With each design project I’ve done, I’ve learned something new; whether it’s about the warmth of sheepskin, tennis terminologies or direct ad marketing. The most important lesson I learned recently was revising my rates as a graphic designer. Who knew all this time my rates were actually way below the minimum. As you would imagine, this discovery was extremely disheartening and it made me instantly want to increase my prices.
When you start out freelancing, you fall into the trap of making your price so low that you get stuck in that trap if you fail to adjust your rates as your skill sets sharpen. The more in demand you are, the more you should focus on increasing your rates. I’ve spent a lot of days determining my value as a graphic designer who has been at this for the last 10 years or so.
If you’re feeling a little afraid or unsure or both about changing your rates, you have absolutely no reason to feel that way. In every other field that you can think of, professionals charge what they know they are worth. Consider this, if you get an email or call from a prospective client who wants you to develop his or her visual branding from scratch, you seriously need to factor into your rate how much money they stand to make. Don’t end up the biggest loser.
The worse thing that can happen is that you lose a prospective after you submit your quotation. It’s not the end of the world. The people who understand the value your work will bring will pay what you’re asking. After all, creativity takes tremendous mental capacity, especially if you’re constantly doing custom work versus production work (templates).
Your ideas and time are valuable.