Judging your professional monetary value raises difficult challenges. Consequently, you may end up charging too low. According to Tiny Books, your time gains higher worth as you get older and gain more experience. Below are some tips to assist you calculate your freelance developer rates.
Study This Market
Do your research concentrating on what the current market rate is for your professionalism. Compare this with what companies you aspire to work for pay. Should a project be what you would love to do, accept lower rating if it is the best offer.
Calculate What You Need
Copying what everyone else is doing will not bring enough money to finance your lifestyle. It is vital to remain honest with yourself and work out precisely how much you need. Remember to add everything normally covered in wage packages, according to Neil Robert Leonard. These should include taxes and pension contributions.
Perform a simple analysis regarding how much you would need to make annually to live comfortably. Factor in issues such as holidays, illness periods, and periods when gigs are scarce. This should give you an idea of what your day is worth.
Raise That Rate
Soon enough, you will settle upon a rate. This does not, however, imply that this shall be the eternal rate. An original rate arises from a particular experience and skill set. Logic has it that with an increase in experience and skill level, a higher rate is apt.
The right time to increase your rate rests on several factors. Among them is the level of demand for your specialty skills. There is also an actual skill improvement and evidence to support it. Should you be turning away clients because you have too much work, this is a sign raising your rate is apt.
Learn To Decline Some Gigs
If a prospective client balks at the rate you give them, they might not be a good client for you. They could be unaware of what value you provide. Alternatively, they could have been working with undercharging freelancers.
Per Project, Per Day or Hourly
According to Anna Dahlstrom, a mix of this is advisable. Agencies prefer working with daily, hourly, or weekly rates. This allows everyone to keep everything nice and simple. General clients rarely comprehend how to determine how much an hour is worth. For them, per project rates are easier to work with. More experience means working better and faster. Do not get paid less if you are faster and better than the competition.