Friday, January 11, 2013

How to Adjust Your Rates for Each Freelance Project

If I were to think about one of the most outstanding traits that greatly differentiates professional freelance workers from employees under a company's payroll, it would be this: freelance worker's fees are flexible, which means no two task-based projects will require the same amount from the client.

Freelancing is an industry that hardly follows a strict set of guidelines, so I'm writing this article just to give you a few ideas on setting your rates.

If you accept assignments to proofread a variety of documents, like book-length manuscripts or company manuals, it would be better to charge by the number of pages. Before the year 2005 rolled around, each double-spaced page would cost USD2.00, which, when converted to Philippine pesos, would be slightly above Php80.00.

A lot has changed in this industry since then, and you most certainly can ask your client for an amount higher than Php80.00 if you were to proofread documents.

Now, let's say you decided to ask for Php120.00 for every double-spaced page, and you're trying to determine your price quote by estimating the number of pages that would be taken up by the entire project. By estimating, you came up with a rough total of 125 pages.

Now, compute the number of pages by the amount per page: 

125 pages x Php120.00 = Php15,000.00 

Having been able to come up with Php15,000.00, compute 40 percent of that amount, and that is how much you should ask for a down payment.

Now, how should you set your rates if you offer resume writing services, since there is no one standard type of resume for every industry?

Stay tuned, because I'll talk about this further next time.  

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