The Right Hourly Rate For Your Design Services
How To Find The Right Hourly Rate For Your Design Services
Newer designers and creatives sometimes find themselves feeling oddly guilty when it comes to getting paid—as if creative passions and compensation should never mix. However, you can and should be making a living while doing what you love: designing.
For fresh designers who don’t know how to arrive at a fair pay, Thought Co. has listed seven steps to help you determine an hourly wage that is right for you.
Preview three tips below, and head over to Thought Co. for the full list.
What are your profit goals?
Consider your own financial goals—where you hope to bring yourself in the future is an important determining factor when it comes to your rates. Think about:
· What you earned prior to becoming a freelance designer?
· How much it costs to maintain your desired lifestyle?
· How can you work towards large financial goals, such as investing in property or retiring at a certain age?
As a freelancer, there will be no employer covering the expenses it takes to keep your business running. Some expenses that should be considered include the following:
· Studio or workspace rental, maintenance
· Legal fees
Calculate what these costs will look like for an entire year to get a sense of what your rock bottom rate should be.
What does the market look like?
Study those who are doing similar work in your region and find out how much they are charging.
You wouldn’t want to ask for a disproportionately higher rate than those of similar skill levels, and avoid asking for too little—doing this will not only leave you with less, but send the message that the quality of your services are lower than that of your peers.
Continue reading more useful tips here.
By Kylie Woon