When you become a member of any freelance service marketplace, the first question that strikes your mind is how to place a right bid, and what price should I quote to win a freelance project ?
The thumb rule is to think, analyze, calculate and then bid for a particular project. However, the rate may vary from person to person depending on the expertise, experience and geography. Here, we have put some of the general considerations that you should keep in mind before bidding on a project.
1. Nature of the project- Evaluate what type of project you are bidding on, understand the requirements of the project as how much working hours, resources and funds you would be needing in completing it seamlessly.
2. Compare your cost with the client’s budget- After evaluating the requirements of the project, look for the budget mentioned for that particular project. See if it is as per your expectations or will it meet the expenses you would incur to complete the project.
3. Deadline & Complexity- Check the timelines defined for the project you are bidding on. If the deadline is strict, you may need to invest more time, resources, or take extra help to complete it on time. You must take these factors into consideration before fixing a price for a bid.
4. Investigate competition rates- To stay competitive and in demand, you must keep a track of what people of similar expertise and experience are charging. Research extensively on the Internet, read surveys and blogs on freelance rates etc. Search for similar profiles on the freelance job websites to understand the current market trends and prevailing standard rates.
5. Take Opinion– Ask your friends, old business associates in the similar domain about the current market rates as this will give a fair idea on what price you should quote on a particular project.
6. Follow the middle path- It is recommended to follow the middle path, don’t charge too high and don’t charge too low as this will directly affect your credibility in the market. Justify your job by charging what you are worth for.
7. Be flexible with rates- If a particular expertise is in demand, the rates will automatically rise and if the demand is low the prices will fall. Hence, it is important to re-evaluate or readjust your rates as per the market demand. Also, there is no harm in negotiating with the client on the rates as you should not be too rigid about what you quoted.
Use these tips and ideas to plan out your freelancing rates and increase your chances of winning a project.
