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How much should I charge?
Im a video editor and animator who was approached by someone to do their social media posting on Instagram. It’s for an up and coming local band in the area. I’m still in talks with them, but I don’t know what to charge them since their fairly new and I’ve never done this before.
I was planning to create some reels, static images, and post if needed. Should it be by a monthly fee or by post? Can someone provide me a guidline on how to go about this? I’m willing to learn!
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1 Reply
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How much are you worth is a better Question
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Price is determinant on a couple things:
1. What value do your bring? The more experience you have, the more efficient you are, the more value you bring, the more you can charge
2. What’s their budget? Small (local) businesses usually don’t want to spend more than $500 MAX on social per month… obviously this is case by case but id say this a good avg and predictor
3. Offer project and monthly retainer fees
4. Break down options against est. deliverables and est. time… gives you some parameters in case the creative request is completely unattainable in an allotted period of time
5. Aim high- you can always negotiate down… never up
🙂
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First find out the charges in your area for this service. Then quote slightly lesser than that . But before everything, find out everything you will be required to do and estimate 20% more work that will be required.
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I charge my clients based on
How many social media accounts posting to
Frequency of posts
My price includes a monthly fee, no contract
Standard photo editing is included
Standard video editing is included
Anything on top of that I charge my hourly rate. ( I charge $75 an ).
I create a dedicated plan, strategy, and blueprint for weekly posts.
My standard is $500 a month. -
Because you are new to charging, you really have 2 potential strategies.
Strategy 1: Find out their budget, match whatever it is and do everything you possibly can to over-deliver. If you do a great job, it will show and you will know that doing this as a business is a good fit for you. After you get a rhythm for working with clients, find out exactly what competitors (of similar skill) are charging and use that number to pitch to other, new clients. You now have clients to prove your track record and can start to grow as a real business and raise your prices as you grow.
Strategy 2: Figure out what you think your time is worth based on your skills and location, then determine how many hours per week you really need to do the work required for them. You can then put together a package that ensures you are paid fairly for the scope of work you present to them.
There are pros and cons to each. Use pricing strategy 1 if you think this could be a real career for you and strategy 2 if you just think freelancing could be a nice supplement to your income.
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You have to consider the amount of work you’ll be doing and the value you’ll be providing. You can charge a monthly fee, or you can charge per post. It’s up to you to decide what works best for you and the client. I suggest doing some research to get an idea of what other video editors and animators are charging for similar services.
You can also look into what the band is willing to pay and negotiate a rate that works for both of you. You need take in consideration your work, any running ads, hitting a growth service like Ascendviral and other advertising strategies. It’s important to consider the value of your work and the time it will take to complete the project.
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