If I had to give a freelancer just one tip to earn more money, it would be to switch from time-based to project pricing wherever possible.
Time is an input rather than an output. It only reflects what you put into a project – not the value that the client gets out of it. You’re far more than just a hired hand.
What’s more, there are only so many hours in a day, or days in a year. So once you’ve determined your rate, you’ve also put a cap on your ‘salary’.
Prospects sometimes ask for time rates so they can make quick and easy comparisons between freelancers. But those comparisons are TOO quick and easy – because they don’t take account of what they’ll actually get for their money.
That’s why using time-based prices can often lead to unproductive conversations with clients. You can get bogged down in how long a project should take, or what a reasonable hourly rate is – haggling over the price of a commodity.
So if you want to be rewarded for your unique value, don’t just sell your time.
Read more in Cash Money Freelancing.