This freelancing dilemma is as old as freelancing itself - both online and offline. While the debate still rages on which is the best method to charge clients, you need to understand some of the things that dictate pricing before you even take on a certain task. Basically, it is all about value perception and time taken to complete the project. In many cases, premium clients don't have a problem paying work that is of high value and freelancers are always happy about it. On the contrary, many clients will fret when they think a price offered is too high. Here are some main differences that you should consider as a freelancer:
In this industry, there are quite a number of freelancers who will prefer to go for the hourly rates because of the benefits this model offers. These include, but not limited to:
There are a number of benefits that you'll get with fixed price, and so are their disadvantages of this model. The following are some pros of charging fixed rate on projects that come your way:
It is highly recommended to choose a payment scheme that you think, or believe, will best work for you. In all cases, there are factors that you will have to consider so that your working experience is not interfered with in any way. The following are some points that will help you make the best of decisions irrespective of whether you are experienced or not:
It is vital that you understand the type of project you are working on. If you think hourly will do you good, do not hesitate to go for it. Importantly, ensure that your client's goals are clear as crystal lest he makes changes that can affect your productivity or scope of project.
It would be suicidal to choose a mode prior to considering the type of project at hand. If you think that you can complete a project pretty fast, then fixed price model is for you. If not, you can opt for the hourly rates.
There is nothing as important as having organizational skills. Overall, this will determine whether hourly rates are good for you. If you are not sure about keeping track on time, then fixed types are great.
It is equally important to note that personal preferences play a role, too. However, because freelancing is business, you must consider all important elements before making a choice. Remember, the type of model you go for is pivotal on how much you can earn.
I am a freelance web designer, web developer and SEO specialist – one of the “Top Rated” web designers on Upwork. Living a digital nomad lifestyle, our family loves to explore the outdoors together while doing some freelance jobs in between. Know more about our family adventures at wyattmaktrav.com – named after my son Wyatt Maktrav.
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