Advertising Continue reading below 5. Know your worth When I started freelancing almost six years ago, I was making $10.00 an hour. I had six months of experience at an ad agency and about 30 years of student debt ahead of me. Freelancing was my extra source of income that would pay off my student loans. As my knowledge began to grow with each new lecture, class, or client, I continued to charge the same price. I did not know my worth. Agencies outsourced Fortune 500 work to me, and I still charged $10.00 an hour. I wasn't paid what I was worth. freelance seo quote 2 I changed my pricing structure from per hour to per project.
By changing my pricing structure, I changed my whole life. Advertising Continue reading below Knowing how much my time is worth raster to vector conversion changed everything. For example, the first month, a client and I start working together; I will perform a competitor analysis. Typically, the client shares 2-3 competitors they want to analyze from an SEO perspective. If I charge $25.00 per hour, and it took me 2 hours to complete the search, that's $50.00. But, if competitors don't offer value in tracking from an SEO perspective, then I spend time researching competitors that do. That adds another two hours that I don't get paid for. As a human, it's in my DNA to want something bigger, better, stronger and faster.
But don't fall into the trap of achieving money nirvana overnight. You don't need to charge $25.00 an hour and then go up to $100.00 an hour. This total overhaul of my pricing structure took time, not only for customers, but also for my behavior. How to start this habit: Determine your costs each month. What is your electricity bill? Water bill? Races? Etc. Calculate how much you need to earn per hour to pay all your bills. Don't forget to subtract 30% tax if you are a W-9 at the end of the year. For example, if you earn $1,000 a month, you'll want to save $300 for taxes. Ask yourself: Can I pay my bills with $700? Every new customer you get, increase your prices by $5 or $10 to get to a place you feel comfortable with.