Fixed Price Vs. Pay Per Hour: Which is a Better Pay Structure for Freelancers?
Are freelancers in Dubai paid by the hour or by the project? When it comes to payment methods, many freelancers are always stuck. You are not sure which way suits you best. These two structures of payment have been debatable for too long. Other freelancers prefer a fixed price while others pay per hour.
The truth is, the payment structure depends on lots of things like; the duration of the project, the technicality of the project, it’s nature, and how many hours you put into completing it. Still unsure of the payment method that’s suitable for you? Dig deep into this article for more insights.
1. Choose What’s Right for You
As much as there would always be a tug and war when it comes to this subject, it would help if you had a stand. You don’t want the client to dictate the price, as you are your own boss. It would help if you opted for a model that won’t hinder your success as a freelancer. The payment method would depend on your working style and the individual needs of a client.
2. Fixed-Price
A fixed price model can be best your best or worst nightmare, depending on how you agree with the client. Usually, the client budgets before you start the job. It probably means they wouldn’t consider the hours you put in for a project come to completion.
Worse still, they might tell you to conduct numerous revisions and correct endless issues. It might take more time than you anticipated making you lose not only money but also time.
Before settling on this payment method, you can collect data from other freelancers in the UAE. Ask them about their take on a particular project. You can ask them what they will bill a client. You can also ask the client, depending on the project, how far they are willing to stretch when it comes to payment. It wouldn’t matter how many hours you work on the project as long you know what to charge and the final result is excellent.
3. Hourly rates
Hourly rates are great when you aren’t under specific parameters like the deadlines, revisions, and the approval process. Freelancers in Dubai advise that when working from home, you have to be honest about this. Don’t charge the client for the unproductive hours to make them trust you more.
Charging by the hour can limit your earning potential since you work on the same hours figuratively. Also, you get limited by the number of hours you work, which may not be useful in the long run.
Sometimes, it clouds the client’s judgment. For instance, when a project costs $350, and it takes two hours for completion, It would make much sense to the clients when you tell him that the whole project cost $350 rather than $175 per hour.
Most clients are skeptical about the hourly proposal. Most would be happier if you can put a price so that they are sure of what they are going to pay you at the end of the day.
Lastly, when you bill per hour, ensure that you earn enough every hour so that you don’t tire yourself much. You should calculate the hourly rates to determine how much you will make at the end of the project.
When Should You Bill Per Hour?
- When requirements from a client are not clear- Some clients are sometimes vague about what they want. Thus, this would be your best option.
- Debugging clients- sometimes, clients want specific issues to be fixed. Go for hourly rates if you don’t know how long it would take you to fix the errors.
- Long-term contract- some long-term contracts require you to work on specific hours per week. It’s best if you settle for hourly rates.
Sum Up
When it comes to these two price structures, it all boils down to you. As freelancers in Dubai say, you are the one to decide what you are comfortable and go for it! Happy freelancing.
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