Freelancing: Hourly Rate vs Flat Fee
Hourly rates are pretty. They look great on paper, and can be multiplied by the amount of time worked. We love to look back and notice that our hourly rates have climbed, too. But as most freelancers would tell you, projects often work on a set fee, and you can find yourself racing the clock to complete all the work in the allotted time. The longer you take to get the work done, the lower your hourly rate turns out to be.
I find that there’s a fairly even mix of clients out there, with some wanting to know my hourly rate and others assuming I charge by the project. In my experience over the years, many industries are drifting toward the project fee model. There are a number of reasons why, and I think all of them are good principles for freelancers to remember.
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