Setting your rates is one of the hardest things you do as a creative professional. How do you put a price on your creativity and craft?
If you missed our Guide to Setting Rates, check it out here. It’s written with the influencer in mind, but a lot of the considerations can be applied to normal freelance photographers or content creators.
Once you’ve read that, here are 3 more tips for setting your rates:
1. Look at a rates database to see what other creatives are charging for their work.
If you’re looking for hourly rates, check out Bonsai’s Rates Explorer for Freelance Designers and Developers. If you’re looking for per project rates for photography and writing, check out Contently’s Freelancer Rates Database. Don’t directly base your pricing off of these rates, but rather use it to better inform your rates and negotiations.
2. If you’re a photographer, think about pricing per image.
You spend a lot of time in post-production editing photos, and too often that is forgotten in pricing models. Pricing per image will ensure that you are compensated fairly for the amount of work you do, incentivizes you to get your work done quicker (since you won’t lose money by working faster, like you would when charging an hourly rate the same project), and allows the client to feel in control since they get to buy only what their budget allows.
3. When a client approaches you about a project, artfully ask about their budget.
If they come to you asking for a ballpark price for a certain project, give them a wide range and say that it will depend on the scope of the project. Then immediately ask if they had a budget in mind that they were looking to spend. They may not share it with you, but if they do, that will help you determine what they are willing to pay, and thus help you maximize your earnings or weed out the low budget projects early.
Creative Community Developer at Snapfluence.
I'm the Oxford comma's biggest fan.