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How do you set your prices?


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One of the beauties of freelancing is that you can price your services as you wish… right? 

Well, yes and no. While you have the freedom to price your services as high or low as you desire, it’s best to strategically set rates based on factors such as the market, competition, experience, time, and indirect expenses. 

The goal is to make sure your rates are reasonable for your target audience while also being rewarding and sustainable for you. Finding that happy medium isn’t always so clear, however.

Price yourself too low, and you risk quick burnout or could even be seen as lower quality. Price yourself too high and you may drive potential buyers away for a more affordable competitor. Pricing truly is an art form, and there isn’t always a straightforward answer. It might take a good deal of trial and error before you find that sweet spot that works best for you and your goals.

Do research on your competitors, see what other relevant fields price at, evaluate your experience and credentials in the field, and set the price that feels best for you, knowing that as a freelancer, you have the freedom to adjust that at any time. 

I’m curious: what are some strategies and things you consider when setting your prices? What have you found to be most effective in establishing a rate that converts clients while also ensuring a sustainable and profitable freelancing journey for you?

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I set my prices like a reward system. Each time I improve, or accomplish a certain goal, I increase my price to match with the competitors in my niche. 

Similarly, if I feel things are going south, I readjust, i.e, lower down my prices to attract those buyers who may want to purchase from me but don't because of their limited budget. 

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On 5/17/2024 at 2:04 PM, rabihumakhan said:

I set my prices like a reward system. Each time I improve, or accomplish a certain goal, I increase my price to match with the competitors in my niche. 

Similarly, if I feel things are going south, I readjust, i.e, lower down my prices to attract those buyers who may want to purchase from me but don't because of their limited budget. 

This is great! I think the reward system is an honest strategy for increasing prices rather than just raising them without adding any additional value. 

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2 hours ago, Kesha said:

I’m curious: what are some strategies and things you consider when setting your prices?

My factors:

- Overload (more overload, more high rate)

- Mood (Sometimes I'm not in mood for work. So I raise to take breath)

- Value (how much project gonna provide value ? How many of competitors are capable of doing same job ?)

2 hours ago, Kesha said:

What have you found to be most effective in establishing a rate that converts clients while also ensuring a sustainable and profitable freelancing journey for you?

First strong profile (great reviews) that attract client to DM

Then strong Communication to grab (by hitting the client's concern/questions they raise)

and charge whatever you want!

and fulfilling your promise on TIME, to re-begin loop

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Great piece. In our niche, financial consulting - accounting and bookkeeping, we charge base on the number of transactions available. Setting the exact price will then take into consideration all you listed in paragraph two.

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15 hours ago, exdesigns said:

@Kesha Ma'am, I have a question for you. Will changing the prices of packages affect their current place in the search results?

HI! No, price is not directly correlated to search position. 

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"This is spot-on! Finding the right pricing balance is crucial for freelancing success. ⚖️ I appreciate the advice to conduct research and evaluate experience. What are your thoughts about value-based pricing? Adding something to the mix has helped me discover clients that value the effect I make.

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On 5/18/2024 at 1:19 AM, grayprogrammerz said:

My factors:

- Overload (more overload, more high rate)

- Mood (Sometimes I'm not in mood for work. So I raise to take breath)

- Value (how much project gonna provide value ? How many of competitors are capable of doing same job ?)

First strong profile (great reviews) that attract client to DM

Then strong Communication to grab (by hitting the client's concern/questions they raise)

and charge whatever you want!

and fulfilling your promise on TIME, to re-begin loop

capacity to work i.e. overload is what I always consider. Most of the times, in our niche of custom software development, the prices are just a placeholders and actual price primarily depends on the specific requirements. This cant be changed in any case IMHO.

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On 5/26/2024 at 1:49 PM, satu_das_gupta said:

"This is spot-on! Finding the right pricing balance is crucial for freelancing success. ⚖️ I appreciate the advice to conduct research and evaluate experience. What are your thoughts about value-based pricing? Adding something to the mix has helped me discover clients that value the effect I make.

I think value-based pricing can be very effective. If going this route, I think it would still be wise to consider what value the market has deemed your service to have as a whole. In other words, you'll want to see the average going rate for your service and decide if you want your prices to be above market price or inline with market price.  

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On 5/18/2024 at 12:00 AM, Kesha said:

One of the beauties of freelancing is that you can price your services as you wish… right? 

Well, yes and no. While you have the freedom to price your services as high or low as you desire, it’s best to strategically set rates based on factors such as the market, competition, experience, time, and indirect expenses. 

The goal is to make sure your rates are reasonable for your target audience while also being rewarding and sustainable for you. Finding that happy medium isn’t always so clear, however.

Price yourself too low, and you risk quick burnout or could even be seen as lower quality. Price yourself too high and you may drive potential buyers away for a more affordable competitor. Pricing truly is an art form, and there isn’t always a straightforward answer. It might take a good deal of trial and error before you find that sweet spot that works best for you and your goals.

Do research on your competitors, see what other relevant fields price at, evaluate your experience and credentials in the field, and set the price that feels best for you, knowing that as a freelancer, you have the freedom to adjust that at any time. 

I’m curious: what are some strategies and things you consider when setting your prices? What have you found to be most effective in establishing a rate that converts clients while also ensuring a sustainable and profitable freelancing journey for you?

Mam, Thanks for shear good information.

 

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