5 Tips On Setting Your Freelance Rate.

It's funny how many freelancers feel uncomfortable talking about money with clients...and each other. Asking a freelancer what their rate is seems to, more often than not, instil a feeling of dread rather than inspire sentiments of opportunity. We forget that we are a business not charities, and businesses cost money to run.

Here are 5 top tips to remember when establishing your rates on the Novel Creatives marketplace.

1. KNOW YOUR WORTH

Instead of thinking of your day rate as something that needs to be set in stone, rather consider it as placing a value on your worth. If you don't know your own worth (in this instance, I am referring to your expertise and years of experience), how can you expect clients to know? There is nothing that says you cannot deviate from the rate you set, provided of course you are getting enough out of it return. While the debate about whether or not we should lower our rate wages on, the premise behind Novel Creatives marketplace is that by working with brands and collaborators that share a common set of values, it becomes a much easier conversation when it comes to considering if we are prepared to lower our rate for a brand - because you are getting something in return. You get the "feel good' factor. You are able to feed your self (and your family) while also feeding your soul by working with brands and people that are upholding the things that matter to you most.

Adversely, if a client sees the value in working with you, even if you're out of their budget, they may well pay that bit extra because they see the benefit in working with.

2. THERE IS NOTHING WRONG WITH A LITTLE HEALTHY COMPETITION

I realise that the idea of stating your rate on this platform is concerning to some. The concept of discussing what we earn with our colleagues has always been a taboo subject for many a generation, however, as freelancers, we are not beholden to the trappings of a 9 -5 salaried life. There is very little information out there regarding what rates we should be charging as creatives, so the only way we can truly know what the industry average is, is by sharing these numbers with each other.

There are a number of benefits in sharing our rates; a) we can all become complicit in an industry that upholds and supports one another, rather than undermining and undercutting each other. It doesn't just damage our opportunities for future work, it destroys the whole creative sector, b) freelancers and clients alike, are able to easily see market-trends and understand the current rates involved in hiring a professional and c) we all have a benchmark when it comes to knowing what we should or could be charging.

Of course, when looking at your peers rates, consider what their skill set and years of experience might be, before using them as your benchmark. For instance, if you're a makeup artist, don't look at a photographers' rate as guideline, look at other makeup artists with a similar amount of experience living in a similar market.

3. FIND YOUR "HAPPY" RATE

Your happy rate is that day rate that you would be happy to earn on the days when work is slow or clients are stressful. The rate where you say to yourself "I am getting paid what I deserve and I can suck it up and make it through today." Only you know what this number is. This is the number you never go below, regardless of what your peers might be charging.

4. USE A RATE CALCULATOR

If you're still unsure what your rate should be, you can always use a rate calculator. I like this one because it doesn't stipulate a currency.

5. ACCOMMODATING CLIENT BUDGETS

At the end of the day, each and every client has a budget that they are working with. You either fit into or you don't. Novel Creatives marketplace aims to save everyone precious time by not having clients contact you, ask for your rate or get you to quote (which takes up more time than we generally bargain for) to which, too often, are we told that they don't have the budget. Although you are stating your rates on your listings, as mentioned above, these are not set in stone. In our client FAQ, we consider the eventuality that a client might really want to work with you, even if your rate falls outside their budget. We recommend that they get in touch with you through the Novel Creatives and simply ask you are prepared to work for the budget they have available. We both know that you would rather be working for a brand you like for a less than what you usually charge, rather than not working at all. This way, however, you're not playing a guessing game as to how much the client has.