Should I Charge by the Hour or by the Project?

Charging By Time

This method is based on the assumption that if you charge more per hour you’ll get more work done. If you look back at past experience and know how long projects take, you should be able to estimate roughly how much time each project takes and price accordingly. You’d likely end up charging more than you would have otherwise, but it could still save you money over time.

Paying Per Task

When working on a flat rate basis, clients expect to pay for the entire project regardless of any interruptions. So you might not make $10/hr doing client A, then spend 20 minutes fixing something else before starting work on client B, and then bill them for $20/hour. Instead, you might just tell Client A, “The hourly rate is $10, and I’m going to start now.” Feel free to call me anytime you need anything. ” Then, once you’ve started, you can simply keep track of the amount of time spent on each task and bill accordingly.

Charging By Number Of Tasks

Charging by the number of tasks means you’re only charging for the actual amount of work completed rather than the total time worked. So if you’re completing 10 hours of work and 2 hours were lost due to phone calls and emails, you might instead charge $100/hour. When determining the cost of the project, calculate the total time spent on all tasks and multiply that by your hourly rate.

Should I Charge by the Hour or by the Project?

I’m always confused when it comes to charging my clients hourly vs. per project. What’s the best way to charge their time?

Here’s what I do:

If they want me to start a project at $100 (that’s how much per hour I’m currently charging them), then I’ll charge them an initial consultation fee ($200) + an hourly rate ($150/hr). If the client wants us to continue working together after the first round of work (i.e., if we need to collaborate on future projects), I’ll charge them hourly based on our previous agreement ($150/hr).

If you have any questions about how to charge your clients, let me know!

Should I Charge by the Hour or by the Project?

I’m working on my first freelance project and was wondering if anyone had any advice as to how I should charge. My budget is $250/hour and I would prefer to do at least 2 hours per day to start. I am thinking of charging this way. However, I want to make sure I’m not overcharging and underdelivering. Any feedback is greatly appreciated!

For example,

10 hours @ $50 for a total of $500

8 hrs @ $100$800 total

6 hours at $150 = $900 total

This seems like it would work out well until you get to the end and realize you have worked 4 hours instead of 6. If you go hourly, then this wouldn’t happen. However, what happens if you are only able to complete it for an hour? How would you calculate that time? Is it reasonable to bill based on the number of hours worked rather than the length of the project?

Any help on this matter would be much appreciated. Thank you!

A:

There’s no wrong answer here. You’ll need to decide what works best for you.

If you’re going to do the math yourself, you might consider something like this:

Start with 2 hours billed at $50 an hour, x 10 hours billed at $500.

Should I Charge by the Hour or by the Project?

Navient hours-charges by project

For example, if you charge $10 per hour and you complete 10 projects at 2 hours each, you would make $20. If you charge $10 per project and you complete 30 projects at 1 hour each, then you would make only $30. So how do you decide what rate to set? Your first step should be to figure out how much time you spend on average working on a project. Then multiply that number by your hourly rate.

Examples:

Projects are completed in 45 min. $10 x.45 hrs.-$25

Projects are completed in 90 min. $10X. 90 hrs.-$35

Projects are completed in 120 min. $10x 60 hrs.-$40

This way, you know exactly how much money you have coming to you. If you’re working full-time, then it’s probably best when setting rates to split them between projects and hours. You’ll still end up making less than in the above examples, but you’ll feel much more comfortable knowing you won’t fall behind by charging by the hour.

Example

You spend 20 hours a week working on projects. You charge $10 per hour. You currently make $200 (per week).

Your total revenue is $2000/wk.

To calculate your actual income, divide the weekly income by 5.00. In this case, you’d get $400.00 per week.

If you want to get paid overtime, simply add 50% to your base pay rate. Example

50% x $10 per hour = $5 per hour

So if you work 40 hours at $12 per hour, you’ll earn $600. But if you worked 60 hours and were paid $15 per hour, you’d earn $900.

Should I Charge by the Hour or by the Project?

Use a per project pricing model.

The best way to charge clients per project is by using a price per hour-based service. It’s easier to charge hourly, and if you have multiple projects running over time, then you won’t need to worry about changing prices at the end of each day. You’ll earn more money too!

Use a specific pricing structure.

When you decide on a specific rate, you’re going to increase your chances of being able to stay consistent. If you use a flat fee per month or per week, you may feel tempted to change your price to make more money. When you do that, you risk losing clients (and their business) who find out you’ve changed your rates. Also, if you try to get away with charging less than what you’re really worth, it will send a bad message to your clients and others working with you.

Create a system for billing

If you don’t want to work hourly, create a template for invoicing that includes the total hours billed and any additional expenses associated with the job. Include the date the invoice was sent, the client’s name, contact information, and address, and add them to your email automatically.

Start small.

You might think starting off with a lower-priced rate means you’ll lose clients, but many people start off at a higher rate, and they still get clients. People are willing to pay more for good services, so even though you’d rather make less money, you should focus on getting more clients first.

Keep records

Make sure you keep track of each client. In addition to maintaining regular bills, write down everything the client requests and how long it takes to complete.Then look back to determine whether the bill seems reasonable or if you could have charged more.

Offer discounts.

Sometimes you can offer a discount if the client agrees to a larger project. Or, if you know there won t be much work after the holidays, don t bill for January. Many companies give employees bonuses to help cover holiday bills. You might not be able to ask for a bonus, but you might be able to negotiate with clients for a discount.

Don�t break the law

Don�t charge clients for overtime unless you actually worked more than 40 hours in a week. Also, don�t charge for travel costs or gas unless you did something out of the ordinary. If you don�t charge extra for these things, you�ll attract more clients.

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