Setting your web developer rates can create a dilemma for you. This is because of the impossible task of trying to put a monetary value on your experience and time. You cannot be a developer and take little interest on setting prices for your clients. After all, clients need the quotes to budget and decide if you're the right person for the project. There's no formula for setting prices. You just have to go with what feels right based on the current trends in your industry. Each project has its own pricing strategy, as you will discover in your career as a web developer.
Therefore, what should you focus on while setting the web developer rates?
Choose between hourly rates and fixed prices
First, you have to decide whether to charge hourly or fixed rates. Focus on understanding the differences between hourly and fixed rates. Most developers prefer working with clients who pay a fixed price for the web developing services. You could also settle on this approach as it gives you assurance of a hefty paycheck. Fixed prices are great since they allow both parties to know what the project will cost. According to Investopedia, budgeting keeps you from spending money that you currently don't have.
Determine the prevailing market rate
Second, focus on determining the prevailing market rate. If you don't know how to set a rate, check what's happening in the market. Visit your competitors' websites to see their rates. Collect this information and use it to come up with your own rates. Know the market. Know your customers' needs. According to the respected Entrepreneur.com, defining your target market all depends on the ability to understand what your clients consider the most important needs that you must address.
Evaluate your skills
Third, evaluating your skill levels is central to determining how much to set as your web developer rates. Push your ego to one side while doing this. Evaluate the quality of services you provide and compare them with your competitors. You may only decide to charge more than the prevailing market rates after conducting a proper and detailed evaluation of your skills. You have a right to charge more if you're more experienced than your competitors. You're free to ask for more if you provide something that your competitors don't.
Set rates depending on the demand for your services
You have a right to base your web developer rates on the demand that exists for your services and expertise. Initially, nobody would begrudge you the decision to drop your rates, especially if you're new in the industry and want to attract more customers. Nonetheless, you should avoid charging too low lest the clients consider your services poor. However, as more clients demand your services, you will be free to charge higher rates. According to LA Times, dynamic pricing depends on real-time supply and demand trends.
Therefore, you now have the information needed to set the web developer rates. Your skill levels matter. Your experience also matters. Therefore, don't ignore them while quoting the best rates for your web development services. Use this information as a guideline. Use this information to avoid quoting the wrong rates, which could come back to haunt your business. Freelance work is tough and you have to charge the correct prices to guarantee yourself a pay befitting the work you have done.