How to Charge for Your Graphic Designs
- 1). Set a goal for your annual income with graphic design. If you are just starting out as a freelancer and building a portfolio, you might be using graphic design as a way to make extra money. If graphic design is your primary source of funds, your expected annual income expectation will be much larger.
- 2). Calculate your monthly expenses. For a graphic designer, this includes paper, art supplies, Internet, computer programs and marketing materials. You will also need to include your rent, utilities, insurance if applicable, phone, income taxes and any other monthly expenses. Add all of your monthly expenses and multiply by 12 to determine your annual overhead costs.
- 3). Add your expected annual income to your overhead costs. Divide this number by 2,080, which is the number of business hours in a year. This number will determine the hourly rate you will need to charge to make your goal annual income.
- 4). Decide whether you want to charge by the hour or per project. Per project flat rates are typically reserved for smaller, one-time projects, such as business logos or fliers. If you are working on an ongoing project, such as a website or promotional brochure, it may be best to charge by the hour. If you charge by the hour, you can use your calculations from the previous step. To charge for a project, determine how many hours you will need to complete the work and multiply that by your hourly rate.
- 5). Research your competition. Different variables will affect how much you should charge for your services. For example, what are your competitors charging? How many years of graphic design experience do you have? It is not always best to price yourself lower than competitors; if you have the experience and the skill, you can demand a higher pay.