#7 Freelance Mastery: How To Set Your Price

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#7 Freelance Mastery: How To Set Your Price

Getting the right price can determine whether you win over a new client in the freelance industry. This article explains how to pick the right price point. 

Pricing is certainly not the be-all and end all in the freelance industry. However, it could certainly impact whether you win over a potential client. Choosing the right price point for your services is similar to selling a house. If you set the wrong price, you can turn off potential clients before you have even begun. 

However, it’s also worth mentioning that there’s no set way to choose your price. You don’t need to find the ideal price right now either. Instead, you should focus on picking a price and then test it on the market. 

What Are The Different Price Models?

There are various pricing models that you can choose from for your services including: 

  • Hourly 
  • Bonus of commission
  • Value-based 
  • By Retained

All of these different price models have advantages and disadvantages. So, which one is going to be right for you?

Start With An Hourly Rate

There are a few reasons why you should use an hourly rate if you’re just starting out. First, it’s easy to understand and it won’t send clients running but it looks too high. A charge for a single project can be intimidating. 

It also ensures that you have a simple model. You don’t need the experience to get this one right. With an hourly rate, you can immediately get started and you won’t run into any issues. 

There’s one other advantage too. An hourly rate will ensure that you don’t have to worry about a high level of risk. Instead, the risk is greatly reduced. If a client isn’t happy with your service, they can stop at any time. This is going to give them a key reason to test your performance and see if you can provide the service they need. 

Does The Number Matter?

You might think that you need the perfect number when setting your price. However, this is not the case and you shouldn’t get too paranoid about finding the right rates. 

While charging too much could cause you to lose some clients, in the grand scheme of things, this won’t matter. The clients you lose will be replaced by those that value your services more and will pay the higher rate. 

However, if you are struggling to find clients with your initial rate, then you have two options. You can either target more high-end clients. Or, you can choose a lower rate. This will provide you with a solid starting point to negotiate for higher payments further down the line. 

We hope this helps you understand everything you need to know about setting your price and why finding the right number isn’t as important as you think. Remember, if you provide the right quality and impress clients, then they will pay the price you set, even if it is a little higher than typical industry standards.

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WRITTEN BY
Andrej The Freelancer
Andrej is a professional freelancer for over 10 years, and has started his career on Fiverr and Upwork, where he built his own brand to become financial independent and work projects he chooses to.

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