As a freelance graphic designer, you’re probably looking for ways to maximize your hourly rates so you can make a good living. Whether you’re a new freelancer or an experienced pro, raising your rates can be a bit intimidating. But, with the right strategies and tactics, it’s totally possible to increase your freelance graphic design rates and make more money.
In this guide, we’ll cover everything you need to know about setting and maximizing your freelance graphic design rates. From understanding the average rates for graphic design services to establishing your own rates, this guide will provide you with all the information you need to start charging higher rates for your work. So, let’s get started!
What is Freelance Graphic Design?
Freelance graphic design is a type of design work that is contracted out to a freelance designer. They are self-employed professionals who work with companies and organizations to provide creative services such as logo design, website design, and other types of graphic design work. Freelance graphic design is a great option for designers to earn an income while still having the freedom to take on other projects of their choice. Based on US Money News, graphic designers made a median salary of $50,710 in 2021. The best-paid 25% made $74,700 that year, while the lowest-paid 25% made $39,270.
One of the biggest benefits of freelancing as a graphic designer is that you’re in control of your own rates. You have the freedom to set your own rates based on your level of experience, the type of project, and the amount of time you’ll be dedicated to the project. This allows you to maximize your income as a freelance designer.
Benefits of Freelancing as a Graphic Designer
Freelancing as a graphic designer provides a range of benefits that you wouldn’t get if you were employed by a company. Here are some reasons why freelancing has been increasing in popularity!
You control your earnings
In a traditional job, you can only earn what those in charge believe you should be earning. Yes, you can still make a lot of money in many traditional jobs, but you’re entirely dependent on someone else deciding you deserve a raise or promotion to make any more. As a freelancer, your earning potential is virtually limitless. You set your prices and rates, select your clients, and decide how your company will grow in the long run. Your services are ultimately worth what people are willing to pay for them, which can be substantial, particularly for highly skilled or experienced freelancers.
Any work done can be added to your portfolio
It’s also a great way to build experience and a portfolio. As a freelancer, you’ll have the opportunity to work with a variety of clients and take on a range of projects. This will help you build your portfolio and gain experience in the industry.
Traditional workers are more or less required to live where the work is, so they have few options for where to live. Furthermore, their company may require them to relocate in order to keep their job or accept a promotion. Freelancers can work from anywhere on the planet, including their own homes. They also don’t have to worry about wasting a significant portion of their day commuting.
Average Hourly Rates for Graphic Designers
When it comes to setting your hourly rate as a freelance graphic designer, it’s important to understand the average rates for the industry. According to the Bureau of Labor Statistics, the average hourly rate for graphic design services in the United States is around $25~$150. This is the average rate for all types of graphic design, including logo design, website design, and other types of work.
Factors That Impact How Much You Can Charge as a Freelance Graphic Designer
When it comes to setting your freelance graphic design rates, there are several factors that will impact how much you can charge. It’s important to consider all of these factors when setting your rates so you can make sure you’re charging a fair rate for your services.
The first factor is your level of experience. Experienced graphic designers typically have a larger portfolio and are able to charge higher rates for their services. On the other hand, new freelancers may need to start with lower rates until they build up their portfolio and gain more experience.
Every freelance graphic designer will need to learn to start from scratch. Building your reputation and influence will take time but over time your earnings will drastically increase based on your customer acquisition and influence.
Level of Difficulty
Another factor is the type of project. Different types of projects require different levels of skill and experience, so it’s important to consider the type of project when setting your rates. For example, a logo design project may require more skill and experience than a website design project, so you may need to charge a higher rate for a logo design project.
Amount of Time Taken
The third factor is the amount of time it will take to complete the project. If you’re working on a large project that requires a lot of time and effort, it’s important to factor this in when setting your rates. Calculate based on the assumed number of hours required to invest in the project and make sure to price it accordingly.
The amount you need to Survive
Finally, the cost of living in your area can also impact how much you can charge for your services. In areas with a higher cost of living such as Singapore(the minimum you need is $ 1,336 SGD to survive here), you may need to charge higher rates to make a living.
Tips for Maximizing Your Freelance Graphic Design Rates
Once you’ve established your freelance graphic design rates, there are several strategies you can use to maximize your rates. Here are some tips to help you get started:
Offer project-based rates
Project-based rates are great for larger projects that require a lot of time and effort. With project-based rates, you can be sure to get paid for the full amount of work you’re doing, rather than just an hourly rate. On the other hand, project-based rates can be difficult to negotiate and may require more upfront planning and research.
Hourly rates are great for smaller projects or when you’re just starting out. With hourly rates, you can charge a lower rate while still getting paid for your work. However, hourly rates can be difficult to negotiate and may not be the best option for projects that require a lot of time and effort.
Rather than charging an hourly rate, consider offering project-based rates. This is a great way to ensure that you’re getting paid for the full amount of work you’re doing, rather than just an hourly rate. For example, content writers are usually being paid based on the number of words they have written for their content. This can range from 500,1500, or 2,500 words per article.
Keep Looking for new clients.
Getting new clients is a great way to increase your rates. If you can get more clients, you’ll be able to charge more for your services. Learn to use whatever social media marketing to reach out online in order to find any potential leads that may be interested in your service. I highly recommend using freelancing tools such as Fiverr and Upwork. Do check out my other article here on how to create a Fiverr business.
Learn to Adjust Pricing
Don’t be afraid to lower your prices. Lowering your prices can be a great way to attract new clients and get more work. It’s understandable that some months may be slower, just make sure that you’re still charging a fair rate for your services.
Offer discounts. Offering discounts is a great way to attract new clients and increase your rates. Just make sure you’re offering discounts that won’t leave you out of pocket. Your discount should be standardized to how much you expect to earn.
For example, if you are looking to earn $2,000 a month and your services are priced at $200 per service. Maybe there is a huge potential customer that is willing to pay $100 per service. So all you need to do is offer 20 discount services to attract the required amount of customers for the month.
Strategies for Getting New Clients
Once you’ve established your rates, you’ll need to start looking for new clients. Here are some strategies for getting new clients:
Networking is one of the best ways to get new clients. Reach out to other designers, attend industry events, and join professional organizations to make connections and get your name out there.
Use social media
Social media is a great way to get the word out about your services and attract new clients. Create a profile on platforms like Twitter, Instagram, and LinkedIn, and start sharing your work to get noticed. Take note that there are many different social media that each classifies under a certain type of user. Therefore, you may have to invest some time learning to build a strong social media presence in order to grow your freelancing business.
Create a portfolio
A portfolio is a great way to showcase your work and attract new clients. Make sure to include your best work and keep it up to date with your latest projects. Always compare your premium service and basic services so that potential clients can have a rough expectation of what they are getting into and why they should be spending their money on the premium service.
Offering discounts is a great way to attract new clients and increase your rates. Just make sure you’re offering discounts that won’t leave you out of pocket. In order to attract new clients, you may want to give a one-time off service so your customer may be more tempted to try out your services. And if the service works out, they may even stay with you for a long time.
Promoting yourself is a great way to get your name out there and attract new clients. Reach out to potential clients, create a website, and start getting the word out about your services.
Setting your freelance graphic design rates can be a daunting task. But, with the right strategies and tactics, it’s totally possible to maximize your rates and make more money.
In this guide, we’ve covered everything you need to know about setting and maximizing your freelance graphic design rates. From understanding the average rates for graphic design services to establishing your own rates, this guide has provided you with all the information you need to start charging higher rates for your work.
So, what are you waiting for? Get started today and start setting your freelance graphic design rates so you can start making more money as a freelancer!