Whether you’re new to freelance design, or you’ve been working as a contractor for decades, knowing how to set the right price for your services takes careful consideration. It also takes plenty of practice to ensure you don’t lose on bids or have to eat unexpected costs later!
In today’s marketplace, staying competitive without sacrificing your price point and value requires a bit more technical skill and a little courage, as well.
Tips for Building Your Freelance Pricing Structure
- Size of Client (i.e. small-to-mid-to-large size corporations)
- What Type of Work You’re Hired to Perform
- Impact You’re Making for the Business
- Market Rate You’re Competing Against
- Time It Will Take You to Complete the Project
- Experience You Already Possess
- Skills You Offer Outside of Graphic Design (i.e. consulting, branding, etc.)
- Tude (or Attitude) of Your Potential Client
So, although Do does implement VanDusen’s “Impact” and “Experience” approach to his pricing model, he differs from S.W.I.M.T.E.S.T. 's six other factors for pricing out graphic design contract work.
How Do You Price Your Freelance Graphic Design Work?
Two successful thought leaders in the same creative industry. Yet, two different ways of thinking about charging clients for your skills. So, which approach is better?
While working in the graphic design industry, I’ve experienced a lot of ups and downs with pricing my services. Much of this stemmed from being young and worrying about losing a bid early on in my career. I also understood that to gain more experience, I had to be willing to take a few price hits. The plus side was this would help me build my portfolio and flex my design muscles a bit. Now with more than a decade under my belt, my interpretation of these two approaches is that both are effective, but it depends on which type of contract work you’re looking to bid on.
The truth is it takes practice, patience, and as I said before, a little courage. This can help you decide if hourly rates or value-based pricing will benefit you. Based on my experience, I’d say finding the right price point will involve a bit of both strategies, with some finessing:
- Determine the Impact Your Design Will Have
- Think About Its Longevity
- Consider the Rewards It Will Offer
- Identify How Much Revenue It Will Accrue