How to work out your rates.

In this episode, Frankie Tortora and Steve Folland have a chat in response to a question from graphic designer Kiemia Farrow.

She says:

“Hi Frankie and Steve!

I’ve been full-time freelance since 2020 (brave or stupid one month into a global pandemic?? You decide) and now have over 15 years of agency, in-house and freelance experience behind me.

I charge by the hour and have some fabulous clients who trust the process and appreciate the timesheets I keep when I invoice them at the end of the month. I never quote up front, in fact, I refuse to do so because I am so bad at working out how long projects might take…!

However, my question is — how do I know what my hourly rate should be? I never hear *anyone* discuss their hourly rate, and I am finding it quite a challenge to figure out if I am ‘doing it right’ or not?

I currently charge £50 an hour for existing clients, and all new clients I have moved to a new rate of £65 an hour. I have had no one complain or question it, I have not lost a client from it, but at the same time, I don’t want to run the risk of losing a client or scaring away potential new clients if I am wayyyyyy off the mark in terms of pricing.

How is everyone working this stuff out??

Thank you for the fabulous work you both do, keep it up!

Kiemia”