Friday, June 6, 2014

Setting A "Flooring" to Your Freelancing Rates

After two to three years of working as a freelancer, it may now be time to set a flooring on your freelancer's rates.

I first heard about the term flooring from a Bainbridge Island, Washington-based freelance writer named Carol Tice, who started her career in 2005. She narrated how she got from the status of pricing her services at mid-range to earning six figures. Ms. Tice wrote that "it had everything to do with flooring."

I realized that one of the perks of freelancing as an industry is you can never really set a "ceiling price," or a price that is too high for your services. If you possess a professional attitude and always aim to exceed your clients' expectations, rest assured that someone out there will always be willing to pay you, no matter how high you (eventually) set your fees.

Now, putting a flooring on your rates as a freelancer simply means gradually raising the minimum amount you're willing to accept as payment. Granted, you can only do this by continually honing your skills and being more competent, and by being selective with the tasks and projects you accept over the years.

To illustrate, when I was starting out in my career, I worked on a few projects as a ghostwriter. I wasn't sure how much to charge at first, so I consulted another experienced writer. She advised me that charging Php1,000 for an 800- to 1,200-word article, or a 400- to 600-word speech, would be a good start.

My flat fee for a ghostwriting project was Php300, so that means my flooring for my ghostwriting services would amount to Php1,300. If I got offered a project where the client would pay me less than that amount, I knew that it would be better not to take it, as it would not be worth my time and skills. 

If you have multiple skills, it could also mean having multiple flooring rates. For my resume services, the lowest I charge is Php3,000 if the applicant is seeking an internship or an entry-level position. My flat fee is Php300, so that would amount to a flooring price of Php3,300.

Keep in mind that since I'm based in Quezon City, Philippines, where the cost of living is lower than the majority of cities in the world, I can afford to set my prices at rates that are lower than my North American or European counterparts. I also have cheaper overhead expenses, so I can accommodate more local clients.

No comments:

Post a Comment