Imagine your freelance design business is fully booked! You have hit your goals. Congratulations!
Are you fully booked because you are working on many projects or one? Onboarding, Offboarding and revisions will keep you too busy. When a big-budget client comes along, you’ll be too busy to take on the project.
This is why you need to consider a minimum project cost.
Your minimum project cost size means you reject all small projects.
Setting a minimum project cost is important because it means you reject all projects that are too small. This protects your time and energy, allowing you to focus on more significant projects that bring in more income.
It is carefully calculated and thoughtfully chosen to not exclude potential clients but also ensure that your business isn’t taking on projects that don’t pay enough to justify their time commitment.
You’d rather have one big client than many small ones.
There are many reasons to set a minimum project cost, but one of the most important is that you don’t want to miss out on a great opportunity.
Clients who want much work done usually pay more than those who only need a few pieces here or there. High-value clients won’t discount your work and try to get a “deal.” They value the work being done.
Clients with bigger budgets usually have multiple future projects in mind. If you close the deal with them, you’ll be their go-to designer—and they’ll tell their friends about how excellent your work is, which means more business coming in.
Your minimum project cost shows your clients you value your work and set high standards for yourself.
I’ve seen many designers struggle with this challenge, and many are afraid to charge more than they’re making now. But if you want to grow your business and earn more than just enough for survival, you’ll need to raise your rates eventually.
Raising your rates is scary because some customers won’t be able to afford your services anymore — but raising them slowly will make this transition easier for everyone involved. Pick a place to start and set a goal to increase your minimum overtime.
The truth is that most clients don’t expect or demand low rates from freelancers; they want good value for their money.
If you can prove that your work is worth more than the average freelancer charges, then there’s no reason why they shouldn’t pay what you ask for (or at least close).
Setting and sticking to your minimum project cost will help you get paid what you deserve.
By setting a minimum project cost, you can ensure that your rates are appropriate to the value of the work. It also allows you to raise the bar on yourself and show clients what you can do.
Setting a minimum project budget is a great way to establish yourself as someone who delivers high-quality results at an affordable price. It will make it easier for you to do more work because of how much more money is coming in!
Setting a minimum project budget ensures you make enough money from each job. Remember that your potential clients may not be willing or able to pay your standard rate, but they may still want your services and expertise.
For those customers, you will need a lower price point—if they aren’t willing to negotiate with you, then they probably shouldn’t be hiring anyone at all.