If you want to be successful in freelancing, the biggest challenge you have to face is the price you charge to clients against your professional services. Remember that the competition has got too tougher and there are a large number of people who are working as freelancers and most importantly, a lot of people are providing services at very lower prices which can be a real problem for those who offer their services at higher prices. Therefore, it is recommended that you don’t overcharge as this will greatly reduce your chances of success but in case of undercharging, you will not be able to get the right price of your services.
Factor # 1: Skill & Experience
There can be various fields in which you might be good but surely in every field, you can’t be perfect at the same time. Therefore, it is good to find out what your areas of expertise are and then offer your services in those particular areas where you can earn more profit. Moreover, if your experience is richer, you will surely be able to charge higher against your services.
Factor # 2: Sufficient Income
Freelancing is an actual form of business and you must not take it as something of lower importance. You can rent a small office or work from home but in every case, you must charge fair prices so you can save some money at the end of the day after paying all the expenditures. The competition is tough and you need to prove yourself that you really deserve to be given more for your skills.
Factor # 3: Business Size
Owing a small freelance business will enable you to get rid of huge utility bills and because you don’t have a lot of staff, you don’t have to pay for their high salaries. This will allow you to charge even lower than the others but when you see your business growing, you can start charging more, especially when you are more experienced and clients trust on your skills.
Factor # 4: Market & Client
When there is higher demand for a certain type of job, it shows that the chances of getting more money will also be higher. However, it also depends upon the clients. In case you have international clients, you might be able to earn more but surely there will be more hassles. If you have local clients, you might earn a little lower, but this will be hassle free in most cases.