The Weekly Freelance Challenge: Check your prices

July 23, 2012 Freelance Challenges, Freelance Finance, Freelance General 3

The Weekly Freelance Challenge does exactly what it says on the tin. Each week, I’ll set a challenge that I will take part in, and it’s open for anyone to join in. One week it might be about improving productivity or finding new clients, and the next week it might be about how to lead a healthier freelance lifestyle. Feel free to join in and leave a comment with your progress, leave a comment on my Facebook page or use the Twitter hashtag #TWFCUK (a football team have nabbed TWFC!).

Last Week’s Challenge

Ok, it was the week before (I took a break last week), when I challenged you to all ask for more recommendations. Did you do it? How did you get on? Is your website or LinkedIn profile full of warm words? Great! Let me know how you got on in the comments below.

This Week’s Challenge

This week, it’s all about the money. The benjamins. The moolah. The dough. Y’know, the stuff that helps us pay our bills (and pay for shoes).

I got myself into a bit of a tizz recently, as I was doing a lot of work, but the payoff didn’t really equal it. After a chat with the wise and wonderful JJ from This Little Lady Went To London, I had a look at what I was charging for my work. While my daily rate is about right, my packages were quite a bit cheaper than the competition. So, I’ve raised them*! It’s a bit of a scary thing to do, but hopefully my current prices now reflect the time and skill I put into my work.

So! My challenge this week for you is to do the same. Are you charging the same prices you were when you first started? It’s very common for newbies to charge very little or nothing at all at the start before they gain some confidence. Or perhaps you’re concerned that charging higher rates will cut your customer base. That’s true, but wouldn’t you rather provide a high quality service at justifiable prices?

Here are a few things to do to decide on your prices (and don’t be afraid to reassess your prices every six months!)

  • Have a watch of this Marie Forleo video for a guide on how to set your prices:

  • Next, check out the London Freelance Fees Guide, which covers lots of freelancing roles and the average price for them.
  • There’s also a great guide on Creative Pool that I’ve mentioned before that has some handy up-to-date prices.
  • There are also some methods for working out your prices in this Lifehacker piece.
  • Get researching. Have a look on the websites of those who offer similar services. Many, like mine, list their prices. How do they compare?
  • Finally, ask your friends and family – ideally those in the industry. I’m fortunate to be surrounded by people who will give me an honest opinion.
That’s your challenge for this week. Have a go, then let me know how you get on…

*Not for my current clients
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  • http://www.thislittleladywenttolondon.com/ JJ Miller

    Yay! I’m pleased. I think the work you do is excellent, and you should charge for your time AND knowledge accordingly. I am sure you will still be extremely competitive – and it’s not for a moment about being greedy. I just know how much work goes in to get the results you do, and I’m pleased you’re seeing the value in that! You wouldn’t work for someone else for next to nothing an hour, so you shouldn’t work for yourself for that either.

    Good work Em. As you know, I’d happily recommend you to anyone who asked for help with their Social Media xx

  • http://www.onemanbandbookkeeping.co.uk/ Rosie Slosek

    Pricing is one of the most difficult things. It is harder than the accounts. One of the things I tell new businesses coming to me asking for help, is that no one knows The Answer about pricing. Not even the really big corporate businesses.

    Do your research, set your price and adjust as needed. I have ‘my prices may go up every April’ terms.

  • http://www.mmask.qa/ Jobs in Qatar | Qatar Jobs

    Charge reasonable is very important for increasing business size
    or activity, for that, you should research about market rates after that decide
    what you should do.