For a freelancer it is important to be paid well and paid regularly. I admit it is no easy feat but at times all you need is confidence in your abilities. There are mainly three ways a freelancer can be paid: hourly jobs, fixed price jobs and what I like to call give and take jobs.
We are all familiar with fixed price and hourly jobs but not many freelancers take advantage of give and take jobs. These are the kind of jobs in which you do something for a client and in return the client does something for you. For example you write for a photographer and in return he gives you some copyright free photographs or the web designer designs a website you. This type of exchange can be beneficial for both parties. However, the bottom line remains that a freelancer needs to be paid adequately. So how does a freelancer know that he/she is being paid enough and not running in losses? In this post, we will discuss some points, which will help you, figure out the answer to the question:
Do you have enough for overheads?
This is the simplest way to answer the question of adequate payments. When you are done with a job make a list of the number of hours you spent, number on internet hours (if your job requires the same), travel expenses and other expenses and compare it with the payment that you received. The payment is greater than expenses and you have enough left for any overheads then you know that you were paid enough.
Compare with a regular job pay
I know most people say that freelancers should be paid less than the regular employees should because they are just not ‘regular’. However, this is not true, you should be paid the same or even more than that. Therefore, you need to look at the big picture. Compare your earnings with somebody who is doing the same work in a ‘regular’ job. If you are earning at least 3% more than the average earnings then you are doing a good job.
You feel comfortable in taking a holiday
Many freelancers whom I know are not very comfortable in taking even a day off let alone think of taking a holiday. They feel that if they take a holiday in between jobs then they might miss out on some exiting chances or they feel that taking a holiday will put a stop on their earnings. If you as a freelancer fall in either one of the categories then this means that you are not earning enough. You should be able to earn enough to take a break sometimes.
For those who are just starting as a freelancer the excuse that you don’t want to take a break in order to build up a portfolio or to beef up their earning but if you have been successfully freelancing for about a year you should have enough money saved up to not to worry about taking a break with your family or doing some important work.
It is important that you do not compare yourself to freelancers who are working in a different area then you are. They have a different expertise and therefore the payment is different. You can of course compare yourself to your peers to get a fair idea of how much you should charge for your work. As a freelancer, you are rarely going to get regular office bonuses so the knowledge that you are paid well can be a highly satisfying and motivating factor for you.
