Marketing Tutorial: How to Profitably Price Your Project
Learn the best way to price your freelance projects, including advice for setting project-based rates, package rates, and more
Pricing a creative project can be tricky: price it too high and you risk losing out on a job, but too low and you're working for less than your worth.
Entrepreneur and business coach Ilise Benun (@ilise) has 30 years of experience helping creatives sell their ideas. In this tutorial, she talks you through the best way to price a project, sharing advice for project-based rates, package rates, and more. Watch the video below and read on for more.
1. How to determine your minimum (and maximum) rate for a project
When entering price negotiations with a client, Ilise recommends first figuring out their ceiling and your floor—with the aim to negotiate somewhere in the middle.
She recommends first working out your hourly rate and how many hours you think you’ll be doing the job for, then multiplying your hourly rate by the number of hours. If this number is higher than what the client is suggesting, it's possible they can't afford you.
Ilise also advises doubling the rate you work out to give you your highest fee for the job—as she says, projects often end up taking longer than planned.
