How to correctly price yourself in the freelance market

How to correctly price yourself in the freelance marketHow to correctly price yourself in the freelance marketUnless you are positive youre going to win the Powerball (which, may the grace of good fortune be on your side), you are going to have to hustle this year. That means knowing how to price yourself. Its a balancing act- aim too high and the client might offer the job to someone else. Price yourself too low, and youll end up resentful at the high workload and low payout.We have some tips on how to evaluate your worth and how to deal with tricky situations with clients.Follow Ladders on FlipboardFollow Ladders magazines on Flipboard covering Happiness, Productivity, Job Satisfaction, Neuroscience, and more1. Dont suggest an hourly rate.Think of your work as value-based. If you are helping a brand grow their online presence, you shouldnt price yourself based on the amount of time you are going to spend on the job. You should price yourself based on the value you are going to add and your level of expertise.The better you get at something, the faster you work (usually), but that doesnt mean you shouldnt be paid for your skill level.2. Dealing with the we dont have a big budget, pickle.It might be true, it might not be, but when a client says this to you its often a red flag that they arent going to want to pay. Its also a way to undermine your confidence from the gate. Telling you there is no budget will make you question what youre worth dont let it. If you have a set rate, stick to it, and if they cant pay that, then its up to you to decide if the ends justify the means. If you think its a relationship that will pay in the long run, thats a decision only you can make.3. Compare and contrast, but dont undersell yourself based on the market.Look into what other people are being offered for the saatkorn service, but if you think its too low for you,dont fall to market pressure.A simple way to find your number is to divide the high-average yearly salary of so meone in your position who works full time by the number of months youll be collaborating with a client. You want to start on the high end because most of the time you will get a counter-offer.4. Quote yourself confidently.Dont be afraid of that big number. Looking at it as a whole can seem intimidating, but sending a confident proposal that shows a client that you believe in your worth and your work, may instill the same confidence in them.5. Offer your services in tiers.Be explicit about what services you can provide for different prices. The more specific you can be about deliverables for price points, the more likely a client is to sign on. Tiers also gives you wiggle room for negotiation. For example, if the client is into tier 2with one additional service youre offering in tier 1, you can come back and say, Im willing to add in X service for X extra.6. Asking point blank if there is a budget.If you dont know where to start, you can put the initial price point on the potential client. Theres really only one way to do this directly. How much are you willing to spend? will send the wrong message. Asking if there is a budget, will not.7. There is no ax+b=c formula.Theres no right answer to price yourself. At the end of the day, everyone has had different kinds of experience put on their resume, has different skills, and all have worked for different rates in the industry. If youre confident in your price, have compared your rate based on average market pricing, and have considered all of your skills, experience, and value, youll be able to come up with a rate that will make sense to you. If it doesnt make sense to a potential client, oh well. _(?)_/ Like Tinder and Bumble, youll eventually find a perfect match that will understand your self-worth and value.This article originally appeared on Create Cultivate.You might also enjoyNew neuroscience reveals 4 rituals that will make you happyStrangers know your social class in the first seven words you say, study finds10 lessons from Benjamin Franklins daily schedule that will double your productivityThe worst mistakes you can make in an interview, according to 12 CEOs10 habits of mentally strong people