At first, it can seem challenging to come up with a price for your creations. Some people may think that as designers and artists we can produce creative work with lightening speed. Similarly, clients may want to negotiate on your fees, especially if they already have a specific budget in mind. Don’t panic! Here are some of the things you should consider when setting a price for your work.
This includes everything you need to get the work done, such as internet connection, a computer, software, licenses, and a place to do it. Be sure to also think about rent and electricity bills. If you are traveling for the job remember to include transportation costs such as your rideshare or your own car, insurance, and gas money.
Listing these individual costs will help you understand what tools and equipment are essential for your work. Ultimately, you can use these calculations to help you base your pricing. You can divide your overall costs monthly or weekly, depending on the length of the project you are going to be working on.
When it comes to the actual fee breakdown of the project, is up to you to decide if you feel more comfortable charging per project or per hour.
Charging Per Project:
Charging per project can really make your life easier so long as you set up a clear timeline, deliverables, and requirements from the beginning. It is important both you and your clients know when the project will be done, what are they going to receive, and that both sides feel expectations are met. Make sure you understand who your main client contact will be for the project. It’s helpful to have one person to consistently talk to and communicate with to get all comments and feedback. Weekly meetings can also be beneficial to track progress while still allowing you the freedom to work at your own pace.
Make sure to clearly state in your contract how many changes or feedback rounds the client is allowed, so you are not stuck changing your work 1000 times. For example, you can set a maximum of three rounds of changes before charging for each individual adjustment.
Charging Per Hour:
This type of pricing is recommended for small projects that do not have a lot of deliverables. You can set X amount of hours for the project, and really focus on it with no distractions. This is an easier way to charge if you are already familiar with your skills and know how to manage your time. The same tips apply for hourly rates: make sure to get feedback from one person, set a limit on creative changes, and make sure both sides are clear on what to expect.