Many gig workers know what its like trying to set rates with a new client.
Should I go for an hourly rate or follow a project pricing strategy?
How do I figure in overhead costs?
Rates could vary in different regions but with all the remote working going on now, you can still live in the country and get big-city money depending on the type of work you do.
How do I convince my potential clients that my quality work is worth paying for?
8-Point Guide to Answering How Much Should I Charge?
Heres our eight-point guide to help gig workers answer the question how much should I charge?
Understanding these tips are the best way to ask for a competitive price for your work.
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2.
It is something that will take a matter of hours or is it a week or more job?
You are responsible for your own benefits.
This means compensating for yourretirement savings, health insurance, and eventax payments.
As a writer, this might mean offering per-word rates or per-article rates.
However you choose to do it, we recommend avoiding hourly rates whenever possible.
Be ready to discuss the reason for this with potential clients.
Charging by the word just makes so much more sense than charging hourly.
The thing is, youll probably get better at whatever it is youre writing about with time.
A gradual increase isnt likely to scare off a client, especially if you are providing a valuable service.
For some people, this might mean raising rates after getting more experience.
For others, it might mean establishing a regular schedule of increases, say once a year.
Other freelancers and gig workers quote raising rates by 15% or even 20%.
Does that mean your rates are too high?
But it might also just mean that its over the clients budget.
Perhaps you’re free to convince them otherwise.
Have I had jobs that I dont accept because their rates are too low?
Have I had people tell me they cant afford my rates?
But these conversations dont necessarily close doors, and they definitely dont ruin professional relationships.
Sometimes this works out in their favor, and other times it doesnt.
What do we mean by this?
Mainly, that things can change a lot.
This is why its important to recognize where youre at (financially and work-wise) before accepting new work.
Just like any key in of job, gig work is all about finding the right balance.
If youre stuck in a month where you really need money, taking a lower-paying gig might be appropriate.
Does this mean youre undervaluing your work?
It just means youre doing what you better get by.
On the flip side, you might be swamped with work and have someone whos offering you more.
Slacking off at least slacking off too much isnt an option.
Thats why its important to be sure youre consistently accepting work that motivates you.
Price your services right and motivation will remain constant.
Its important to remember that pricing is not a one-size-fits-all thing, says Dulay.
As you gain experience you should price yourself according to what you value your time at.
Contributor Larissa Runkle specializes in finance, real estate and lifestyle topics.
She is a regular contributor to The Penny Hoarder.
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