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Advice needed: Should I charge hourly, or flat rate for my services?
Current contracting rate: approx $30CAD/hr (5 hours a month- $150/month)
Background: I recently quit my job as a “marketing specialist” for a multitude of reasons, including low pay, too many random administrative tasks for someone with the title “marketing specialist”, and wanting more free time for mental health reasons. I currently contract my social media services on the side for approx. $30CAD/hr, and planned to pick up a couple more clients with this rate. I gave in my 4 week notice to my current fulltime employers, however they’ve asked that I contract my services to them. This would allow me more free time, and a choice in the projects I work on. The scope of work would now be social media management, content creation, and branding both internal and external for about 20-24 hours a week.
The question: should I charge hourly, or flat rate based on projects? What are the pros and cons?
It’s an odd situation so im not sure what to do.TLDR; Should I charge hourly or flat rate for my marketing services?
Thanks in advance everyone, I really appreciate any advice!
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1 Reply
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I typically charged flat rates for specific deliverables (marketing audit, setting up new accounts, etc) but hourly for everything else. With one client I charged for a bundle of hours (20 hrs a month for a set price) because that allowed me to have stability and they were guaranteed my time when I had multiple clients.
Have you done the math on what you want your annual or monthly income to be based on your needs, taxes, etc.?
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Charge flat rates. Require monthly retainers and develop packages. Require a minimum of 3-6 months engagement as well. Get paid at beginning of month or stop posting
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I think when it comes to social media marketing you should charge per package of services.
Aim for higher paying clients and get them to pay you $1k-$2k a month for all of the stuff you do.
I don’t see hourly rates being used often when it comes to marketing, because it’s all about the results, not the hours you put it.
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Always charge flat rates, because you’ll find yourself using tools that will make your processes more efficient and less time consuming, you shouldn’t be penalized for being productive.
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