The idea is that clients should only be able to choose 2 of these 3 words, and you have to keep this in mind when pricing your next job. If you don’t, your work / income / career could be suffering.
Fast, Good or Cheap — Choose Two
If you allow your clients to have fast, good, cheap work designed by yourself then most likely you are working your butt off for very little return which is why you must allow them to choose a combination of two only — either good & fast, good & cheap, fast & cheap.
Below are some explanations of why and when to use each type of pricing method along with their advantages and disadvantages.
Good + Fast = Expensive
If a client wants good, fast work then of course we can put up our prices. We must put up our prices here because we have to postpone every other job we have, cancel appointments/meetings and stay up 24+ hours to get their job done.
The advantage here is that we get quick money, however, the disadvantage is that we could possibly let other clients down by not delivering their work on time and our work could suffer. We get more stressed and if it is a major project, our sleeping pattern gets disrupted. If you are a designer you should check out this post for some specific productivity tips.
Good + Cheap = Slow
If a client wants a good, cheap piece of work then they will have to be patient to get it as they are getting a discounted price… We have other projects to work on from higher paying clients so they get more priority.
The advantage here is that we do not have to stress about tight deadlines and we can work on the project in our own time with less stress. The disadvantage however is that we get less pay even though we worked on the project over a period of time.
Fast + Cheap = Inferior
If a client wishes to have a fast and cheap job, then they should expect the result to be quite inferior. We do not have the time to make the job as good as it could be plus on top of that, we hardly get any return on the product.
The only advantage here is that we get some quick money in a short amount of time. The disadvantage is that the end result will probably be something we will want to keep hidden away under lock and key.
In this case, clients truly get what they pay for and this is the least favorable choice of the three. Try to stay away from fast, cheap labor.
How To Price Yourself
If you want some more information on how to price yourself, there are a bunch of great articles on how to do so. FreelanceSwitch has even built a nifty rate calculator.
- Why Your Rates are Painfully Lower Than They Should Be
A great article about some mistakes you might make when pricing yourself
- 12 Realities of Pricing Design Services
An article by Steven Snell about several important facts of rate-finding.
- How To Price Freelance Projects Successfully
A very detailed article about the ins-and-outs of pricing a freelance project.
- The FreelanceSwitch Rates Calculator
Use this great tool to figure out how much you should be charging per hour.
How do you determine what you charge? Do you always come back to your hourly rate or do you take into consideration other things such as time, quality or price?