Set the rates of your works is the major factor of whether your studio is running successfully.
Every project and client is different, so what is the best way to calculate the fee? A lot of elements come into the equation: Your level of expertise, Project specification, Project expenses, Overhead costs, Turnaround time, How much do you feel the final project will be worth.
Here is how determine your base fee.
Hourly rate is the most basic form of billing. It is the value of your studio time based on the number of hours spent on a project, inclusive of all calculable expenses. It works well for smaller studio due to its flexibility for more open-ended jobs where the client requests several revisions after the first draft is done.
When you have a good idea on how much time is involved in a certain project, flat rate works well for regular work. Be very clear on what will be provide when you negotiate a flat fee, list down any terms & conditions included hourly charge for the special requirement or extra revisions to protect yourself when it comes to a trouble client. Don’t be afraid to tell your client that the requirement is out of the original estimate which involve some extra charges.
Beside charging on your time, your professional reputation hangs on your conceptual prowess, so be your skill and expertise as a factor in your fee.
The Client’s Budget
When you know that your client has a sizable budget, try to approach some special features, they are willing to pay more if you show some distinctive style different from others.
Set a rates of your works is simple but how to set the right rates is the key point. Hope you can get some idea from this post.