How to set your hourly rate when you start as a freelance but you are senior?

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Hello,
happy to be a part of the community! I am making my first steps here... 
I would be grateful to get some hints& your experience in setthing the hourly rate 

Thank you in advance

Barbara

[6e158399]

Hello Barbara,

Welcome to the freelancing community! Setting your hourly rate as a senior freelancer can be a pivotal decision that impacts your success and earning potential. Here are some tips to help you determine your hourly rate:

1. Evaluate Your Skills and Experience: Take stock of your expertise, years of experience, and specialized knowledge in your field. As a senior professional, your skills and experience command a premium rate compared to entry-level freelancers.

2. Research Market Rates: Research prevailing hourly rates for freelancers with similar skills and experience in your industry and geographic location. Platforms like Upwork, Glassdoor, and freelancing forums can provide valuable insights into market rates.

3. Consider Your Expenses and Desired Income: Calculate your monthly expenses, including overhead costs, taxes, insurance, and retirement savings. Determine the income you need to cover these expenses while still achieving your financial goals.

4. Factor in Your Value Proposition: Consider the unique value you bring to clients, such as your track record of delivering high-quality work, specialized expertise, and ability to solve complex problems. Your value proposition can justify a higher hourly rate.

5. Start Competitively, Then Adjust: As a newcomer to freelancing, it's advisable to start with a competitive hourly rate that reflects your skills and experience while also attracting clients. Once you establish a solid reputation and build a portfolio of satisfied clients, you can gradually increase your rates.

6. Offer Value-Added Services: Consider offering value-added services, such as expedited delivery, ongoing support, or additional consultations, to justify a higher hourly rate and differentiate yourself from competitors.

7. Test and Iterate: Experiment with different hourly rates and observe how clients respond. Monitor your success rate in securing projects, client feedback, and overall earnings. Use this data to adjust your rates accordingly and optimize your pricing strategy over time.

Remember, setting your hourly rate is not a one-time decision but an ongoing process that evolves as your skills, experience, and market demand change. Stay flexible, adapt to market trends, and always strive to provide exceptional value to your clients.

Best of luck on your freelancing journey!

Warm regards, 

Kuok Mathpiw 

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Thank you very much Kuok, your insights are very much appreciated!

[flhuillery]

Hello Barbara, and welcome aboard!

I will go a lot more straightforward than my colleagues freelancers, whatever the field, and my ONLY advice, as a "senior" too but a seasoned freelancer: never (NEVER) underrate your skills.

Platforms like this one are a vast ecosystem of "the less I say the more I may gain" (but jobs, not money). 

So stand out and value all your skills acquired because (underlined) you' re senior. 

Don't get depressed if you don't get the jobs you apply for.

Quality and hard work always pay.

You surely will get less jobs, but better ones 🙂

My point only 😉

PS: polishing one's profile is a plus. Use more space and avoid "&". This part is "literature", incentive is key 😉

[d9c13e0b · Accepted solution]

Hi François 

Thanks for your valuable advice, goog to keep in mind not to underrate skills, what i would probably do being new here

Regards

Barbara