Freelance rate calculator
August 01, 2007 By: almostgotit Category: Uncategorized, freelancingAs it appears I will either be freelancing (or panhandling) for some time yet, I’ve got some more homework to do. The Anti 9-5 Guide answered my questions in a recent post, which also sources a good freelance rate calculator to get folks like me started.
August 1st, 2007 at 12:57 pm
As a compensation professional (sorry, we just can’t turn it off), I was intrigued by the freelance rate calculator you linked to, so I checked it out. An interesting – and certainly helpful – tool to help one get a handle on a billing rate. But I note a critical deficiency: Nowhere does it take into account the market, or what the market will bear in terms of billing rate for a person’s particular talent or skill. I would suggest getting some notion of that to throw into the equation before you hit the streets looking for business.
Unfortunately, I don’t know of a website or tool to provide this information. In my experience, the best way to get a sense of going rates for freelancers is by talking to other freelancers. I did some checking when I first put out my own shingle, and plenty of people have approached me since then with the same question. It may be more comfortable to ask people who would not consider you a direct competitor (i.e., people who have comparably strong backgrounds but not in the exact same discipline) – although I have asked some of those and they have asked me.
This information, along with the help of the freelance rate calculator, would put you in a much stronger and more confident position when you start bidding for work.
August 1st, 2007 at 1:17 pm
Ann- Please don’t ever “turn it off!”
You make an important point! I laughed at the calculated rate I’d have to charge this year — it was in the fair three-digits!! — and realized that one of the better purposes to put this particular calculator is to get a good idea of how many billable hours a person needs to shoot for so that the “good-personal-fit rate” calculation squares with an actual “fair market rate” one also will need to establish.
Asking other local freelancers for market rates in one’s own area is almost essential, I agree. Which, yes, requires a mutual willingness to participate in a little give-and-take (answering some as well as asking others). One good way to establish local fair-market rates is to work or sub-contract with other, more established local freelancers — as I’ve been doing. It has been a great way to get a little street-wise and to network at the same time.
To start at the very beginning though, or if willing mentors are a little scarce on the ground, I’ve found some good online resources for pricing some specific services, (I’ll post them here at some point) which at least can provide some initial, ball-park figures to play with.
January 8th, 2008 at 2:56 am
I was searching around for one of these to help me fine tune my rate for a 4 month contract when I stumbled across skillserv.
After reading your post I also checked out FreelanceSwitch. Thanks for posting about it-very useful tools.