Working from home has become a trend or a need maybe. Millions of users are working online as freelancers. With this exponentially growing number of freelancers, the pay per person has significantly dropped. Since more and more people are coming in the industry the rates have gone down. What you were offered at $5 is now taken up by someone else at $2. It is very difficult to remain in the industry with the rate you are worth for. Either you need to accept what the contractors are offering or you need to find some other job. But there are chances you will get paid higher if you know your worth. For this your experience, qualification and credentials matter; in addition to the area of your work expertise. The pay varies from client to client.
Knowing the market rate is essential. Keep in mind the rate changes according to the saturation in the industry. If there are many people working in the same field, your chances of getting paid higher are low. But in this scenario, always remember the rate of any specialty is always high. If you are a specialist of any field, do not let anybody pay you lower than your worth. If you tell the clients your work history, experience, old references, and abilities, you will definitely get what you deserve.
It is advisable to calculate what you worth. You need to figure it out using a simple formula given below.
(Annual profit + annual salary + annual expenses) ÷ annual billable hours = rough hourly rate
Following this simple formula you can make a good deal of money. In addition to this you can estimate your hourly rate if you wish to work hourly.
You need to know what better working scenario is for you. Three types of job opportunities are there for you. You can work hourly, daily or project wise. Each type of assignment has its own kind of advantages and disadvantages. If you choose to work on hourly basis, it is easier to negotiate and you can make a better plan about your earning. But on the other hand it is tough as well because if your project turns out difficult and more demanding then you cannot ask your client to raise the amount and sometimes it is hard to complete the difficult project in the given time-frame. Daily projects are good for those people who do not want to negotiate and want a continuous work. This type is not very good in terms of earning for long term. The project based online work is easy to handle because you do not have to rush for the completion as you do in hourly based work. On the contrary it might get very difficult if the client adds in more small projects in the same because in this case you cannot find out your exact earnings.
You must always convince and educate your client. If you are asking for an amount, tell them why. Tell them how you can improve their business and what benefit they will get by hiring you.
Using a time tracking and invoicing software like Invoicera really helps you communicate your ability to the clients and get paid, according to your worth. Accurately billing the clients using the time tracking tool is an essential for every freelancer. Invoicera helps with online payments and does away with the time and resource wastage of cheque payments.