Putting a price on your work might be challenging. Many freelancers are confused about how to do it right, so they undervalue themselves and their work as a result. Use this instruction to prevent committing this mistake. Freelancers who work with a writing company that provides “pay for essays online” services to students will share their experiences and tell about five tactics, their benefits, and drawbacks, as well as supplementary advice for prospective freelancers.
Hourly Payment
Using this type of payment the client pays for each hour of the freelancer’s work spent on his project. This is one of the most common strategies, but far from the best.
Cons:
- You should track working hours.
- You will require less time to complete the project if you learn how to accomplish tasks faster, which means you will earn less.
- Some clients may think that you are purposely stalling for more time, and another freelancer could do it faster.
- It will take a lot of calculations.
Pros:
- Great for projects that don’t have an exact scope of work.
- The project may take longer to complete, which means you will be paid more.
Day Rate
This type of payment is more suited to long-term collaboration. The payment is for a complete working day or the number of hours you specify. Every day, it is normally 6-8 hours. The customer can choose to pay weekly or every two weeks.
Cons:
- As with hourly pay, to earn more, you need to spend more time.
- Most likely, clients will control your working process and are unlikely to be happy if the project is delayed.
- Earnings are limited.
- Working with one client will take up most of the day.
Pros:
- You can set a higher rate since the client does not know how many hours you spend on work.
- Keeping track of time will be easier than if you’re paid by the hour.
Day rates are better for dealing with big companies that don’t have a fixed volume of tasks but can offer you long-term cooperation.
Fee
With this type of payment, the client pays a fixed amount of money, usually monthly, in return for your time. You are paid even if a client doesn’t need your services for a month. Long-term collaboration benefits from fees.
However, this practice may reduce your schedule flexibility. You must be ready for unexpected tasks or video calls, as well as moving some other clients in your schedule as needed.
Cons:
- Most clients prefer hourly rates to fees because they know how long it will take you to complete their project.
Pros:
- You have a permanent job with a steady salary, as well as the ability to stop looking for new customers.
- The possibility of extending the contract and developing a long-term working relationship.
- The client can’t control your every action.
It’s better to sign a month-long contract with a fixed charge if you know the project will take several months.
Fixed Rate
Ideal for projects with a well-defined scope of work. A client, for example, requires seven emails for a drip marketing campaign. You establish a fee for the entire job but don’t tell them how long it will take.
Cons:
- If you haven’t specified a maximum number of edits, the client may request repeated edits.
- You can underestimate the job’s expense.
- You may not receive more than the stated amount.
Pros:
- Earnings do not depend on the hours spent at work.
- You may make the rate higher.
- You will be free from tracking your work.
Cost Based on Project Value
In this instance, the value of the final work determines the cost. You’ll need to conduct some study to establish the project’s value to him. Then take a certain percentage for yourself. Keep in mind, however, that this type of payment is better suited for companies with good cash flow.
Cons:
- The cost depends on estimated income rather than guaranteed income.
- You’ll have to persuade the client of the project’s financial benefits.
Pros:
- Possibility of making a lot of money. The more you earn, the bigger the predicted project value becomes.
- You can do your work more quickly.
- The task scope is clearly stated.
- There’s no need to keep track of hours worked.
