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Setting your freelance marketing consultant rates is not a simple task.
In fact, it can be as confusing as being asked, “How much salary do you expect to earn?” by an interviewer.
Asking for too much puts you at risk of losing a great opportunity.
But asking for too little robs you of the value you’re absolutely entitled to for your work and expertise.
So how do you find the middle ground between the two extremes? How do you determine exactly how much to charge for marketing consulting?
Here’s a guide you can use to come up with your own fair (to your client and to yourself) freelance marketing consultant rates.
Make it easy to calculate fair and freelance marketing rates with this simple checklist:
Since there’s no crystal ball that’ll tell you exactly how much to charge for marketing consulting, the best thing to do is to compare. And there’s no better place to do that than online.
There are websites that give you access to salary research reports you can study to help you determine your freelance marketing consultant rates. For example, there’s PayScale.com.
PayScale is used by both employers and job seekers. As a freelancer, you can use it to find information on how much people in your field are earning for their services.
Getting a salary research report on PayScale is simple.
This step can also be done on PayScale. Here’s how.
As you’ve noticed from the above reports, there’s still a huge dollar gap your proposed freelance marketing rates have to fit into. How do you pick the exact freelance marketing rates to charge for each project?
Step one is coming up with the fixed amount you need per year. Take out a pen and paper (or open your go-to computer program) and make a list of your expenses.
Add up the amount. What you get is the basic yearly amount you absolutely need to earn.
After you’ve listed all the necessities, it’s time to go for “luxuries.” These are expenses that’ll make your life pleasurable and worthwhile. Some of them include:
No two people will come up with the same list. It boils down to your interests and passions and what money can do to make your life healthier, more inspiring, and more enjoyable.
After you’ve come up with a list, write the estimated amount you’ll spend on each item. Add everything up and add it to your main list.
The sum you come up with is your yearly earning goal.
Your earning goals aren’t the only determiners of how much your fees should be. You also need to consider the kind of lifestyle you want to have. Here’s how.
For example, you need to earn $65,000 a year. Divide that into 52 weeks. That’s $1,250 a week.
Let’s say you have a project that’ll take you 40 hours to complete. If you charge $1,250 for this project, you’ll be working around eight hours a day from Monday to Friday.
However, maybe you don’t want to work a 40-hour week. There’s a reason you’ve decided to become a freelancer, and maybe it’s because you want to spend more time with your family.
If this is so, you can charge double for the project and complete it over two weeks. The result? You’ll only be working four hours a day. That’s more time spent doing other things you love to do.
Deciding whether you’ll charge freelance marketing consultant rates per hour or per project can be tough. What it boils down to is exploring the pros and cons of each and then deciding what will work for you.
Pro: Charging per hour is a good idea if your project requires a huge amount of work with considerably small output.
For example, you’re asked to determine a business’s marketing message. Although the output will only be a few sentences, you need to spend hours researching and brainstorming.
In this case, charging per hour is more beneficial than charging per project.
For many freelancers, charging per project is more appealing than charging per hour. Still, looking at the pros and cons will help you determine what’s best for you.
There’s a heated debate going on about whether charging per project is better than charging per hour. But you don’t need to get into it. For you, it boils down to what projects you’ll take on and how you work.
Setting your freelance marketing rates isn’t easy. However, when you determine the kind of earning you want and what type of worker you are, you can set your rates with more confidence.
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