As a freelancer or an artist you might have the advantage of working for yourself and loving what you do but one of the critical issues for you may be pricing your work. How to put a price on a work of art or one off project? That is something which can be a bit of a deal breaker for most freelancers and artists like you. Here is a quick guide to help you decide what price works for you…
Consider The Project
Consider the specific needs of the project on hand or proposed. If you have been commissioned to ghost write a book that calls for research then you will have to consider time and effort involved in researching the topic. In case you have to contribute pictures or illustrations for the book then what sort of look is desired and how hard you will have to work must be quantified and converted to money value.
It is important to take a holistic view of the project as this will help you determine what it is going to cost you in terms of time, money and effort that you will invest in it.
Calculate Material Costs
Next up particularly for artists and designers who make products what is the cost of material you will be using for the project. Do not forget to include cost of traveling to source material, freight nad shipping charges if any as that will be a big mistake.
Do the Math for Time Taken
How much time is the project expected to take? If you are writing then include time taken to write, research, edit and rewrite. If you are illustrating time taken to draw, number of drafts, time taken for each one, finalization, etc; all such factors must be considered.
Usually the thing to do would be add material costs and double that for time taken but then you cannot have this as a standard rule for pricing. The best thing to do would be to devise your own method.
Don’t Forget To Value Your own Work
The big mistake most freelancers and artists make is “undervaluing” their own work. If you don’t value your own work no one else will. Don’t be afraid to charge for the service you render, those who want it will use it. Initially pricing low might work as a strategy but then again I wouldn’t recommend under pricing anything. Even if you are new you must learn to put an appropriate price tag on your work.
Hope this helps you figure out how to price your work.