How to work out your rates

In this episode, Frankie Tortora and Steve Folland have a chat in response to a question from graphic designer Kiemia Farrow.

Kiemia says: 

“Hi Frankie and Steve!

I’ve been full-time freelance since 2020 (brave or stupid one month into a global pandemic?? You decide) and now have over 15 years of agency, in-house and freelance experience behind me.

I charge by the hour and have some fabulous clients who trust the process and appreciate the timesheets I keep when I invoice them at the end of the month.

I never quote up front, in fact, I refuse to do so because I am so bad at working out how long projects might take…!

However, my question is — how do I know what my hourly rate should be? I never hear *anyone* discuss their hourly rate, and I am finding it quite a challenge to figure out if I am ‘doing it right’ or not?

I currently charge £50 an hour for existing clients, and all new clients I have moved to a new rate of £65 an hour. I have had no one complain or question it, I have not lost a client from it, but at the same time, I don’t want to run the risk of losing a client or scaring away potential new clients if I am wayyyyyy off the mark in terms of pricing.

How is everyone working this stuff out??

Thank you for the fabulous work you both do, keep it up!

Kiemia”

What would your advice be? Let us know your thoughts using #DIFTKpodcast on Twitter and Instagram, and join in the conversation via the DIFTK Community.
 

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Kiemia Farrow's website
Frankie Tortora's website
Steve Folland's website
Steve's podcast - Being Freelance

Doing It For The Kids website
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