How to Determine the Best Price for Your Graphic Design Project
You have a portfolio and are ready to start as a freelance designer. One question that frustrates most freelancers is, how much do you charge? You’re likely to encounter many client complaints, especially if you pull a figure out of the blues.
There are several considerations to be made when setting the price. Will you be charging for each project or on an hourly basis? What type of design do you specialize in? Read more to find out how to determine the best pricing for your client.
You deserve to earn from your graphic skills
Graphic design is crucial for modern businesses. Visual imagery allows entrepreneurs and marketers to communicate their ideas and sell products.
You mustn’t shy away from setting the prices you deserve. Your work incurs expenses like electric bills and rent. Therefore, proper pricing will determine if you will receive adequate compensation.
It is not unusual for people new to freelancing to receive requests from clients to work on a project for free. They may suggest you will get exposure in return. But you can only work on such projects for a time before getting a burnout.
You may also be tempted to set the lowest prices to attract buyers. However, that usually forces you to overwork and may force you to deliver poor-quality work to break even. Your graphic design packages prices ought to be high enough to earn a decent living.
Furthermore, charging low prices has its demerits, especially regarding your professional image. Charging low fees may suggest you do not have the skills to charge more for the task. You may miss out on clients willing to pay more for high-quality work.
Benchmark your graphic design prices
One of the issues many graphic design freelancers encounter is a client who is unhappy with the pricing. It is advisable to determine the compensation by checking what other freelancers are charging. That way, you can have a clear and comprehensive answer when a client complains about high prices.
You can start with freelancing websites like Freelancer.com and Upwork. For example, on Freelancer, the price of a logo design is between $25 and 250. Instagram and social media designs cost between $4 and $20.
While the price may vary for the same task, you can still narrow done by checking posts on the website. For example, you may check the Upwork listing for logo design tasks charging $50 to find out what the client expects for that amount. Then you can have a more convincing pricing system for your graphic design work.
Define the pricing based on your experience
Your expertise or experience is another factor that will inform the pricing you choose for projects. Experienced designers have a better understanding of the process. They can work faster and deliver exceptional value to their customers.
You ought to consider your reputation in the graphic design business. How long have you been working on graphics? Do you have a portfolio, and have you earned good ratings already? If the answer is yes to these questions, you can charge higher fees for your work.
Hourly vs fixed pricing
Another factor to consider is whether to charge hourly or a fixed rate. You should charge a flat fee if you are handling a one-time project with clear deliverables.
Hourly rates are more suited for ongoing projects with complex requirements. The hourly fee ensures the freelancer receives adequate compensation for their time. That’s why it is crucial to review the task thoroughly to ensure you get paid what you deserve.
Some clients may provide a clear brief of the task with precise requirements. But other projects could be more abstract. You may have to interpret the requirements before setting the price. Since such projects can be risky, you may want to charge higher fees to cover the risks.
Many graphic designers still prefer to charge per project. If you are new to freelancing and understand the scope of the task, a flat-based fee may be the best option.
Scope of the work and timeline
Graphic design tasks may vary considerably between different clients. A simple logo design may sometimes involve brainstorming, research and consultation.
Carefully consider the requirements of each client’s task. Review the timeline and determine if you have the resources to complete the project on time.