As an independent worker you should not only be an expert on your field, but also, you should know exactly what your price tag is. What do you need to set up your freelance rate? Sure, everyone should know their personal salary expectations for a given job, but knowing your specific selling point as a freelancer is critical to both your financial and professional achievement. That is, because your jobs will come in the form of a project or a short-term contract, giving an accurate value to your work without underselling or overselling your product is essential to your success as a flexible worker. Here are some tips on how to accurately price your talent and effort:
1- Acknowledge the nature of your job
Unlike a 9-to-5 job, you will be working on a project-to-project or contract-job basis, meaning, that the price for job security and work continuity should be taken into account in your hourly rate. In other words, while you may not receive certain employee benefits reserved for full-time workers in a given company, you somewhat account for that in your price tag. Truth is, the fact that sometimes your livelihood depends on a project with a visible start and end date gives you the advantage of embedding a “price for job security” in your final rate. Nevertheless, do not go crazy on acknowledging the nature of your job, while you do not want to undersell yourself you do not want to oversell yourself either; this is why it is imperative to, in addition, take the next two tips below seriously.
2- Research, research, research
Knowing your market is key when setting up your rate as an independent worker. Research what other people are making in your field. Research what similar freelancers are charging. Research the salary ranges within the company you will be working for (Glassdoor.com is a great tool for that); and finally, research if you will be part of the core or the periphery of a given business, being a freelance writer for a magazine will be different to being a writer for a construction website for instance; being a programmer or coder in the gaming industry will be different than a coder for a clothing website. Overall, once you determine if you are part of the core business of the company, once you have a good idea of what that company is paying, and once you know your market-worth as a professional, you can begin to accurately put a price to your work.
3- Know your experience
This is perhaps one of the most important factors in setting a price point for your work. The difference between being a beginner versus being an expert in your field can be humongous. If you are an experienced worker in your field it means you have successfully dealt for years with similar projects (which can only add up to your reliability). Now, this does not mean that if you are just beginning to wander the waters of a career you are about to undersell yourself, no; once again, the less experience you have the more you will have to rely on research and less on past experience to obtain the right number for your services.
The key in knowing your price and setting up the right freelance rate is becoming an expert in the current state of your field. Know yourself and the potential you have; NEVER undersell your abilities!
To advertise your skills and connect directly with local vetted companies looking to hire you, visit workhoppers.com today; a website where companies and freelancers negotiate pricing together without a middleman.
Research is one of most important parts at freelancing. You have to be great researcher and to gather as many information you can about niche you are working on.