Note: Rate-setting is how you rate yourself in a freelance platform to make yourself stand out among other freelancers.
Why doing a freelance job?
There is no doubt that being a freelance can give you the privilege of working at your most convenient time in your most favourite place. More than that, freelance job allows you to set your own standard income and get paid immediately after completing the tasks. The key to this matter, however, is that you should set your salary expectation based on your skills and familiarity with the tasks you enrol.
Getting clients as a freelancer
One of the biggest obstacles of being a newbie in the gig era is to get your first client. Getting a client as a new freelancer is not easy and a frustrating situation. First, you don’t have enough testimonials to showcase your skill credibility. Second, many companies are not willing to take a chance on someone who is still green, who is very fresh to join the freelancing world. They would rather find someone who is proven to be successful before.
Smart-rating to get your first client
Thankfully, you can shoo away the headache of getting the first client as a green freelancer by boosting your rating. Laura Pennington Briggs in her book quoted that rate-setting is important for freelancers to stand above the crowd and let hirers know their position.
To set rating that can differentiate you from others but still under your control is by thinking about your overall experience and knowledge of the business market, especially the area in which you are expert in. Generally, said Laura, factors that will influence your rates are as follows:
- Your experience in the field or the writing world
- The technical expertise or amount of research required for the project
- The estimated time to complete the project
- Whether other aspects of your time, like conducting interviews, will be part of the project
- The length of the project
Most experienced writers’ charges will depend entirely on their preference, the industry, and the client’s willingness to accept that rate. Most freelancers start their career online with hourly rates and few charges per page.
Hourly rate, nevertheless, is tricky in the freelancing world because freelancer might work longer on the project. Thus, clients are often hesitant about hiring someone who appears too slow even if the time involved is perfectly reasonable. Yet, finishing the project too fast will also get penalised. This means that an hourly rate is a good starting point for creating an estimate, but it is not something most professionals rely on over the long run.
When you have your baseline price, you have a number to begin working with. Each project will be different, and you might also wish to reward clients who are hiring you for multiple projects or who are putting you on retainer.
Another important point is, according to Laura in her book, to consider your goal with your freelance business. If it is simply for a side hustle and additional income, the hourly rate might not be as important to you as someone who is attempting to replace their full-time job.
You should also remember that not every hour you will be working is a billable one. You might spend a lot of time marketing to clients as well as time doing administrative tasks such as submitting invoices. Likewise, you probably won’t work every week of the year since you will need to take some sick time and vacation days. Therefore, adjust your rate accordingly.
Read also: A to D Tips to be a Productive Freelancer