How to Price Your Freelance Work
“There is so much more to a successful business than just the creative aspects. Freelancers need to view themselves as a business”.
Lior Frenkel
Shifting to this perspective is the first step of earning enough money to help you make enough to pay for the lifestyle you want. Next is setting a price for your freelance work.
Here are some tips to consider from the expert Lior Frenkel:
- Get your project going with cohesive proposals (Teem App freelancers, no need to worry about that, we go you)
- You are NOT the hours you work. (It took time for you to be good and fast at what you do. Remember Picasso’s story.)
- Don’t undercharge for your experience. Your clients are not only paying for your time but also your expertise.
- Find your break-even rate, and use that as the minimum amount to charge your clients.
- Always keep in mind the expenses you need to pay to keep your business running.
This is a formula from Lior to help you calculate what you need.
Estimated project time: Creative work time + management time + 20%
Project Cost: (Estimated project time x break even rate) + project expenses
