Money - the price is right

The price is right 

We started off we an activity on what price we would charge for certain projects.
for a logo - £75,  branding and publication - £600, new identity -  £500,  indie magazine - £150

Ways of working out figures - time frame or day rate - can work out outgoings
worked out my outgoings per month are :
Phone : £42
Insurance : £13.50
House : £476
Adobe : £16.24
Travel : £50
Gym : £20
Food : £100
Clothes : £80
Entertainment : £100.  divide by 4 = 225 per week to cover outgoings

yourrate.co

You set your rate - a lot comes down to confidence

if something is done quickly its based upon year of experience and expertise

Citibank - drawn on napkin - logo cost 1.5 million
nike logo cost 35 dollars in 1971

confidence plays a huge part - idea of value
setting up an hourly rate is not ideal for the logos as value - doesn't see end value

Project based fee
assess job and quote based on the agreed work and deadline - sign contract and deliver
advantages : charge upfront - 50% then 50% when complete
How many round of amendments they can have

Value based pricing
Charge based upon business size - you assess the business, what the project stands to add in value and make a quote based upon that.
scale with business - opportunity for us to educate clients - benefit for a major upturn - perhaps if they sell an amount you get a stake.

value to client - price clients not the job - who you give logo to price should change

client can't have it both ways - time & money - most value time
charges per hour punishes for being good - care about the end product

believe that it is what its worth
undercharge - too good to be true - a risk

futur - youtube

right approach - depend on project, preference or client - one size doesn't fit all

good, cheap and fast - can only pick two 
good and cheap = won't be fast 

freelance project - giving plenty of buffer - need the sales bit if freelance
looking back at the projects;

logo : £150 - due to being a student its a smaller client and budget -
as a new business - reasonable - come back to you

re designing an indie magazine : £5,000  around a month or 2 months

identity of a summer festival aimed at students : £10,000 (whats its going on etc)

Branding and publication design for tetley exhibition: £20,000

Getting paid 

Invoice - all the clients details, the work detailed, your payment details, date, 14 day window to pay, a number reference for invoices, invoice to be inline with personal branding, 

apps and software - invoicely, Xero, Anna, quickbooks 

self assessment tax register - utr number gov website

chasing clients: 'the accountant' send an email from an account email account, all text in red

This session has been really beneficial with learning that the methods that I currently use aren't necessarily the most beneficial when pricing work for clients. The biggest learning point was that we can charge a lot more than we think due to the time period, experience and with the outgoings that we have. The thought of charging a high amount is a daunting prospect, however it has made me learn that I should charge more due to the time of the project and should consider costings more. The method that I think I will use is project based fee due to being more comfortable with this method, I just need to evaluate the timescale more to find a more appropriate price and be more confident in my work and experience at being a graphic designer.