What's your hourly rate? We have all faced that question.
As a freelancer, pricing your work gets difficult, and it gets even more difficult when you are just starting out! The 30 sec pause that’s there on the call, when a client asks you, "What's your hourly rate?", is genuinely intimidating, and we have all witnessed this at one point in our lives.
But you don’t need to do this anymore because we have curated the right solution for you, so stick around till the end.
Step 1: Self Realization
Don’t answer this question at all! You need to realize that the price of your work depends on the value that you provide and not the time. They are obliged to pay you for the problem that you solve to make their lives easier and not for the hours you spend working for them.
Of course, you need to know your competition and the market rate to justify your pricing. The most difficult part of any business in this world is to justify their pricing and so is yours.
Don’t cheat or underpay yourself by setting up that “Hourly Rate” on your portfolio and absolutely do not Price tag yourself, I’m repeating this again “They pay you for the VALUE that you provide”.
You also need to understand that not all clients are looking for something cheap. Just like Apple users know that they have to pay a premium price for a premium product. Clients that need premium services also know that they need to pay a premium price for your services.
You only need to Justify your pricing.
Step 2: Determine the Scope of the Project
Don’t hesitate and confidently tell them that your rates depend on the scope of the project.
Let’s say, You are a Website Designer and a Client approached you to make a Home page for their new consultancy firm. You usually charge $55 for a one-page design, but why just stick to it? Why not offer them a design with a content strategy session? Make them realize that just having a home page won’t help them get sales or eBook downloads. Educate them about the CRM system and that they need to write blogs which provides valuable resources to their prospective client and builds trust. Help them build that trust.
As a freelancer, you’re making your client’s life easy by understanding their business requirements that they don’t understand themselves and you're a pro at it!
"Wear More Than One Hat", i.e. Offer additional services
You might like our previous blog: Must Have Tools for Gen z Freelancers
Step 3: Happy Clients Don't Care About
Your Hourly Rate
- Retain your clients. Make long-term relationships with long term people. Over-deliver and respect their time. Regularly update them with the progress of the project.
- It's observed that insecure clients often tend to micromanage and sabotage your creative freedom. You need to make sure that your client is confident in you, enough that they refer you to other businesses that in turn keeps you busy with hot leads.
- Freelancers tend to make the onboarding process very tiring and time-consuming that usually does not land the second call. Instead, make your on-boarding process as easy and smooth as possible.
Offer paid trial projects with decent pricing to introduce them to the magic that you are! And you're good to charge Skies.
Try doing these things and still if they are stuck in asking you your hourly rate! It's time to look for Good clients who are looking for Value Providers and not time wasters!
Unless you're a freelance virtual assistant, you don't need to mention your hourly rate. Period.
Because they would anyway not convert and there’s always someone who is willing to work for less!
You know what you deserve more than me!
For a worry-free freelancing experience sign up for the payment protection marketplace that hold your client's money until you complete their project and protects you from frauds.
Until next time!