Choose between project and hourly rates

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Another option is to connect with others in your field using LinkedIn, Facebook groups, and forums. Get to know freelancers and ask how they set their rates. You’ll find that many are willing to post about themselves freely (while others will prefer to discuss via DM).

Job boards can also give you an idea of ​​how much your clients are willing to pay freelancers. Use all the evidence you gather to get an idea of ​​what your price should be (based on your experience and the services you offer).

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One of the hardest things to figure out as a armenia cell phone number database freelancer is whether to charge clients by the project or by the hour. Now, if you do some research online, you'll find that many freelancers hate hourly rates.

Let's take a look at the pros and cons of hourly rates so you can decide for yourself.

The pros
When you first start out, it’s easier to understand. After all, that’s how you’ve been paid as an employee all these years. Plus, your clients will likely ask for an hourly rate, so having one can make negotiating a price easier.

It also seems like a fair way to charge for tasks: the client pays you for the amount of time you spend working.

As long as you're upfront about how much time you'll spend on each task, hourly charging is pretty transparent.

The Council
One of the biggest drawbacks of hourly pricing is that many clients will compare your rate to others. So it can easily turn into a race to the bottom. At this point your service becomes a commodity.

Then there is the fact that you are penalized if you become more efficient at what you do. For example, if you start taking 5 hours to complete a project and you charge $45 an hour, over time your income will decrease.

If you improve your time by one hour each year, by the third year you will go from making $225 to $90 for the same project. This is the main reason why most freelancers are against charging an hourly rate.

It also increases the chances of freelancers pretending to work more hours just to earn more money. So the client and the freelancer get hurt on both sides.

Another disadvantage is that you don't have many hours to use during the week. You can only work so many hours a day.

This means you are putting a limit on how much you can earn per month. For example, if you charge $45/hour and work 40 hours per week, you are limited to $1,800 per week.

But when you charge by the project, you can earn much more per week. Let's say you get 7 projects per week and charge $300 each: that's $2,400 per week.

What makes it interesting is that as you get faster at your skills, you will be able to earn more and more as time goes by. You will be able to do 10 projects a week instead of seven, earning an additional $900 a week.

Finally, project pricing lets you and the client know exactly what the cost will be up front. There is no room for disagreements on pricing because it is already set in stone.