Factors to Consider in Establishing Your Fee Schedule
The primary factors to consider in establishing a fee schedule are current market prices, how much you need to make in order to adequately cover your living expenses, and finally, what value you place on your work.
Start by researching what level of pricing the current market will bear for the sort of services you provide. For example, if you’re working as an independent attorney specializing in handling divorces, if a number of other attorneys in your area advertise handling simple divorces for $200, it’s unlikely you’ll solicit much business advertising the same service for $500.
Check local advertising, both offline and online. If you look for work through a freelancing website, check prices other freelancers are quoting for various projects.
Consider how much money you need to make to survive financially. Figure out your total monthly expenses, and then examine that figure in relation to what you need to earn per hour in order to earn an adequate living. Don’t forget about paying income taxes, and remember that up to 30% of your time may be spent looking for and negotiating projects.
Think about what value you place on your work. It’s difficult to succeed as a freelancer if you’re constantly thinking that you’re being horribly underpaid, but trying to get away with charging more than you honestly think the work you do is worth can also cause problems.