One of the main challenges of beginning a freelancing career is setting rates for your work. There are different pricing formats, and a lot of beginners tend to undervalue their services. Many student freelancers might consider an hourly rate model. However, it is a bad idea, and in this guide, you’ll learn all the reasons why.
Hourly Pricing vs. Fixed Pricing
These are the two main pricing models when it comes to freelancing. An hourly rate might make sense for some types of work, like data entry or coding. But in the vast majority of cases, it is a less-than-ideal option.
Hourly pricing is logical if you do the same type of work all the time without much creativity. Because creativity cannot be effectively measured in hours. Imagine you are working on a brand logo, and to come up with a good idea, you need some time to think about it. But you won’t be able to bill a client for “thinking.”
That’s why a lot of freelancers and professionals charge on a project basis. For instance, students that need academic help can paper helper, not for the hours the writer spends on it. This way, they have fair and affordable prices without compromising on quality. Professional writers devote as much time as needed to create a unique and well-written paper. And students receive writing, editing, and proofreading assistance on a fixed pricing model, which is more transparent and feasible.
Academic paper help is a field that requires a lot of creativity, analytical thinking, and research. That’s why it is a challenging subject for many students. So it is a great way to get insights and in-depth knowledge through collaborating with professionals. And students can get their papers polished or written from scratch at any moment.
Benefits of Hourly Pricing
The hourly pricing model is not convenient both for a freelancer and a client. However, it does have its benefits and reasons to exist in the freelance sphere, including:
- You are paid for all hours of work;
- If the project takes more time and effort, you are going to earn more;
- It can be more appealing from a psychological perspective for a freelancer and a client;
- All the revisions, edits, and updates are paid for;
- If the customer decides to change the scope or focus during the process, you will be paid in any case;
- It works well for some projects like data entry.
Overall, it is a reasonable pricing strategy for less subjective types of work. But in all other niches, it is rather bad.
Why Hourly Pricing is a Bad Idea
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You Are Paid for Ineffectiveness
Imagine that it takes you 20 hours to complete a graphic design project. But as you get better and more experienced, you can do the same amount of work in 12 hours. If you charge hourly, you are going to get less money for the same effort. And you are being punished for being better at your job.
In such a model, it makes sense to work longer hours, which means you are getting paid when you are not effective and not performing at your best. This is one of the major downsides of this model. It doesn’t promote professional growth, and it relies on working longer hours.
Instead, when you are charging on a project basis, you are more motivated to work productively. You’ll be able to do more projects faster and earn more money.
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It Is Easy to Undervalue Your Work
Setting fair hourly rates is quite difficult, especially for beginners. Often the case, student freelancers undervalue their work. Setting fair requires a lot of research and calculation as it needs to include the following:
- All the related expenses (from internet fees and website hosting to rent and utilities);
- Taxes and insurance;
- Certifications, travel disbursements, branding;
- Available working days;
- Minimum acceptable rate.
All of that considered, you might end up with a significant hourly rate that will turn a lot of potential customers away.
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Customers Might Disagree with the Estimate
When it comes to creative projects, a lot of work goes into brainstorming, researching, and coming up with ideas. And if you bill a new customer with hours described as “brainstorming,” they might dispute this. A person that doesn’t know what goes into the creation of a unique design or project might not understand why you need several hours for that.
This can create a potentially conflicting situation. Or freelancers will have to describe their hours differently and thus spend much more time on billing and coming up with reasons why they need so much time for a particular project. This doesn’t promote trust between a provider and a client.
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It Takes a Toll on Creativity
When you are limited by hourly rates, you will not have freedom in terms of creativity. Some projects require more of it, others less. But when you are rushed and pushed, you won’t be able to give yourself all the necessary resources to do it well.
If you come up with creative ideas quickly – you are paid less. If it takes you longer – a client might question you. In any case, you are not in a winning situation.
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It Doesn’t Take the Difficulty Into Consideration
Every project is unique in terms of requirement, complexity, and necessary efforts. If you are writing a blog post, some might take much more research if the topic is new. Freelancers might have to try new tools and solutions or do more self-education to complete the project. And all those extra efforts won’t be paid for.
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Time Tracking is Exhausting
Time tracking might make you feel like you are constantly watched under a microscope. Freelancers might have to use specific tracking solutions. Some customers do require in-depth reports on hours.
As a result, it turns almost into an office job where you are monitored constantly. And this is exactly what freelancing is trying to get away from. Constant tracking is exhausting and emotionally draining.
In Summary
Student freelancers, just like best research paper writing services, are much better off charging on a project-based model. The hourly rate strategy is not convenient: it reduces freedom, creativity, and flexibility.
