As a freelancer, setting a price for your project is a tough task. While freelancing gives you the flexibility, it’s difficult to determine the price for your project. In this post, let’s explore ways to calculate your freelance project price:
1) Setting the price on an hourly basis
You can calculate your freelance project’s price on the basis of the number of hours you have spent on the project. You can use oDesk, a time-tracking software that allows you to track computer activity as you work on the project.
Charging on an hourly basis is most recommended for people who are just starting out. There are many time management apps which help you to be on track when you work independently. These apps also help you bill your clients for the hours you work on their projects. The automatic timesheets help you justify your work and keep you accountable.
2) Project based pricing
In project-based pricing (or value-added pricing), you charge the customer on the basis of your experience and expertise required to complete the project.
This approach works best for experienced freelancers because you calculate a price that takes into consideration not only your time but also the value you offer to the client. Project-based pricing is a little tricky to get right on the first try.
It is important to consider the client’s budget and estimate your price accordingly.
PRO TIP: Don’t forget to take a look at the prices charged by other freelancers, compare them to yours and calculate your freelance project’s price accordingly.
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