Whether you are just starting out in the freelancing world, or have a good few years behind you, deciding how to price your services can be uncomfortable and downright stressful. Here are four things to keep in mind in order to feel more confident when deciding on your pricing.
1 - What are you selling?
In the « market », there are three different things which buyers could pay you for:- - Services (your time and skillset)
- - Products (physical or digital items)
- - Consulting (providing guidance and information)
At first glance, it seems like you should focus on selling a service to clients, but it’s important to realize that what they are really interested in is the end product. This small shift in focus can make a big difference in attracting clients.
2 - What will they receive?
Now that we are focusing on providing a service, we can more accurately describe the microjob we are offering and what benefits the client will receive from working with us. Consider this example:« I will offer music production services. »
Or:
« I will help musicians achieve an industry-quality sound by working with them through the production process. »
With the second sentence, the client has a better idea of the end product they’ll receive by working with you (the industry-quality sound).
3 - Pricing.
Hourly rate, project rate, minutes, words… Depending on your specialty, some models for pricing may work better than others. On Artiista the client pays beforehand, so it’s not really possible to use an hourly rate. Instead, you can estimate the length of time an average project would take you and multiply this by a suitable hourly rate to get one total sum - the project rate. The project rate can also be adjusted to account for how much value is provided to the client (more on that in the next tip).Most audio professions do well with a simple project rate. For voice-over artists, charging per number of words is likely to be the easiest. Vocalists, session musicians, songwriters and composers may find that a per-minute of music or track number rate is better as it takes into account projects which are longer or shorter than usual.
4 - Perceived value.
No matter which pricing method you choose, it needs to match the value of your work. You should take into account:How much experience you have Skills acquired through training or education Your network and connections Rates of your competitors or fellow freelancers
For those with a little less experience, less training and fewer connections, you may be comfortable with a minimal hourly rate such as 20€. Those with more experience, more training and more connections can charge 50€ (or much more) as an approximate hourly rate. If you’re still stuck, have a look at what other professionals are charging and see how you compare to them and their value level.
Deciding how to price your work can be a lot of trial and error. If you aren’t finding enough clients, it’s unlikely that your prices are too high and more likely another issue preventing you from connecting with your target audience. If you have a consistent stream of clients, don’t be afraid to raise your prices a little, you might be surprised how much more clients are willing to pay when you work diligently and provide fantastic-quality work.