Have you entered the freelance economy and don’t know what to charge? It’s true, you can make more money by freelancing. You don’t want to under or overcharge for your freelance services, however. You could end up doing tons of work for too little money or not get any clients because you are charging to high. Fortunately, there is a way to find out what your freelance hourly rate should be, and price yourself as a freelancer.
- Perform research and come up with an hourly rate. Consider the scope of the project. Know your role and the goals you have to meet. Know whether this is a one off project or ongoing work. Know the budget the client has, as well.
- Estimate Length in hours. You’ll need to break the project down into parts and estimate how long each will take.
- Multiply rate by hours and then add to it. You’ll want to take your base hourly rate of pay and multiply it by how long it will take you, and then add to that figure. The padding you are adding will be for questions, revisions and other unforeseen things.
- Communicate clearly. You don’t want their to be any questions in regards to what you are charging and what your duties are.
- Track hours and adjust accordingly. If you find that you are under or overestimating the length of a project, you can change for future projects or even discuss on your current project.
With these tips there will be no more guessing what to charge. You’ll know your worth and feel confident when setting up a contract for work. You won’t be undervaluing yourself and making less money, and you won’t be scaring clients away. It will be a good fit for your business. Know your worth, and don’t apologize for it.
Are you looking to become your own boss? Perhaps you heard about freelancing and would like to try it out for yourself. It is possible to live the American dream and be successful. Being a freelancer is a lot of work but it’s definitely worth it. Here are 8 steps to becoming a freelancer.
- Get credentials. Depending on your industry, you may need specific credentials to freelance. If you are working for someone else, you might be using their credentials. Research this before you make the leap. You might want to take classes or even potentially go back to school, however there are a lot of skills you can research and teach yourself for free or minimal cost online.
- Make a business plan. Lose the employee mindset. You are now a small business owner. Set goals and plan and start with a great framework. You work for yourself and have clients now.
- Create an online presence. Get your business name on all social media platforms. You don’t have to be on all of them at once, but you want to secure your name on them for the future. Focus on two. Once you get two down, expand on your other channels. Have a consistent brand image.
- Create a pitch. If you are a copywriter this is a no brainer but you still have to network even if you aren’t a writer. Create a basic outline you can edit for each potential client. Don’t just make a form letter and send it to everyone without changing it. They will notice and you will not get jobs. Competition can still be fierce on gigs, even though there are more of them today than in the past.
- Join your community and network. Join groups in your industry on Facebook and LinkedIn. Get to know people. Answer questions. Don’t be spammy but get your name out there. Marketing yourself and your business is very important.
- Learn about competition. Study those in the same industry. Don’t just copy them but learn what they are doing right and wrong. Learn from them. You may even want to reach out to them for possible collaborations. Make friends with those in your industry.
- Win clients, before you leave your day job. Get a source of income coming in before you make that jump. You may want to have a couple months worth of expenses saved just to be safe.
- Quit your day job. Once you’re ready, quit your job and go full time so you can focus on your business. It takes a lot of work and you’ll get drained doing both. This is the best step in this list, but you want to do it wisely. Don’t have all your eggs in one basket.
With these freelancing tips for beginners, you will be on your way to creating a side business that could potentially lead to full-time income. Focus on each step in your journey but keep the end goal in mind. It is possible to reach your goals and be your own boss, although it will take a lot of work and dedication. Being a freelancer is a dream for many, be brave enough to take that leap and you will reap rewards of an independent lifestyle.
Are you curious about becoming a freelancer? If so you aren’t alone. There are many Millennials today joining the gig economy. For many, it is desirable to be your own boss, set your own hours, and offer services you enjoy doing. Why spend your life making someone else rich? Many today just simply aren’t interested in traditional employment.
I came across this quote recently, “There are a lot of good reasons to consider running a business as an expat,” according to Ryan Paugh, the co-founder of the Young Entrepreneur Council. “Overhead can be significantly lower. Finding the right talent can be far less competitive. Not to mention, many foreign countries are welcoming foreign startups and entrepreneurs as an economic development opportunity — frankly, something the US could learn from.”
It’s true. Many freelancers are opting to live elsewhere instead of the US, because of the cost of living. If you are a digital nomad, there’s no need to stay somewhere expensive. You might prefer living somewhere that your income will go farther. Due to this, the US is losing a lot of talent. Millennials are finding that the American dream simply doesn’t exist for them, so they find it elsewhere. Major cities that might appeal to young Millennials are simply too expensive to live in from housing to even the cost of food. What good is being your own boss and having freedom if you can’t afford to do anything? This is why, among other reasons, Millennials are leaving the US.
In addition, there is also the desire to simply travel and see the world. There are tons of great places to visit that have cafes with wifi, for example. Why stay in the US when there is so much more to see? Cultures to learn from, food to try, and tropical beaches. (Although I have heard having your laptop at the beach is not all it’s cracked up to be.) Being location independent is an exciting opportunity especially for the young entrepreneur. There are so many great places to go that are beautiful with lots to do and aren’t expensive to live in.
You may be considering joining the gig economy and becoming a freelancer. You should do this with a plan and have savings in place before you launch your new business. You too can consider relocating once you don’t have ties to your current area. There are many services you can offer as a freelancer whether creative or technical. You can start a website, or even just do random gigs off freelancing sites that already exist. Freelancing is a great way to see the world and have new experiences that you would not have otherwise. There is no income ceiling, and you might find a place where the cost of living is more manageable. You only get one life, live it to the fullest. Once you go freelance you might never go back to traditional work again. It is life changing.