Day Rates: You Get What You Pay For!

“What is your day rate?” Personally, I’m not a fan of this question. I don’t believe a day rate should be a single fixed figure. I am big believer that freelancers should have more of a bracket within which they are happy to work subject to a number of factors that influence the rate that an individual feels is reasonable for a particular project.

Some tips for any freelancers out there reading this. When pricing a booking, consider the type of work required, the complexity of the project, how exciting the project is to you and, arguably the most significant factor of all, the duration of the booking and volume of work on offer. An element of flexibility when it comes to day rates is indicative of mature and reasonable attitude that successful freelancers need to demonstrate if they wish to flourish in this industry. And my second top tip… don’t be greedy! Be empathetic to the fact that clients have budgets too. An elevated day rate might feel like a win at the time it gets signed off by a begrudging client… but in the long run it won’t result in repeat bookings or good rapport. Consider the long-term relationships you are building. Be fair, don’t drop below your worth, but don’t spike your prices to take advantage of a client in need either.

Now some advice for any clients out there who have stumbled upon my ramblings. “How much do you think we can knock them down?” Another question I don’t like to hear. Money is an emotive topic. Knocking down a freelancer’s best rate beyond what they feel comfortable with and below market average is a really good way to hit them where it hurts. It is time to consider day rates in a new light. A day rate is not simply the amount of money you are paying a freelancer for the specific job at hand. Within that day rate you are receiving:

- Years and years of training, practice, development put in by that particular individual to refine their craft and become an expert in their field.

- Hours of administrative work to run their own accounts, interview with you for the job, take the brief from you and demonstrate their capability - all before you confirm their booking.

- Hours a week spent chasing invoices they are owed so they can pay their bills – DON’T BE THAT CLIENT! Please pay freelancers on time – this happens far too often!

- Thousands of pounds worth of technology and equipment purchased to enable them to provide you with a top-class service.

- And finally the time and expertise you are getting from them to deliver the work you have booked them to do.

Day rates can be a sensitive topic. My experience recruiting in the freelance industry has taught me that there are lessons to be learnt on both sides; from freelancers and from clients alike. Ultimately it comes down to respect. Everyone needs to appreciate the true meaning of a day rate. Some would say… you get what you pay for.

If you are interested to see more about the going rates in the industry at the moment, please feel free to download your free copy of our latest salary and insights survey from the banner at the top of our website: https://www.nextlevelrecruitment.co.uk/