Freelance fashion designers are getting more prominent these days. Many creative people go for freelancing because of the numerous benefits they offer. They provide the honour of working on your own time and collaborating on projects you love. But when you become a freelance fashion designer, you have the freedom to set your rates for projects. You can choose these rates based on a lot of diverse factors. However, determining the correct price quote can be complex and a significant issue for many freelancers. Whether a new freelance fashion designer or an experienced one, this part is always difficult to overcome and gets trickier every time. Especially when deciding upon a price factor, such as how much to charge for freelancing work, whether you should go with a fixed or an hourly rate, and if you should be willing to bargain. Etc.
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These kinds of questions can be highly stressful. However, you can create an excellent price quote by considering certain factors, adjusting some, and developing the right price strategy. This blog will guide you in deciding on monetary factors, such as your living costs, reasons to consider, and a few others, allowing you to quote a price confidently.
Living costs:
Consider your living expenses before choosing a price range. It will assist you in determining your costs and the absolute minimum wage you need to make. Many apps are available with various features online, or a simple notepad to take notes is good enough to total up all your expenses. To make the process much more straightforward, begin by categorising your expense list according to the following:
The cost of rent and electricity
Wifi and other services
Cellular phone costs
Gas and vehicle insurance
Groceries
Any subscriptions to software (Adobe Suite, etc.)
Coworking facilities
Other bills like shopping, food expenses, and so.
When you have all the information from the list, add up all your expenses to get an idea of your minimum target amount. Depending on it, you can divide it into weeks, months, or yearly budgets. Never forget to update the list because your expense list will inevitably change.
Now that you have figured out your expenses and a minimum goal plan, you can decide upon options to break down price quotes when working on projects.
Choice 1: Charge for each project
Merits
Easily understood by the client.
There is no need for time tracking.
It makes your calculations easier.
Enables you to handle several projects at once
Your quotes appear much more reasonable if you work quickly and complete projects than they would if you converted them to an hourly rate.
Demerits
Difficult clients could use this as leverage to demand more work from you.
Expect your projects to take longer than usual.
Be prepared for requests for numerous revisions and versions.
Timescales are incredibly unreliable.
Needs a firm grasp of the relationship with the customer
An example of a calculation for each project
Per-project minimum bid: $250
Annual living costs: $1,000 divided by 12 equals $12,000.
Minimum annual projects: 4 x 12 = 48
Minimum monthly projects: 4
Freelance can modify this rough estimate depending on your project's scope and living costs. You can keep track of your income and expenses once you've applied this calculation and come up with the correct number.
Choice 2: Charge per hour
Merits
Clients generally make better use of your time.
Decreases the frequency of revisions
Time frames are typically more trustworthy.
Any extra work not mentioned in the original brief is of no significant concern.
Demerits
It limits your ability to 'juggle' multiple projects and requires strict living expense calculations.
Requires reliable time tracking tools to let your client know how much you're working.
Less trustworthy to smaller clients who might not believe the number of hours you claim to have worked.
Example of calculations on a per hour basis
240 working days = 365 days – 104 weekends – 14 holidays – 7 sick days
Maximum annual billable hours: 1920 (8 hours per day x 240).
Let's assume that you spend a conservative 40% of that time working on projects:
768 billable hours = 1920 x 0.4
Living expenses per year: $1,000 x 12 = $12,000
Minimum hourly rate: 12,000 / 768 = $15.6
It is a general idea of figuring out your hourly rate; you can quickly use the calculations to determine your hourly rate.
If a client calls for negotiations:
When negotiating, one thing to remember is never to do it at the end of your project. It makes it easier for you to communicate clearly and build trust with your client. It doesn't always happen that clients will accept your hourly rate or project price. They occasionally want to negotiate the project based on numerous factors. Therefore, it is always crucial for you to break down your quote based on how you evaluate the client's project, the skills you think are needed from your end, the deadline, and other factors. You have the option of charging by the hour or by the project. Quote a reasonable price based on the project requirements if your client requires you to engage in negotiations.
When choosing your price, you should also take into account the following:
Geographical area:
Customers in the US and the UK pay in different ways. As a result, your price quote will be more accurate. Always make sure to comprehend this aspect of the economy and currency.
Your college education is valuable:
Your degree doesn't mean anything when it comes to freelancing, though. Freelancers are always free to quote a higher price for your work if you have a postgraduate degree or an advanced skill diploma in a particular field.
Intricate projects:
Suppose you have any complex projects that call for advanced abilities from you. For these, you can charge a higher price. Speak with your customers. Knowing the goals of the client is extremely important when communicating with them. Understanding how to give your clients more value will assist you in comprehending how to communicate with them effectively.
Keep in mind why you are a freelance fashion designer!
It's crucial to keep in mind that your freelance rates should give you power. It might be time to adjust your pricing strategy or re-evaluate how you value your customers if your rates aren't providing you with the lifestyle, freedom, and income you desire.
To conclude:
As a freelance fashion designer, this article can help you choose a pricing strategy that meets your and your clients' needs. Remember that your pricing strategy may change depending on your experience, skill set, and the type of service you provide. Always track it based on your living expenses and modify your price quote by comfort level.