I began Bay Web Designs in 2008 to make money.
I began Create Bubbles in 2012 to help people.
However, as my love for Create Bubbles now matches my enjoyment of owning Bay Web Designs I am looking at ways to continue to help while also creating an income for myself and my family. Cake supplies don’t appear as if by magic you know. With this in mind I am writing the Create Bubbles book (due to be published November 2013) to be a helpful and fun introduction to my freelance life.
Recently I was exchanging emails with someone I admire, business-wise, and was stating what I hoped to do. He asked why I was going for a target audience – new freelancers – who probably didn’t have the funds to pay me what I was worth. How was I going to make any money?
My main opinion is that, when I started out there was government funding to help me with a mentor and other basic things, yet now there is little available if at all. I also had so much generous advice and support from other freelancers that I would like to pay forward. But I need to balance my altruism with the hard fact that I need to create income to live.
So I am looking at ways I can do what my heart tells me while satisfying my head’s desire for money to live. Please comment below with any ideas or thoughts and also what type of services do you feel would be beneficial and worth you paying for.
This is the one where many freelancers falter. How much to charge for your services? What, in effect, are you worth? Figuring out what price to charge is often one of the most difficult things a freelancer has to decide.
One formula which helped me in the early days was to find out what a local big firm was charging per hour and then decided, as a percentage, what my comparable offering was.
BIG Co charges £40/hour
You offer about 60% comparable service
£40 / 100 x 60 = £24/hour
Another way to decide on your pricing is to think what would you like your yearly income to be. Divide your required yearly income by the number of hours you will work for clients each year. That is your hourly rate.
You will not work all your hours for clients. Factor in hours you will work on your business – marketing, planning, networking for example.
They will, more often than not, be the wrong clients for you and you will end up feeling resentful and under valued.
It takes time.
You may see people suddenly ‘make it’ big, but often they have been making ripples long before the wave hits. They’ve been honing their skills, trying things out, failing and starting over then creating something that people will surf. It is an extremely rare occasion that anyone finds themselves as an ‘overnight sensation’, and often those that do float off into the distance as quickly as they appeared.
For instance, it took me 6 months to a year of connecting, talking, helping on Twitter before I started seeing results. For a time I gained a few clients through my twitter interactions, but recently I have been so busy that I haven’t been visible as much as I was – and I have noticed the difference.