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Picture this: you, confidently determining your worth and charging what you deserve. No more guessing or relying on the low rates set by your competitors. It’s time to turn things around and build a thriving design business that rewards your skills, experience, and dedication.
Picture this: you, confidently determining your worth and charging what you deserve. No more guessing or relying on the low rates set by your competitors. It’s time to turn things around and build a thriving design business that rewards your skills, experience, and dedication.
Starting your freelance business as a brand identity designer is an exciting endeavor. However, one of the most crucial aspects of establishing yourself as a successful freelancer is determining how to set your rates effectively. At The Brief Collective, we understand that many talented designers, like yourself, tend to undervalue their services. But it’s not your fault! The industry rarely provides guidance on strategic and fair pricing. In this blog post, we will explore key considerations and strategies to help you set fair and competitive rates as a brand identity designer, especially when you’re just starting out in your freelance journey, because here at TBC we believe in the importance of not only growing your business, but also ensuring you receive a fair living wage.
Assess Your Skills & Experience
As you embark on your freelance career, it’s important to evaluate your skills, expertise, and experience in brand identity design. Consider your educational background, any specialized training you have received, and your portfolio of work. While you may be new to freelancing, it’s essential to recognize the value you bring to your clients and the quality of your work.
Research Industry Standards
To set rates that align with industry norms, conduct thorough research on the current market rates for brand identity design services. Look for resources such as freelance job boards, industry forums, and professional organizations to gain insights into the average rates charged by brand identity designers. This information will serve as a valuable benchmark for establishing your own rates. Remember, charging too little may undervalue your skills, while charging too much might deter potential clients.
Determine Your Expenses & Profit Margin
Calculate your business expenses and overhead costs associated with your freelance brand identity design business. These may include software subscriptions, hardware and equipment, marketing efforts, professional development, and any other costs necessary to deliver your services. It’s crucial to factor in these expenses when setting your rates to ensure you cover your costs and generate a reasonable profit margin.
Consider Your Target Market
Consider the nature of your target market and the clients you aim to attract. Different clients have varying budgets and expectations, which will impact the rates you can charge. Determine whether you will be targeting small businesses, startups, or larger corporations and tailor your rates accordingly. Smaller businesses may have tighter budgets, while larger organizations may be willing to invest more in their brand identity.
Evaluate the Complexity of Projects
Not all brand identity design projects are created equal. Assess the complexity of the projects you will be working on and develop a tiered pricing structure accordingly. For instance, you can differentiate between logo design, full brand identity packages, and additional collateral materials. Charging different rates based on the complexity and scope of the project will help you offer more customized pricing options to potential clients.
Consider Offering Introductory Rates or Packages
When you’re just starting out, it can be beneficial to offer introductory rates or packages to attract clients and build your portfolio. These special rates or bundled services can serve as an incentive for clients to choose your services over more established designers. However, ensure that you clearly communicate the value and time-limited nature of these introductory offers to avoid undervaluing your work in the long run.
***PRO TIP***
We strongly advocate for the adoption of project-based pricing over hourly-based pricing, as it guarantees fair compensation for your work as a designer, reflecting the strategic and high-quality brand identity you create. This approach acknowledges the investment of several days or weeks you put into a project, contrasting with designers who may exert less effort and complete the same task in a shorter time frame.
Review and Adjust
Setting your rates as a brand identity designer is not a one-time decision. Continuously review and adjust your rates based on feedback from clients, the market demand for your services, and your evolving skills and expertise. As you gain experience and confidence, you can gradually increase your rates to reflect the value you provide.
Setting rates as a brand identity designer is a vital step in establishing your freelance business. By assessing your skills, researching industry standards, considering your target market, evaluating project complexity, and adjusting your rates as needed, you can position yourself competitively in the market and attract clients who appreciate the value of your services. Remember that setting rates is an ongoing process, so be open to learning, adapting, and refining your rates as you progress in your freelance journey.
Be sure to download our free Designer Pricing Guide for an even more in-depth breakdown of factors to consider while evaluating your service rates!
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