Determining your fees can be tricky. You want to be competitively priced while also ensuring profitability we are in business to make money, right?
The first step in determining your fee structure is deciding whether a flat rate or an hourly billing system is right for your business. Here at Go Media , we work with hourly billing although we used to work on flat rates. Sometimes we eat hours. This puts a little pressure back on us to work efficiently and to quote accurately.
However, if the client is going WAY over budget, then we start billing them again, but at our hourly rate. In Drawn to Business , Bill stresses the importance of communicating policies before the project kicks off even though most clients nod their head and tend to ignore the information.
Putting things in writing always helps! At Go Media, that statement looks something like this:. Our quote is an estimate based on an hourly rate. We are going to work very hard to stay on budget. Our quoting is typically very accurate, but you need to be aware of this policy. Should this be the case, we would be sure to discuss all of the project details and manage expectations at the onset. In my fixed prices I include the amount of rounds of feedback we would do, the copyright will it be a year, two years, or a buy out?
Will it be for a magazine, commercial or the web? Will they sell it to someone else? It seems to make it easier for my clients to digest. If I go over, I go over and know to charge more next time.
If I go under by a large amount I adjust the final bill to reflect that though by the time all phone calls, and email and project management and file prep and all the little things that so many people do not account for come into play, I rarely am under by much. On the other hand, Scott Fuller says his billing practices can ebb and flow based on the client. Will they still be around to pay me?
At Go Media, we have different rates depending on the service. It all varies on the client. When I do proposals I give certain categories flat rate amounts. Which is why one of the most frequently asked questions I receive is: How much should freelance graphic designers charge?
Many designers will even opt for project based flat-rates that are based on their target hourly rate. But for the first decade of my adult life, I never saw freelance as anything more than a side-hustle. It was just something I did to earn a little extra spending money on the weekends.
Today, I earn 6-figures a year and work with nationally recognized clientele such as the Centers for Disease Control Foundation. I also operate a Patreon account where I coach other freelancers on how to super-charge their freelance business. Read Also: Can you make good money on Upwork? As the years went on and my skills improved I was able to steadily charge more.
And while that equation fails to take into account other crucial factors like days off or expenses, the rough math looked something like this:. For reference, I usually like to take an average of four weeks off per year including holidays and clock at least six billable hours each day. That gives me days or 1, hours to reach my goal. Spoiler alert, I blew that goal rate out of the water in no time.
Read Also: Freelance rate negotiation email sample: How to ask for a higher rate. Below, you will find two charts. Each chart features a few common sample project types and rate ranges, broken down into experience level beginner, expert from the following three sources:.
Organized clients who seem open to ideas or know what they want are usually much easier to work with than clients who seem nervous, indecisive or lack experience working with a team or with a freelancer. I also like to throw out a range like you see above instead of a single rate. Who are these good clients? The ones that value your work and treat you well. Many freelancers chase projects, focusing on getting the work done and earning the payday.
This can be done by making sure your freelance graphic design rates are reasonable enough to attract the right kind of client. A client who has to invest money in a project is looking for a better relationship with the designer. Countless graphic designers have struggled as they build careers because they were only keeping track of how much money they were making and not paying attention to other analytics.
For example, where do most of your clients come from? Where are they located geographically? When do you have your highest influx of inquiries? How many bids for projects do you win? How many projects do you bid for? All of these points of data will help you to avoid problems and can clue you into some changes you may need to make to your strategy. A poor strategy can leave lots of money on the table in unclaimed opportunities. This is a great time to be a graphic designer.
More and more companies are discovering that design and branding are an essential part of the engine that drives sales.
The internet has connected us all, allowing both designers and potential clients to find each other in ways that would have been impossible thirty years ago. In this frenzied digital age, where workers are increasingly afraid of being automated out of their jobs, the human creative element remains an irreplaceable resource. Graphic designers are in the perfect position to take advantage of that reality.
As we see the role of designers expanding and new roles developing, we can expect continued growth for designers. It has also never been a better time for freelancers. The gig economy is not without its perils, but freelancers are organizing, networking and creating a new landscape for the future of work. Freelancers demanding to be paid what their work is worth not only helps other freelancers, but also people working as part of corporate entities. The more people are empowered to take responsibility for their own financial future, the more equitable the markets of the future will be.
Want more insights on working as a freelance designer? ShilloMAN graduate Matt Pealing shares his advice about freelancing based on his experience working on a wide range of design projects—from brand identities to illustration. Anthony Wood March 21, How do graphic designers make money? It may sound like a daft question. As designers, we all love them—whether it's a beautifully designed cover or a weighty tome on the history of design and Looking to study graphic design?
If you want to become a graphic designer, then studying for a degree in graphic design is Are you seeking a holistic introduction to the design industry, theory of practices, more exploratory projects for How you present your design work is all about providing context.
And mockups are a great way to do so. On Shillington's graphic Minor issue, minor setback, Symphony No. Being a master of something always sounds pretty great. A Jedi Master, Master of Ceremonies, a masterpiece. But did you know Around the World. Guest Posts. I Love These Geniuses. Shillington Book Club. United Kingdom. United States. Online Graphic Design Course. What are you looking for? Freelance Graphic Design Rates: Tips For Pricing Yourself Establishing the right freelance graphic design rates is a very important process that you need to take seriously.
The Importance of Getting it Right It should go without saying that the purpose of working is, at the end of the day, to make enough money to pay your bills and live a comfortable if not fabulous life. Hourly vs. Project-Based Pay As mentioned before, there is nothing wrong with setting graphic design hourly rates for some types of work. Your graphic design pricing should reflect that value.
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