How much should I charge the client?
In your proposal, you should introduce yourself, include the skills you have to complete the published project, specify how you will do the job, and enter the amount you want to get paid for doing the job.
We know that determining the value of your own work may be difficult because of the various factors that should be considered simultaneously.
|Here are some tips to help you 😉
A good price strategy attracts potential clients and can help retain their loyalty. However, setting a price for your work is difficult: overcharging may cause you to lose clients, and undercharging may make you lose money.
There are two factors you need to consider:
- Market value. Find out the mean fee charged by other professionals and charge as much as you think your work is worth but still trying to charge a price close to this mean. You could search Google and other sites, or ask your colleagues.
- Your value. Consider expenses and costs and try to set a fair price for your work in order to determine the value of your time. You could also think about the salary you would be earning if you were employed as a full-time worker and calculate your hourly rate.
Once you compare these two values, there are three possible scenarios:
- Your price is a fair market value. This means that your price is reasonable. However, this can also mean that you will have to look for different ways to stand out from other candidates asking for the same rate.
- Your price is above market value. A higher price may scare some clients away, but it can also be interpreted as a sign of high quality. You may want to justify your higher rate based on your skills, experience and knowledge, and explain to clients what makes you different from other candidates.
- Your price is below market value. If you offer a competitive price, you will probably have more chances of getting more projects. However, this can also be interpreted as a sign of poor quality, so make sure you justify the cost to clients.
In most cases, there is a room for negotiation of the final rate, which can also be adjusted once the project details are disclosed.
For more information, you can check out our blog, Help center, videos, and tutorials, or contact us if you have any questions or comments 🙂