Have you ever been confused about how to price your services? You're not alone. When it comes to pricing, there's no one right answer.
Pricing yourself as a freelancer can be a lot like pricing your services in any other business: you have to figure out what your time is worth. But it's also different, because there are so many variables that go into pricing things as a freelancer—and they're all personal!
You should also consider the types of clients you want to work with, because this can affect the price point where you start getting paid more per hour than what you’re currently earning. For example, if you want to work with startups that are just getting off the ground, then it might be worth lowering your rates so that they can afford your services.
Criya has a library of pricing guides with pre-made packages for various services. These include services for content creation, social media coaching, website design, virtual assistance and more, so you should find the content useful when you're shopping around for SEO, web development or VA work.
When you're starting out, you might want to play around with different strategies and see which one works best for you. Here are some of the most common ways people price their services:
The hourly rate method is the most "traditional" way of pricing yourself. You'll assign a number of hours per week or day, and charge that amount per hour. This method tends to work well if your aim is to make more money in less time—but it's also less stable than other methods because clients might not always need you at full capacity.
If you have specific projects that require special skills or knowledge, this is probably the best way for you to price them. You can charge an hourly rate for each project, or just charge a flat fee per project, depending on what works best for both parties involved. The benefit of this method is that it provides more clarity about what needs to be done.
I think the most important thing to consider when pricing your freelance services is what you're worth.
If you're a designer, don't sell yourself short by charging $20/hour to design a logo when you know how much time it takes. You need to charge what you're worth—and that might be more than $100/hour.
If you're a coach, don't let people tell you that they can't afford your services. If someone tells you that, ask them why not? What would change if they had access to your coaching? At the end of the day, it's up to them whether or not they want to invest in their own growth and development.
When it comes down to it, your time is valuable—and if someone doesn't value your time, then maybe they aren't the right fit for working with you.
When it comes time to set your price, here are some things to keep in mind:
Take some time to research what other people are charging for similar services. You can use sites like Upwork, Fiverr, or even Price Checker to get an idea of what people charge for freelance work in your industry. This will also help you figure out if there is room for negotiation with the client.
If you're on Criya's free trial, you can not only use our Pricing templates, but instantly start offering your packages in seconds.
The key thing is to not just price yourself by how much you think someone will pay, but rather by how much value your services will add to their business or project.
Set your minimum hourly rate and minimum project cost (if applicable). If you're going to turn down work that takes less than an hour, then this is easy—just set the minimum hourly rate lower than what it would take for you to do the work in less than an hour. If not, then you'll need to decide what's fair for projects under a certain amount of hours (e.g., $500) or total cost (e.g., $2,000).
Do not work for free. Know what your time is worth. If you're just starting out, it's easy to think that your time is worth less than someone else's—for example, if someone else has more experience or education than you do. But remember: everyone's time is valuable! And if you don't value yours, then why should anyone else? So make sure that when it comes to pricing your services, you put yourself first.
Criya's pricing guides and product templates empowers you to take control of your finances. Follow the principles and see how fellow entrepreneurs have packaged their own services, you will perfectly setup to attract your dream quality clients, command higher rates, and have a business that sustains you while having the freedom to step away when you're not in the mood to work. Check out our entire pricing templates on Criya by signing up for a free trial today!