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Thread: How to Price Yourself the Right Way

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    CoreyFreeman's Avatar
    CoreyFreeman is offline Experienced Net Builder
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    How to Price Yourself the Right Way

    People who are new to freelancing seem to have a major problem pricing themselves. They either go too high or too low. Here are some tips for price setting properly.

    1) Know how much money you need to make per month to stay alive!

    While many people freelance as a side job, some of us actually do it as our primary job. So don't set your prices so low that in a crisis you couldn't afford Ramen. However, don't set them so high that you think you'll be buying sports cars. Consider your true cost of living.

    2) Go $20 higher than what you really want to make.

    People like to haggle, and you could end up being paid less than you want. Setting your estimates $20-30 above what you really want will give you wiggle room, and you could end up getting more than you want. Just remember to be adamant about your base price.

    3) Price based on quality.

    If you don't speak fluent English, don't charge $20 per freelance writing article. Price based on the quality you can produce. It's helpful to ask friends and family how much they would pay to get your work. Sometimes we undervalue ourselves.

    4) Price based on competition

    Don't go too crazy with this, but asking around can help you to set your prices within the industry range.

    Pricing is extremely important, so make sure you do it correctly!

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    Aziz (1 November, 2009)

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    Akky is offline Newbie Net Builder
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    THANKS a lot for posting this.
    As you saw in the other thread, this is what I needed.

    Now I can price myself correctly.

    And, i started reading your blog Outstanding Writer, it is amazing and helpful.

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    CoreyFreeman's Avatar
    CoreyFreeman is offline Experienced Net Builder
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    Quote Originally Posted by Akky View Post
    THANKS a lot for posting this.
    As you saw in the other thread, this is what I needed.

    Now I can price myself correctly.

    And, i started reading your blog Outstanding Writer, it is amazing and helpful.
    I'm glad you like the blog. I have a post on how to pick profitable clients here: bit.ly/EIEMM

    A lot of people struggle with pricing themselves. The MOST IMPORTANT aspect to consider is your own personal living cost. There is a free cost calculator available at freelance switch at:

    http://freelanceswitch.com/rates/

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    Jesse is offline Newbie Net Builder
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    There are some designers who charge 2500$ per WP theme design...and they actually sell. That is amazing.

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    sparrowhawk is offline Unknown Net Builder
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    that is true because they are professional WP theme designer and they produce quality WP themes

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    eclipse is offline Newbie Net Builder
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    This thread should be made sticky, because some freelancers really really overprice themselves.

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    camp185's Avatar
    camp185 is offline Net Builder
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    And don't price to be competitive on DP!
    Twitter Users! Download the Twitter Toolbar for Firefox

    Trying to improve your website? Have you done an analysis yet?

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    CoreyFreeman's Avatar
    CoreyFreeman is offline Experienced Net Builder
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    Quote Originally Posted by camp185 View Post
    And don't price to be competitive on DP!
    In my opinion, Digital Point should not be a metric by which to measure your freelancing business. If you're concerned about performing on DP, you're not expanding your horizons enough...

    Same goes for freelancing websites. Marketplaces are great, but remember to keep yourself priced to stay afloat. Start lessening your price and you lessen your own personal value.

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    suejeff is offline Unknown Net Builder
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    Good advice, I would add that if you can type fast you can afford to lower your rates a bit and still make the same amount of money.

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    CoreyFreeman's Avatar
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    Quote Originally Posted by suejeff View Post
    Good advice, I would add that if you can type fast you can afford to lower your rates a bit and still make the same amount of money.
    That's true. You should definitely consider the maximum and minimum amount of work you can handle at your current earning goal, and then find some kind of median that works and allows you to charge something reasonable and get the work done.

    I actually wrote an entire post on this:

    How to Price Your Freelance Writing Business

    Take a look at it for some in-depth ideas on pricing. This is more heavily freelance writing based, but I'd apply the same principle to any business.

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