One of the biggest debates with any freelancing work is whether to charge hourly rates or go with a fixed price based on the entire project. It's difficult to agree with any specific side of the argument. Here, this article simply strives to show you how to charge web developer contract rates that represent your true worth as a professional. You can only charge per hour if the client agrees with this. In many cases, the client might opt for the fixed price or project-based rates. Nonetheless, in all these situations, the rate should reflect your true worth.
Value your time
Setting the base rate for your time should be your immediate focus. According to the respected Wall Street Journal, your time is worth what you're willing to spend, make or save per hour. For this reason, a web developer who wants to set his rates on hourly basis should calculate how much he wants to sell each hour of his working life. Remember, you could be doing something different with that time. You could be busy doing something else with each hour of the day or night. Once you know the base rate of your time, setting the rate should not be a problem.
Value your expertise
Next, the web developer has to consider the value of his expertise. An experienced developer has a different rate to a newbie. The veteran developer's time is more precious. He has spent years learning and perfecting his skills. Therefore, he is entitled to charge more for his services. This is because he understands his value. Each hour is crucial and extremely important to the veteran developer. According to the USA Today, some millenials prefer better working conditions and being happy to better pay. Therefore, choose what's important when setting the rates.
Value speed and effectiveness
Next, your rate should depend on how much value you put on speed and effectiveness. If you're capable of producing excellent work fast, then you have every right for setting higher rates. No one can begrudge you this right. A highly skilled developer will log in a few hours because of his ability to finish the work much faster. Compare yourself to some of the closest competitors that you know in terms of time taken to complete a specific project or task. If you're faster than the rest, you should not hesitate to set higher web develop contract rates.
Don't be afraid to set discounts. The fact that you're highly skilled, more experienced, faster and effective at what you do gives you the right to set discounts. Let your clients know that you will offer discounts. Let them know that you're willing to give up something because of the value you attach to the relationship with the clients. However, you need to be cautious when setting the discounts to avoid problems that might arise later. According to Statista, customers around the world have redeemed 16 billion digital coupons, thus proof of the high demand for discounts.
Therefore, use this information to help you set the best web developer contract rates.