Setting your rates as a creative freelancer can be a daunting task. It’s a balancing act between valuing your skills and expertise while remaining competitive in the market. Understanding the industry standards, your unique value proposition, and the specific needs of your clients are essential factors to consider.
Understanding market value is key
It’s essential to recognise that your rates are determined by market value, not fairness or usefulness to society. This means that you need to research the current market, like, for example, as a professional copywriter, or as a beginner, and understand how supply and demand impact pricing.
Learn from agencies
Look for industry reports or surveys that delve into agency billing practices. These reports often provide data on average hourly rates, project fees, and markup percentages.
You can also read testimonials from clients who have worked with agencies. Pay attention to their comments about the billing process, transparency, and value for money.
Many agencies provide information about their services and pricing models on their websites. This can give you a sense of how they structure their fees and what they consider to be fair rates.
Flexibility is key, but stand firm on your minimum
Retaining flexibility in your pricing structure is essential, but you should also be prepared to stand firm on your minimum rates, especially when working with clients who are seeking to negotiate low fees that may not adequately compensate for the value of your work.
To calculate the fee, I use my “minimum day rate”
Iancu Barbărasă
Freelance graphic designer Iancu Barbărasă adopts a flexible pricing approach, allowing for some negotiation with clients whilst still setting a firm minimum day rate based on his costs and the value of any additional services or features.
Charging per day or per project? It’s not a one-size-fits-all approach
The approach to charging among creative freelancers is multifaceted, with various individuals adopting either a daily rate or project-based pricing model, each with its own set of advantages and considerations.
