I lost out on a big client because my freelance rates were too low. As a freelancer, it’s important to always be aware of the market value of your skill so that negotiating your freelance rates is simple.
Often times, clients will try to lowball you in order to get the best deal possible. While it’s okay to be flexible with your rates, you should never accept anything less than what you’re willing to work for. By failing to negotiate for a higher rate, you’re leaving money on the table. Don’t let your client’s negotiation skills outdo yours!
You have to know your market before negotiating your freelance rates
When I first start freelancing copywriting work, I actually lost potential clients because I wasn’t charging enough! I remember telling a guy that my rate was $35/hour. He looked at me like I was crazy. By not doing research ahead of time, I quoted way below market value and outed myself as a newbie.
Later, I did research and realized that professional freelance copywriters change anywhere reform $70-120 an hour depending on experience. Doing a little research ahead of time would’ve not only helped me land the client, but also doubled my earnings in the process.
Before interviewing clients, it is essential that you understand the market value of your skills. Knowing your rates and charging accordingly not only ensures that you are compensated properly for the services you provide, but also communicates to clients that you highly value yourself and your work.
Being aware of what other freelancers in your field are charging can also be helpful in deciding what rates would be the most competitive and attractive for potential clients. Furthermore, understanding your rates will ensure that both parties are satisfied with the amount being exchanged for services rendered.
All in all, it’s important to remember that having knowledge of and being comfortable with expressing your rates supports not only your finances, but also reinforces confidence in yourself as a professional freelancer.
How to Choose Your Freelance Rates
As a mom, you have a lot of responsibilities and commitments. You’re busy taking care of the kids, cleaning the house, running errands — the list goes on! But if you’ve been thinking about turning your passion into a side hustle, one of the biggest questions that comes up is how much should you charge for your services? Setting your freelance rates doesn’t have to be tricky.
Do Your Research
Before you start setting your rates, it’s important to do some research so that you can get an idea of what other freelancers in your field are charging for similar services.
This will give you an idea of whether or not there is room for negotiation and also provide insight into how much people are willing to pay for those services.
Define Your Value
When it comes to freelancing, it’s important to remember that pricing is about more than just how many hours you work in a week — it’s about defining and communicating the value that you bring to each project.
For example, just because you worked as an office assistant for $15/hour doesn’t mean you should charge the same when creating website copy. The value of web copy is significantly higher than organizing files and answering files. And you should charge accordingly.
You can also think about what makes you unique and different from other freelancers in your field and make sure that this value is reflected in your pricing. Your price should reflect your industry, your experience, and your portfolio.
Don’t be afraid to adjust your prices as needed based on the level of expertise required for each project. Just because you charge Sam $100/hour doesn’t mean that Sally gets the same deal. Sometimes you should charge clients more just because they stress you out and are a pain in the butt to work with. My easy clients get a happy discount since they are amazing and are low maintenance.
If this is your first time setting freelance rates, it may be beneficial to start low at first until you gain some experience and become more confident in setting higher rates later down the line. If you don’t have a solid portfolio, it can be difficult to convince a potential to hire you and pay you top dollar for your work.
However, make sure not to undersell yourself! If a client requests a lower rate than what would be deemed reasonable for someone with similar experience levels, don’t be afraid to politely decline or negotiate higher compensation out of respect for yourself and your work.
Don’t be afraid of negotiating your freelance rates with clients
Are you a freelancer that finds themselves constantly worrying about their income? If so, it could be time to try something new: negotiating your rates with freelance clients. Of course, the prospect of negotiating your freelance rates can be intimidating and overwhelming, but it doesn’t have to be!
You have the power to truly value yourself as a professional, and in order to do some research on current industry trends and figure out what rate works best for you. If you keep an open line of communication and practice speaking confidently, there’s no reason why you can’t make more money than ever before.
It’s true: asking for more money is completely within your rights as a freelancer—the same goes for current contracts too! Don’t let others devalue the services you provide: stay informed and negotiate with confidence.
It is important to learn the art of negotiation as a freelancer
As a freelancer, the ability to negotiate is a key skill that will set you apart from your competition. Negotiation involves both verbal and written communication skills, a familiarity with business and industry protocols of conducting agreements, research, data analysis and interpersonal skills.
Understanding the fundamentals of negotiation will help you make sound decisions when it comes to setting wages and terms with clients. With effective negotiations, you can open yourself up to opportunities you may not have had before on various projects which can help take your business to the next level.
Always be sure to equip yourself with this powerful business tool—because when used correctly it can better the quality of your services, raise awareness for your brand and increase efficiency in service delivery.
Remember that you can always walk away from a deal if a client is unwilling to pay your rates
Finding your rate and being willing to stick to it is a difficult yet incredibly important element of the freelance life. Too often, clients will lowball us or try to take advantage of the fact that we don’t have the same job security as more traditional employees.
Remember that your market value is what you can bring to the table, and never be afraid to walk away from a deal if a client is unwilling to pay your rates- however tempting their offer may be!
Thinking about your true value will give you clarity on making decisions like this one, ensuring that both parties come out with something they feel good about in the end.
At the end of the day, do what’s best for you and your freelance career
Knowing when to draw the line as a freelancer can be difficult but setting boundaries and sticking to them is a great way to ensure that you’re going to be successful in the long run.
Final Thoughts about negotiating your freelance rates
Negotiating your freelance rates doesn’t have to be intimidating and the power of knowledge alongside preparing for the conversation properly, can set you up for success.
At the end of the day, trust your instincts and remember that you know what’s best for your career and how much time, energy, and effort you’re investing in each contract or project.
Being aware of your worth can help dramatically when it comes time to sit down and have those important conversations which will ultimately lead to flexibility and financial independence in your freelance career.
Negotiating your freelance rates can be scary, especially when you’re just starting out. But it’s important to remember that your time is valuable, and there are clients out there that are willing to pay your rates.
If you don’t feel comfortable negotiating your freelance rates, remember that negotiation is a skill that you can and should learn. At the end of the day, do what’s best for you and your career. What tips do you have for setting freelance rates?