I've recently started doing some side work in IT and have about 14 years of experience in the field. An opportunity came up where the owner of my wife's real estate company has asked me to set up a personal domain and Office 365 account for their family to use SharePoint. I've outlined the scope of work, and he's on board, but now he's asking for my hourly rate. Since I'm new to this freelancing scene, I'm unsure what's a fair price to charge. Initially, I was thinking around $100-140 an hour, but I'd appreciate any advice or insights!
5 Answers
I’d suggest starting with an hourly rate of $145 USD for one-off jobs. Clearly defining the project scope and being upfront about any potential additional costs is key, especially if things get complicated down the line.
In the Ontario area, you should be looking at charging between $120-$175 CAD. Just ensure that you’re clear with your clients about your competencies and any risks.)
A general rule is to charge at least double what you’d earn in an employer setting. This covers taxes and the various additional costs you’ll face when running your own business.
When considering your rate, think about your local market and what others similar to you charge. Since you’re in North New Jersey, it’s crucial to factor in the cost of living. You could also define the job on paper and quote a fixed price instead of an hourly rate to set clear expectations.
Exactly! Clarifying the scope will help you avoid misunderstandings. Plus, an initial fee for support is a great idea. It can help establish boundaries.
What do you want to earn? If you’re looking at it as a potential main income source, set a salary expectation. Factor in expenses like taxes, insurance, etc., and that’ll guide you to a reasonable hourly rate.
That’s a smart approach. Always good to consider what you need to cover your bases!
Totally agree! Having everything in writing and a clear payment structure really helps, especially as you grow your client base.