Saw a stat about freelance income that made me rethink my rates

I was reading a report from Freelancers Union the other day, and they said almost 60% of freelancers have trouble setting their rates right. I always thought I was just bad at asking for money, but seeing that number made me realize it's a huge problem for a lot of us. For years, I'd just guess or copy what a friend charged, which meant some months I was working way too hard for too little. Last week, I finally sat down and tracked every hour I spent on a project, including emails and calls. The real hourly rate was way lower than I told myself it was. Now I'm adding a 20% buffer to my quotes for all that extra stuff. How do you figure out what to charge for a new type of work you've never done before?

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3 Comments

matthew8647mo ago

Honestly I just charge my normal rate but block out way more time than I think it'll take. That way if the new work is a mess I'm still covered, and if it's easy I get a nice bonus. It takes the pressure off figuring out a whole new price.

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lauranelson7mo ago

Wait, you guys are actually tracking your hours? I just pick a number that sounds fancy and then panic when the work starts. For new stuff I basically charge double and pray I figure it out fast enough.

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ruby_reed487mo ago

Track your hours, it's the only way to be fair to yourself. Guessing just means you'll end up working for free half the time. Doubling your rate for new stuff is smart, but you still gotta know how long it actually took.

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