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Question by DhahLeah: What should I charge for freelance marketing?
I have very little professional experience in marketing. A small business is asking me to be responsible for their brochures and possibly website and mass e-mail marketing. I have to design the brochures, no printing, no e-mailing, just do the designs and send them in PDF form to the employer.
Being that I am not a professional, and I have no formal training, what should I charge per brochure?
Answer by Stephen
First, figure out what your TIME is worth. That is basically the only thing you, as a self employed person, have to sell, your time and your talent. Although your talent is not used up doing a project, your time certainly is. So put some kind of round number on that, like , or , , 0, 0, 0 dollars an hour, whatever you feel your time and talent is worth. That is your 'cost' that you will end passing on to your client (or as much of it as the market will bear), either as an hourly fee like lawyers, psychiatrists, and many consultants do, or absorbed into the price of the final product.
In your case, the client sounds like they would prefer to just pay a fixed price for the whole job, so to figure that price out, you must first figure out what your time spent on the job cost you, hourly rate times the number of hours spent. That is your 'cost'. Obviously the more of that time you can reasonably charge the customer the more profitable you're going to be.
So, to price your brochures or whatever your product is, you need to price in the cost of your time making them (in this case design work only) plus any incidental expenses, like the cost of supplies and materials, time spent having to procure them, etc. Once you have figured out your overall cost, you might want to add in another 20 or 30 per cent or so for overhead, the cost of your office, utilities, phones, computers, software, advertising and so forth. By now, you have reached some sort of 'price' that would make it worthwhile for you to do this job again and the one that comes after that, and so on. The only question then is whether that price is too much for your client to bear. So, to begin with, and since they are your first client, just tell them what your proposed price is and only provide further justification if they seem to be not in agreement. That's when you may learn what the 'competition' is charging for the same stuff. It may be that yours is too expensive, and you have to figure out a more efficient way to produce your stuff, etc. In the world of business, everything ends up being negotiated somehow. Its not always easy to get it right the first time, but many people just starting out give away their time and talents much too cheaply, especially at first.
I was a self employed engineering consultant for 12 years so I have some experience with doing this whole self employment routine. And I was definitely famous for giving away my time for nothing and working too cheap. My justification was it allowed me to be much more selective about who I worked for and which clients I took on!
Anyway, best of luck to you! The world needs more entrepreneurs like you, especially in today's economy. Pretty soon everyone is going to have to be an entrepreneur whether they want to be or not!
PS: And don't say you are not a professional! You are! You got the project. You can do the project. End of discussion.
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