The goals you set for your finances and life determine how much money you end up making as a graphic designer. Although you may be charging hourly graphic designer rates, you ought to know that this prevents you from earning more from your efforts. Therefore, evaluate your financial goals and life dreams before making up your mind to charge hourly rates. In graphic design, just as it is in all other aspects of life, time is money.
So, what are the disadvantages of charging hourly rates for the expertise you offer?
For example, if you're only able to work for one hour on any given day, what this means is that your earnings will only be what the client owes you for that one hour. If this continues for a week or several days, your earnings will receive a major hit. It might take you longer to recover financially. Furthermore, the day only has 24 hours. If you were to work for 24 hours non-stop, which is difficult, your earnings will be pegged on those hours and nothing more.
As a graphic designer you need as much leeway as possible to be creative. The little pressures that come from different quarters are capable of hindering your creative juices from flowing freely. The result of this is that the end work might not be of the quality your clients have grown accustomed to from you. Furthermore, the client might not send or release the payment if you're unable to hand in the work that he expected you to finish within the hour.
According to journal of accountancy, Hourly rates don't offer the same level of incentive that a graphic designer needs to do a good job. The designer is likely to take too long to finish a simple project, simply because he's paid for each hour he spends working. The client rewards you for your output instead of for a good job done. Hourly rates are not good options for graphic designers who value their time, but more importantly, want to give clients their best.
A change of mindset is necessary if you're to charge per project instead of the hourly graphic designer rates that have become the norm in your life. Hourly rates work for some graphic designers but are likely to be a bit discouraging to many prospective clients. After all, the clients want to know what the whole project will cost instead of dividing the work into sections or hours. Therefore, encourage your clients to allow you to bill them per project and not per hour.