When I started on Upwork, everyone told me to keep my rates low.
I didn’t listen to them.
And this was a good decision.
If I do not value my skills, why should the client??
My starting rate on Upwork was $32.23.
I applied a formula to come up with the exact value I could offer to my clients in an hour.
And this is what I came up with.
Note: Most of my projects are fixed or retainers.
I don’t go by the hour.
I think you can make more money in fixed-rate projects.
Let’s say it will take you 5 hours to do XYZ project.
And you are working hourly.
In my case, it would be $32.23 * 5 = 150 dollars.
Now, from the client’s perspective that work is worth $500 to him.
I can easily close him on $300.
It’s all about figuring out the value you bringing to the table.
Your business will not be the same after value-based pricing.
Once you go with it, there is no going back.
Here is a simple framework to help you justify higher rates to your client.
Framework – Value-Driven Rate Framework
Remember, your goal is to use this framework to justify and charge higher rates on Upwork.
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