All this time most of you could be wondering How much is your worth?
They keep on saying know your worth but How can you determine your worth especially in today’s Job Market. Before anything else know what is that position you are applying for? I’ve listed my TOP 10 freelance work on this website. Next thing is to search online for what is the average wage for the said position.
Consulting with groups in social media who are working on the same field. Asking opinion with your friends or colleagues working in the same field. Checking Upwork for other client budgets for the same listing that you are proposing.
This is your way to protect yourself from being underpaid and before you submit your proposal to clients or even negotiating about your salary.
It doesn’t stop there: I’ve listed a step by step on how to know your worth.
After searching you need to think about the skills you can offer to your client.
List down your skills
Ask yourself the following question:
1. Did you attend a seminar or study a course and get certified with the skills you are offering?
2. Did you practice those skills?
3. Rate your skill from 1 to 10; do not offer those skills below 7. Why?
4. How good are you in communicating?
5. Does your experience make you an expert into something?
6. Are there a lot of people with your skills?
7. Can you deliver even with pressure and also meet deadlines?
Did you get any recommendation from your last work? (these will boost your profile)
It is also better to answer these question with someone who knows your expertise like your previous colleague. These questions are just there to guide you and your answers don’t calculate but it would help you determine if are really worth a try.
Don’t forget that it doesn’t end there. You may want to charge your expense every month, for example, electric bill, phone and internet bill, computer maintenance or rental etc.. You may also want to consider the office supplies or ink that you’ve used for the client’s project.
In Upwork they have their own fees associated with every task done. There are charges in online payment systems such as Paypal and Payoneer. You need to add living expenses such as food, rent, health insurance and etc.
Lastly after considering all expenses. You need to list down all and put a corresponding salary grade per skill for example. Vendor Management – 20,000 the add customer service 30,000. After you have all the salary listed then you compute for the average. The average salary based on your skills is 25,000.
Your monthly expenses including those you may think need to be charged to the client. For example office supplies, personal living expenses and charges for the online payment system.
For example lets add Internet 1,200, Rent 4,000, Utilities 1,500, office supplies 500, Food 6000, Online Payment 2500 total of 15700. Based on these computations you can now decide as freelancer how much would be your standard per hour.
If your monthly pay grade computation should be 30,000. You need to divide it by 22. We don’t want to work on weekends then divide it again with 8. Your standard per hour now would be at least 171 pesos.
You are setting a standard for yourself, I suggest based on the computation above your offer should not be below 4 US dollars per hour. I think that is totally reasonable enough.
Note: Currency above is in (Philippines) Pesos. Current Conversion is 1 US Dollars is 51 Pesos.