We have designed the following guide to assist you in setting your rate. In our open marketplace, we provide you with 3 different areas to articulate the cost of your services.
1. The Rate on your Profile is just between us
Think of this as an initial price guide so that we can match you to the most relevant projects. If you are starting out on your freelance journey or are just curious about how you compare to similar experts in the market, feel free to contact us for some advice and day rates to consider.
TIP - Don’t worry, you're not committed to this rate, and it is not visible to clients
2. The Rates you attach to Applications get shared with Clients
When it's time to apply to a Project you're interested in, you will notice there is a Budget section in the Project Brief, articulating the Client’s budget for the work. This should be used as an indicator for you to set a Rate that works for you and aligns with their expectations.
Projects are priced up in three ways:
A Fixed price (as an agreed Statement-of-Work or a one-off deliverable)
A Variable Rate ( as a Day Rate or Hourly Rate)
Sometimes you might be unsure of where to price yourself, or sometimes the client has not articulated a budget; here are a few considerations to think through before applying:
How much of the ‘Ideal Consultant Criteria’ do I tick off?
Where would I be able to add value compared to other applicants?
Have I worked on a similar project in the past or could I deliver a better/faster outcome?
What is the intensity of the work versus my capacity?
What makes me the best possible Expert for this project?
This is the start of a negotiation, so Clients will normally hold you accountable for your proposed rate during the application stage, so if you aren’t 100% sure on the price you are putting across, definitely ask for more information from the Expert360 team or make a note in your application stating this rate is contingent to another discussion.
TIP - Sometimes you need more information about the work before you put in your best price. Feel free to state that in your Rate Application in a note like;
“Your project sounds right up my alley. To be able to price this up accordingly I’d love to clarify a few areas in the interview stage, and come up with a fee structure that suits both parties”
3. The Rates you provide on Offers are sent to Clients
So you’ve just had the interview and the next step is to formalise an agreement. The Offer stage is really where you agree to the terms of your engagement, just like any other contract you are entering into. At Expert360, you can either:
Make the Offer as the Expert or
Wait for the Client to send the Offer to you
This is your opportunity to take control and formalise in writing what your proposed fee for the work is. Take a moment to remember what you originally applied with and have spoken to the client about, as your Offer should not be a surprise or an unfamiliar rate.
Counteroffers:
Being a marketplace, our platform offers the ability to send back a Counteroffer. This means, If you have made an offer as either Client or Expert, the receiver of the Offer can Accept to go ahead or counteroffer to modify an area of your proposed offer. Think of it like a tennis match, the ball is in the court of the receiver of the offer until an agreement is accepted.
TIP - We understand that talking about money and payment is often uncomfortable as a freelancer. During any successful interview, it is always best practice to clarify who is sending the Offer to avoid any confusion in your payment or delays on getting the work started.
We hope you found this guide handy for navigating rates on Expert360. If you have any questions or would like any advice on understanding rates, our team's ready to chat.