How to estimate per hour rate for freelancing project?
This is one of the very tricky question that comes in the mind before taking any technical documentation project. There are many calculators available to calculate per hour rate for freelancing project, but I firmly believe that you are the best person to judge “What should be your rate”.
Yes, there are many parameters which you should take into the consideration before you fix your price. Right price can win or lose you a project.
Read "Pros and Cons of Contract Technical Writer Work" consider the points mentioned in it before doing any math for your rate.
Simple math you can do is take your monthly gross salary before deductions, round it up to an even number, and divide by 176 (the average hours per month,22x8)Hope you get a rough estimate but before finalizing the rate consider the few points also.
- How many of your daily working hours are billable?
- How many days off do you need for holiday.s, sick days, and personal days each year?
- How much vacation time do you want each year?
- Number of visit and duration of meetings
- Travel cost, phone bills, and courier charge if any.
- Investment on hardware, software, electricity, Internet bill even on coffee or water.
- Insurance cover, EPF, marketing, promotions, taxes etc.
- Be ready for the negotiation, so always have Negotiation buffer.
- Duration of the project also matters. You can reduce hourly rate for larger assignments.
- What kinds of writing you will be churning out? Online help, Print docs, Web articles, Newsletters, Website content etc…?
- What kind of skill set is required? General or Rare?
- How desperately you want this project. Is it going to be an entry for you in new line of business? If yes, quote less.
- Your existing or future relationship with the client.
- What is your expertise and experience level and how client value that.
- Always keep adjusting your fee:-)