5 Things to Consider for Establishing Rate Card as a Creative
One of the challenges of costing your work as a creative is that each project is entirely different from the next, meaning that it is highly unlikely that the same amount of effort will be put into each. Moreover, creative services are mostly based on intellectual property rather than the actual product, which is why some people may underestimate the overall work put into the final product. Because one can’t really provide proof of the research done, the brainstorming and the hours of inspiration that are needed to produce a creative piece, it can be difficult to accurately price your services, which is why some people may end up either undercharging or overcharging for their services.
Establishing Your Rate Card
In light of the above, it is widely advised that you charge per hour for your services, in that way, the more demanding projects will be reflected in the costing. However, there are certain components that are consistent in each project that you take on, which can help you establish a rate card to present to those that request it prior to enlisting your services. If exploring a wider client base, particularly the US and European region, one must bear in mind the impact of USD and EUR trading because the overall performance of those economies and currencies will affect the exchange rates and how much you could earn for your work. Below are some of the key things to consider when putting your rate card together:
1. Going through brief
When a client presents you with a brief or expands on their expectations and your deliverables, the time spent on interpreting that should form part of your billable hours. This will include any points of clarity that need to be addressed to avoid confusion from the get-go.
Once expectations have been clarified, you as the creative can then start doing the necessary research and seeking inspiration for the work at hand. Research for a creative doesn’t necessarily always mean doing some research on the internet, in some cases, it may involve visiting galleries or museums, interviewing veterans and eye witnesses, or even just driving around and viewing key attractions. This is all dependent on the types of work that you do and where you draw your inspiration from.
3. Actual work on project
In some cases, this part may take the least amount of time, particularly if the research stage was done effectively. With the right resources, tools, knowledge and inspiration, the actual work on the project can be relatively seamless and painless.
4. Client changes
Upon presenting your first draft or attempt to client, they may request a few changes. This usually entails attending to the final touches and making minor changes to ensure that the vision that they had in mind is realised.
After the abovementioned, you will then have to make the necessary changes and then present the revised work to client. The hours put into the revisions also form part of your billable hours and need to be considered because it is additional work that you have to do.