Why Rate Transparency Helps Freelancers Earn More
Sharing is caring, right? Well, when it comes to sharing rates with fellow freelancers, sharing is not only caring — it has an impact on the entire industry by helping everyone earn more.
When freelancers share their rates with each other, it can help people realize that they’re undercharging their services or that their pricing structure could use improvement. Having this knowledge can help freelancers raise their rates and get everyone up to industry standards.
Not to mention, being transparent about your rates when talking to clients can help them better understand the value of your service, whether that’s web design or PR, which ultimately helps them realize the value in freelancers and helps elevate the industry as a whole.
To put pay transparency into practice, here are a few ways you share your rates with others and help everyone earn more.
Let other freelancers know what you charge
The easiest way to share rates with others is to actively engage in rate discussions. Whether you’re part of online communities or have a network of freelancers you work and collaborate with, participate in or initiate conversations about rate. Share your personal rate, your pricing structure, and how you got to that number. Your transparency may help other freelancers realize that they could be charging more, or you may learn that you’re undercharging. Either way, regularly discussing rates with fellow independents can help everyone stay informed.
You can even contribute to the Wethos Services Library which features over 70 scope of work templates and 800 services, all contributed by freelancers and studios on our platform.
List pricing on your website
If you offer productized services or packages, you could have a pricing page that gives potential clients an idea of what you charge. This lets them know upfront what they can expect, and helps you avoid any back and forth when it comes to figuring out price. Plus, it will make it easier for you to stand firm in your pricing so they don’t try to lowball you.
Exercise pay transparency with your team
If you have a team of collaborators that you’re working with for a project, be transparent about the pricing and advocate for them when it comes to their rates.
Pay transparency builds trust with your team and ensures everyone is getting paid equitably. If they’re involved with the project, they should be involved with the pricing aspect and should know whether or not their rate is aligned with their peers.
Stay firm when sharing rates with clients
Your rate is your rate and being a freelancer doesn’t mean you work for free! Be firm with clients when discussing your pricing, even if they suggest that your rate is too high. Communicate the value behind your pricing and let them know why your rate is what it is.
Think about it this way: Anytime you lowball yourself or even do work for free, you’re giving clients the idea that they can do this with another freelancer. Let’s help each other out by being open about rates so we can all earn more.
Sharing rates builds transparency around an industry that has traditionally been perplexing to navigate. When freelancers talk to each other about rates and exercise pay transparency, we’re all one step closer to breaking through the six-figure ceiling.