How much should I charge for freelancing...?

Question

I've decided to quit my job and become a freelancer. I have a Bachelor's in Communications, and I'm a thesis approval away from a Master's in Communications with an English/Lit minor. I have over 14 years of experience in the media industry, and I'm finally going to go into business for myself. I have experience in market research, journalism, writing and making sales proposals/presentations.

I've already established a network of potential clients in my market, folks who already come to me directly (and not the account executives) for their research needs. People that I work with in my department even pay me on the side for their personal projects (like resume writing and industry research). My business would help with news releases, research, presentation development, creative needs, etc.

How much should I charge for my services? What do freelancers in my line of work usually charge? Any suggestions?

Answer 1

I started same way. My first prices were what I needed to make a week to pay the bills. Then I started to get hold of prices from other consultants and gradually moved my way into those ranges. At first, it is more important to get the work than make full rates. If you do a good job, then you can ease into the full rates as everyone will know you are worth it and you will have built a reputation and referral network.  

You need to do some research other than asking on Yahoo, what rates are for your services. Clients often resent free-lancers who charge the same as the big company, but have no staff, insurance, etc. So expect to enter the market below full rates. Always remember that $500 is better is $0 even if it could have been $1000.  Once you get a steady client base, you can charge more, as I said above.

Also, don't be above the pro bono work. I do it for special clients that I want to show appreciation, or who I think can get me ahead by referrals etc. Think of it like a promo gift instead of wine or candy. Try to emphasize to your clients that you want them to think of you as resource. If can do quick easy, I will give it to them. Surprising how well that goes over. Once they get in habit (or feel comfortable) of calling you for a quick question, they just don't call anyone else...

You sound very qualified and skilled - be smart about the fees and you will be successful!!  Good luck!

Answer 2

Start by working out how much you need to earn each year and how many hours you want to work. Calculate your hourly rate from there. Then compare this to what you think is a reasonable rate and what others in your market are charging. Just ring several places with varying factors.

You will also need to work out what is going to make you stand out against the rest. What will make people come to you.

I've always believed best quality is better than cheapest.

Answer 3

Let my just say one thing:

Never underestimate the power of pro-bono work.  It could be just the thing you need to jump-start your resume!