“Unlock Your Freelance Fortune: 4 Hidden Metrics That Could Transform Your Success!”
You can use a time-tracker app or digital spreadsheet for this purpose. Whatever your preference, list your current projects and update the tracker weekly. When I complete a project, I divide my fee by the number of hours I worked on it. Over 20 years, I’ve calculated hourly rates for my projects from less than $30 to more than $200—a very wide range.
Tips to increase your hourly rate:
- Negotiate higher per-project fees. Whether it’s a higher price-per-word or set project price, talk to your clients about increasing your rate.
- Create efficiencies in your workflows. Your hourly rate will inevitably go up when you spend less time on project workflows. Look for ways to streamline your processes, both personally and with clients.
- Prioritize assignments from clients who consistently pay more on an hourly basis. Saying no to lower-paying jobs can earn you more money by freeing you up to take better-paying assignments.
Freelancer Metric #3: Pitch acceptance ratio
The more time I spend pitching ideas to clients, the less time I spend on work that generates income. To measure the effectiveness of the time I invest in pitching, I monitor the percentage of my pitches that each client accepts.
