Tuesday, February 4, 2014

Freelancing 101: Pricing Your Freelance Services

One of the many concerns of new freelancers on virtual marketplaces such as oDesk, Elance, and Freelancers is how to price their freelance services. As discussed on my previous post How to Reasonably Price Your Freelance Projects, freelancers should consider the following factors when setting their rates:
  • Skills, experience and expertise
  • Utility bills and other expenses
  • Cost of living and the average wage

Consider the competition

Aside from these, independent contractors should also take into consideration their competition. We must check what rates other freelancers of the same skill set, also of the same geography, have. Many freelancers may offer their services at lower rates but that does not mean you should lower yours too. Just keep your rates realistic and make sure that you can justify it with your skills, knowledge, experience, expertise, and professionalism. While there are many buyers/employers looking for the cheapest rates, there are also many who requires quality service over the rates.

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