- Time: Are you a fast Designer?
- Vectors: Do you design in vectors? Are you only an Image Editor (i.e. Photoshop Guy)
People who only know how to edit images and don't work in vector should always be cheap - vectors are vital!
The rest of the factors are pretty easily analyzed. Weigh all these factors and think what your hourly wage should be in a $7-$50 Interval
Freelance Writing: What should be my Hourly Wage?
Lots of jobs are constantly changing in demand as technology and society evolve. But Content Writing is always in demand, do you know why? The support changes (newspapers, magazines, blogs, iPhones ) but there is something which is always needed! Content!
Sites, Papers and publications can't survive without content, and as long as humanity exists - content will be needed. That's good news for us Freelance Writers!
Here are some factors you should consider:
- Nativity: Are you a native on the language you're being hired to write?
- Performance: How is your grammar and punctuation? Details matter!
- Turnaround time: People usually want their articles or e-books ASAP
- Hourly Output: You should know how many words you can write per hour and bill accordingly
- Fame: Are you a published author? A famous one? Nobody knows you?
Knowing about these factors and weighing them in, you should decide between a $5-$70 interval.
IT and Programming Freelance: How much should I charge per Hour?
I'm not giving the usual bullet point model here, as there are so many programming and IT variables to consider - like what do you program? Flash, HTML, PHP, MySQL, C++, Pascal, COBOL?
So, here is a little tip I'll share with you:
Go to an outsourcing site like oDesk, Elance or some other and check out your competitors, search for services similar to what you are offering and check their rates - this way you can be totally fair!
Keep in mind that programming is hard, and it should be paid accordingly. Intervals are about $15-$120 per hour.
Summing Up on Hourly Wages
I gave you some factors to consider and I also tossed some money interval limits for you to consider, but I want to add some last tips:
- Be prepared to Fight for your rates: Lots of people will want to negotiate them
- Be prepared to be asked for references: Especially if you ask a high price
- People that pay more are expecting more: Don't charge high and provide low quality content
- Every Job gets your name on the line: Always perform, or you'll throw your name in the mud.
That's about it! Are you ready to start working?
Why do I prefer Fixed Price Jobs as a Freelancer
I always, and I mean ALWAYS, work on Fixed Price Jobs. Why is that? Well simply because I like to take work as I want. I started to freelance for a living because of the freedom it offers me.
I work when I want, where I want and at the rate that I want.
If you work on hourly projects, you can't stop working to go on facebook, to check the TV, to water your plants or do something else you would rather be doing. You will have to focus on that task because you're being paid to work.
Fixed Projects pay you based on your output and it doesn't matter what you do to get it done. You can be like me and make some coffee breaks ever once in a while or stop just to go outside "see the sun".
Think about this...
About the Author
Rui Carreira is a Freelancer who's freelancing since 2011 and on HubPages sharing his writing expertise.