One of the most common mistakes that freelance artists make is pricing their services below their level of expertise. Conversely, it’s also possible to undervalue yourself despite being overqualified. To help you avoid these pitfalls, we’ve put together a guide on how to set a fair and reasonable price that reflects your skill set.
Experience
Like any other field, the longer you work in a given industry, the more experience you gain. This experience is invaluable in helping you understand your clients quickly and effectively. Additionally, the more experience you have, the faster you can deliver a service. You may have only a year and a half of experience but can still command premium rates. However, be prepared to offer additional services, revisions, and a wealth of creative ideas. As an example, if you are a talented guitarist who can play major and minor scales quickly, this may not be enough to stand out from the competition. Clients may need someone with a broader range of knowledge and musical variations.
Time Management
When providing a solo for a song, it’s important to estimate the maximum amount of time you’ll need. For instance, you may require three days for a violin solo. Naturally, rates may vary if the delivery time is adjusted. Yet, keep in mind that this is an art form we’re discussing, and if your work pays the bills, appreciation is equally important.
Setup
Your gear is a reflection of your artistry. If you have a professional home recording studio, it’s crucial to highlight this aspect of your service. Additionally, it’s reasonable to consider raising your wages to reflect this added value.
Commercial Concept
When you decide to work on demand, it’s essential to consider commercial needs. Clients often expect it as part of your style and may hire you specifically for this reason. It’s a crucial factor in establishing yourself as a professional in the market. Asking for a high rate without the skills or popularity to back it up can be risky.
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