From the course: Running a Design Business: Pricing and Estimating

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Determining your rate based on the marketplace

Determining your rate based on the marketplace

From the course: Running a Design Business: Pricing and Estimating

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Determining your rate based on the marketplace

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Another way to determine an hourly rate is based on the marketplace. Essentially, you're trying to figure out what other designers are charging and what clients are paying. This is a trickier method of coming up with an hourly rate because the information may be harder to come by. I've got a couple of ways into this. The first is based on your own business records which are especially useful if you're doing design consistently in a particular niche market or specialized area. The second is published project pricing. Third, you can ask this client what their budget is or talk to other clients. And fourth is to ask fellow designers. Some designers work for many types of clients, providing a range of different design services, but if you continuously work in the same niche market or specialty area, you come to know what clients are willing to pay for your work. If these clients keep on agreeing to a particular fee for the same kind of project over and over, you come to understand that…

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