BusinessEducation

Three Questions to Price Work Confidently

By November 22, 2020No Comments
Those of you who follow my content, have read my pricing book, or taken my course, will be familiar with my pricing methodology. In very brief summary, I recommend pricing your creative work based on three variables:
  1. Production Cost (i.e. How much does it cost you to produce the work?)
  2. Market Value (i.e. What do other people charge for this type of work?)
  3. Client Budget (i.e. How much is the client willing to spend on this engagement?)
A careful analysis of these three variables will help you choose the right price for each project. (I’d like to emphasize that variable one does not mean you bill by the hour. In fact, I discourage hourly billing other than a few specific scenarios which I plan to address in the future. But we do need to know how much the work will cost us to produce to understand our floor in negotiation.) Now for the tip…

How do you know if you’ve chosen the right price for your project?

To answer this question, we can just reverse the three variables into three questions. Each questions corresponds to the three pricing variables you should analyze when pricing your work.
  1. Am I comfortable with the amount of profit I have factored into my price?
  2. Is my price in harmony with what other creative professionals like me are charging for this type of work?
  3. Is my price in a range that my client will approve?
If your response is positive for each of these three questions, you can proceed forward with confidence in your chosen price. If you don’t feel confident in one or more of those questions, you should reassess your chosen price and modify it until you are comfortable and ready to submit your price to your client.

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“Before taking Freelance with Janda, I actually spent a ton of money on another business courses where I didn’t really see the results or get my money’s worth. After doing the first module for free, I was hooked and paid for the rest of the course right then and there. Michael has a way of speaking where he makes you feel like you can do this! Every module is in-depth where he breaks it down for you, walks you through with examples, and solidifies the lesson with stories from his own experience. Originally when I got into freelancing, I was like a headless chicken trying to figure out why my business wasn’t growing. One of the major things that the course helped me with was learning how to focus, niching down (and actually how to do it), and actionable advice on how to find, nurture, and deal with clients. Wherever you are in your business–thinking about it, stuck in a rut, or scaling, I think everyone has a lot to learn from this course!” – Crystal Kam, Visual Designer, http://www.crystalkam.ca

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COURSE: Freelance with Janda
The Ultimate Business Course for Creative Freelancers and Agency Owners
This six suite course bundle covers everything from finding clients to managing your creative business. It includes 40+ hours of video lessons, proposal templates, contract templates, pricing systems and strategies, project management templates, and much, much more! These courses are literally EVERYTHING you need to run your creative business profitably and enjoyably! Learn or Enroll: www.freelancewithjanda.com
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BOOK: The Psychology of Graphic Design Pricing
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Michael Janda

About Michael Janda

I am Michael Janda, an executive level creative leader with more than 20 years of experience in both in-house creative departments and agencies working with some of the greatest brands in the world. I create books, courses, workshops, lectures and other training materials to help designers level-up.