New to Freelancing? Here’s How To Negotiate Your Rate!
Freelancing can be a flexible career path that allows you to take control of so many aspects of your life that would otherwise be determined by your job. You are can work whenever and wherever you want. Some freelancers work from home, others travel around the world, it all depends on your personal preferences.
Seems nice, right? However, before you consider freelancing as a career, you should give thought to what you can do to ensure it is as stable/promising as possible.
I know how money-talk can be intimidating for many freelancers. On one hand, if you ask for a high rate, you might look greedy to your client and potentially lose them. On the other hand though, if you ask for a reduced price, you will not be receiving what you deserve and will be underestimating your services’ worth.
If bargaining with your clients is something outside of your comfort zone; you should consider learning some helpful techniques. Do your homework for proper and effective price-negotiation with your clients:
Research Your Estimated Wage
It is very important that before you launch your freelance business that you are familiar with the community of freelancers in your niche (here are some tips to find your niche), nature of your work, and pricing. Be realistic when it comes to pricing your services. Research what other freelancers are asking for and keep in mind degrees, specialization, years of experience, and other factors. You can either choose to get paid per the hour or per project; see what works better for the kind of services you provide and go with it.
Research Your Client
Make sure that you research each of your clients before agreeing to a deal. Understand their capacity and how much they are able to afford to pay you for your services. Try to have them make the first offer, then bargain your way accordingly. You should usually suggest a number -reasonably- higher than what you want to settle on eventually because, with bargaining, it is likely to go up and down until you settle on a mutually-agreed-on figure.
When negotiating a price with a client, always make sure you thoroughly explain why you’re asking for this number and how the quality of your service matches your request. Tell the client about previous work experiences and successes to reassure them they are in good hands.