Rookie Pricing: What to Do and What Not to Do

Rookie Pricing: What to Do and What Not to Do

A typical problem for new freelancers, regardless of their field of expertise (freelance software developer, graphic designer, or content writer), is determining how to charge for their services in a fair and reasonable manner.

Therefore, it is vital that you know how to build a suitable pricing plan from the beginning of your business.

Figuring out the right price for your services can be challenging. Because if you ask for the wrong price, clients will never even consider hiring you.

In the beginning, the best way to figure out the right price is to go look at popular freelance marketplaces and see what other freelancers in your niche or industry are charging.

Since you’re new, it’s not fair to charge those same prices as experienced freelancers.

Instead, you should try to figure out a middle-ground where you can offer a competitive price than those experienced freelancers without making yourself seem cheap.

How to go about Pricing as a Rookie

Here are five guidelines that can help you in your pricing

1. Make sure you do your assignment.

Investigate the rates that your competitors are charging, as well as the methods through which they are charging their prices. Begin by reaching out to your network and coworkers, and even reaching out to existing clients for comments and recommendations.

2. Evaluate the services and products you are charging for.

No matter whether you plan to charge by the hour, the project, or the outcome, remember to account for other variables such as the cost, the length of time it will take to accomplish the assignment, and any equipment you may need to rent or borrow in order to finish the job.

3. Decide on a price.

You should base your pricing on the rates of other people or connections you are familiar with and can trust, such as coworkers or peers who are operating on the same freelancing platforms as you are.

4. Pay Close Attention to Pricing Suggestions

Charge what you believe is reasonable, but also take into consideration the research you have conducted on what your competitors are doing so that you can avoid constant disputes.

5. Take a look back at your previous experiences.

Take the time to reflect on and analyze your previous interactions with clients. It is important that you review your successes and failures, as well as the feedback you have received from clients, every six to twelve months and make adjustments as needed.