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Freelance Payment Rates
There's no fixed rate of payment for any freelance job. The amount a client can pay for a job starts from the basic $1 and has no limitation. The amount you can earn from freelance is determined by important factors you must know. Freelance payment rates are neither fixed nor permanent. Payment rates for freelance jobs are subject to changes and improvement as time goes on. The factors that influence freelance payment rates are:
- Bargaining
- Nature of the job
- Choice
- Payment option
- Time involved
- Freelancer's skills
1. Bargaining
Business is all about bargaining and compromise. Since there are no fixed payment rates, you'd have to discuss with a client and bargain in determining the amount to charge. No two jobs are the same and no two clients are the same. Clients will always try to pay less while enjoying top-notch and quality jobs and services. They are doing what they can do save costs. It is your duty to stand on your ground and ensure you agree on a price that is favourable to both parties. So, the payment rate for any job will be determined mutually by both the freelancer and the client.
2. Nature of the Job
Every job is unique in their way. When you want to carry out any job, you must be very sensitive to the things involved in that job. The nature of a job will determine what you'd charge the client to pay. You must consider the job, the costs of getting that particular job done and the time it'd take. All these will form the nature of the job and determine how much you should receive on the day of it. Every job has its own unique requirements. There are many who are willing to do whatever it'd cost to get a job done. Be mindful of the kind of job you'd accept.
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3. Choice
Choice plays a vital role in determining freelance payment rates too. A freelancer can decide to get paid at the rate that is significantly lower than the actual rate simply because they want to gain experience while doing the job. A freelancer can also decide to earn at a lower payment rate in order to encourage a client to bring more jobs. Since there's no fixed price for freelance, you have the privilege of making choices regarding the amount to charge for a job but always remember that you are expected to charge rates that are befitting of your skills as a freelancer and the time you'd spend doing the jobs. Your choice should not be so poor and become a hindrance to other freelancers. Don't make choices that make it difficult for you to actually charge appropriate payment rates when you feel you should.
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4. Payment Option
If the payment option will be very expensive, then the rate of payment will be affected. In a situation where the client will have to pay extra charges, it will affect the amount they'd be willing to pay for the job. Similarly, when the freelancer will be charged an extra amount to receive the payment, they'd want to reduce that cost by increasing the payment rate they'd charge. So, generally payment options have a direct impact and effect on the payment rates for freelance. With UpMyChain, a freelancer and even a client does not have to bother about the issue of facing difficult and exorbitant payment options. The payment options available at UpMyChain are quite amazing and less costly. This is why every freelancer and clients should pursue their freelance career at UpMyChain freelance marketplace.
5. Time Involved
A one hour job will definitely be less expensive than a five hour job. The time you'd expend in doing a job will always be a determining factor of freelance payment rate. Most freelancers charge an hourly rate. This is where you see things like, content writer $5/1 hour or $20/ 1 hour. These are very significant affecting factors. A job that'd take one day will be cheaper than another that'd take one week. This factor can be a matter of minutes, hours, days, weeks and months.
6. Freelancer's Skill
This is by far, the most important determinant of freelance payment rates. Your value as a freelancer is attached to what you can do. The more skills you have, the higher your payment rates. A content writer who doubles as a graphic designer can land a gig that requires both services and he or she ends up bagging it and getting paid for both content writing and graphic designing. Again, your level of skill is a vital part of this too. A content writer who can write on 20 different subjects will definitely have a higher payment rate than another who only has Knowledge and mastery of 5. The higher the level of your skill, the higher your freelance payment rate and vice versa. A freelance photographer will have a lower freelance payment rate than another who's a freelance photographer and videographer. It is not hard to deduce that your payment will get higher when you can offer more. From this analogy, a freelance photographer can only handle pictures while the latter can handle both pictures and videos. If you were a client and you have just a photography job, which of them would you consider? It's easy! You'd prefer to engage the latter because you believe he has more knowledge, experience, expertise and exposure since he has a dual knowledge of photography and videography. Your freelance payment rate will be more about your skill than about your bargaining abilities. In reality, your skills should speak for you such that a client would not want to bargain with you since they are already in awe of your abilities. Sometimes clients bargain with those they are doubtful of their abilities. That's the way it works. To earn higher using a high freelance payment rate system, you must learn higher. It's sad that most freelancers want to earn huge amounts of cash while having little skills to match. If you want to earn a higher freelance payment rate, then you must be prepared and armed with the necessary skills.
Easy Answers
- Bargaining
- Nature of the job
- Choice
- Payment option
- Time involved
- Freelancer's skills
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