stage four

Price & Packages

Now we come to the all-important (and always awkward) question of pricing. 💸

How much will you charge?
How will you decide your rates?
How much is too much (or too little)?

In this stage, we’ll answer all of that.

Plus, you’ll learn how to calculate your Hourly Rate & package your services into juicy offers your clients can’t resist. 😍 And if you're worried about getting clients at the prices you want to charge, watch this MarieTV episode below to discover an easy way to reverse this thinking.


Choose Your Price Strategy

There are three main pricing strategies for freelancers: Premium, Average, and Competitive.

Read the descriptions below and then answer the questions in your Workbook. ✍️

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AVERAGE

Every industry has an average rate for freelancer services. By pricing yourself within the industry average, you guarantee a fair and reasonable price to your clients. This is the safest strategy.

COMPETITIVE

Competitive pricing is lower than the industry average. This is a smart strategy when you’re just starting out and need to build your portfolio quickly, but you’ll burn out faster with this approach.

PREMIUM

If you’ve found a good niche, or your skills are highly in demand, you could price yourself above the industry average. This is one of the best strategies to use if you have plenty of experience.

 

✍️ DO THIS EXERCISE IN YOUR WORKBOOK


 
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Since accounting is quite a niche industry, my initial starting prices were a bit below industry average but not too low. I was privileged to learn from other freelancers who set their starting rates too low and ended up burning out quickly. I knew I was in it for the long haul and needed to make my prices sustainable to work for me and my family.
— Morgan, Freelance Accountant
 

Package Your Services

Everyone loves options!

One of the best ways to get clients to pay what you want to charge, is to present them with 2-3 options and let them decide. 💡

To learn more about how you can package your services, research how the professionals in your industry are doing it. Are they using packages? If so, what’s included?

There’s a great blog post in the Additional Resources section that gives an example of how you can use packages to up-sell clients into bigger projects and better deals.

✍️ DO THIS EXERCISE IN YOUR WORKBOOK


 
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I feel almost embarrassed to admit that I started out accepting work for $5 per 500 word article just so I had reviews I could share. Once I had a few clients under my belt, I began increasing my rate. It definitely reflects my experience now.
— Francesca, Freelance Copywriter
 

Calculate Your Hourly Rate

Whip out the calculator! It’s time for a little math exercise… ➗✖️➕

As a freelancer, you should always your know Hourly Rate even if you charge a flat fee per project. Fortunately, this number is pretty easy to calculate if you have the right formula.

But first you’ll need to know:

  1. Your ideal monthly income (for your first year of freelancing)

  2. How many hours you want to work everyday

  3. How many days you want to work every week

Follow the instructions in your Workbook to calculate your HR.

✍️ DO THIS EXERCISE IN YOUR WORKBOOK


 
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Pricing was always tricky. I felt uncomfortable charging what I wanted to charge because I wasn’t sure if it was too much, or too little. My advice would be to go with your gut. If you know you’ve got talent, don’t give it away for free. People will pay for quality and these are the clients you want to attract anyway.
— Josh, Brand Designer
 

Your Assignment

Complete the Workbook. Then, share your answers to the 3 questions in Slack.


⭐️ Bonus Points ⭐️

Research what your competitors or role models are charging for their services. What pricing strategy do they use?