Tips: How Freelancers Should Decide Their Rates

One of the toughest challenges a freelancer can face is when it comes to calculating their worth. If you’re honest about your worth from the beginning, you’ll definitely get clients who will be willing to pay you.

As a freelancer, keep the following in mind while determining how much you are worth:

  • Calculate how many hours a week you are going to work. Doing this will help you determine your rates.
  • Profit: This can be done by calculating expenses for personal and business ventures. It’s also important to keep in mind the taxes that need to be paid and the on-staff yearly salary divided by the number of hours you worked for in that year. This will help you to determine the lowest rate for which you will be able to accept.
  • While working as a freelancer, back calculation is often more feasible. Decide how much you want to earn every year and set your working hours and rates accordingly.
  • Rather than curbing down under the pressure of a client and reducing your rates, it is far better to spend time improving yourself and skills so that the right client can truly understand your worth.
  • Be flexible on the rate front. Your rates may fluctuate on the basis of market conditions and the situation both you and your client are going through.

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