How to Decide Rates You Have To Charge as a Freelancer

How to Decide Rates You Have To Charge as a Freelancer

Most freelancers charge by the project, while the others charge an hourly rate. Both methods require you to understand how much you need to achieve your income goal and also have to determine how long the project would take you to complete.

To find out your hourly rate, at first you have to figure out how much you need to earn a year along with the annual business expenses, then divide it by the time you can commit to work a year.

Now take your income goal and amount you expect to be able to work and fill in the following equation.

Annual Income Needed=Annual Income Goal + Annual Business Expenses

Calculate the hourly rate needed to achieve your goal with the following equation.

Hourly Rate Needed=Annual Income Needed/Annual Billable Hours

Where, annual billable hours is the workable hours a week multiplied by the number of work weeks in a year with subtracting time away for vacation, illness, public holidays and day to day business.

Here is a sample example for calculating your hourly rate needed using methods given above.

Let's say that, if you have to determine that you want to make minimum of $10,000 per year and your business expenses is roughly $5,000 for the year. If you are going to work six days per week and three hours a day then the total billable hours will be (18 hours/week X 52 weeks) 936 hours. For your understanding, calculations are given below.

$10,000 is your annual income goal
+ $5,000 is your annual business expenses
=$15,000 is the total revenue needed

If the total revenue needed is divided by total billable hours, your hourly rate will be calculated as given below.

$15,000 is your annual revenue needed
÷ 936 is your annual billable hours
=$16.02 is your hourly rate

From the above calculations, if you set hour hourly rate $20, you will achieve your annual income goal easily.

Once you figure out your hourly rate, there is no problem for the projects with hourly rates. But if you are going to do projects on the fixed price rate, you have to calculate your price for the project based on the hours needed to complete the fixed price project. But you have to remember that if you are going to work 18 hours a week that doesn't mean that you will work each and every week. 

Other than setting your hourly rate or the rates for fixed price projects, you have to check out other people's bids, as well as their reputations. If freelancers without feedback are bidding $250, you can bid higher, however if someone of the other bidders have hundreds of stars ratings and bid low, you might not get a chance. If you are not comfortable with bidding at the lower price, you can submit a higher amount, but you will have to mention it in your private message.

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How to Find Your Desired Project on Freelance Sites Quickly

After completing your profile on freelancer sites, the biggest challenge as a freelancer is finding consistent project to work. The basic ways to get work as a freelancer include becoming an active and engaged member on freelancer sites, checking your opportunities infrequent manner which ensures that you never miss out on projects you are great feet for. 

Other ways of getting work are setting for email alerts, responding quickly to job invites you receive, using multiple forms of communications, searching based on fixed price and hourly jobs, understanding the client's needs and asking questions that are unanswered. 

Read More:Seven Ways of Making Your Freelancer Profile Perfect

Here are the explanations in details for more information about the tips given above. 

Check Your Opportunities in Frequent Manner

You have to check your opportunities in frequent manner (i.e. daily). Click on the find works, find projects, opportunities or pick a skill and search from the search bar to find the projects that match your desired work quickly.

Read More: Top 10 Freelance Jobs Sites To Earn Online

Setup Email Alerts and Job Feed 

Setup email alerts to get email updates with job opportunities more quickly. You can setup for this option from settings or Notification settings area, you can also setup job feed with specifying filter. 

Respond Quickly to the Job Invites You Receive 

After completing your eye catching profile with strong skill set, you are sure to get personally invited to jobs as well. Be sure to respond quickly to invites, letting them know it you are interested on the requested job or not. 

Use Multiple Form of Communication

You can use multiple forms of communication when conferring with potential clients along with the private message board provided by freelancer sites. You can pick up the phone calls, skype or any other email messaging service like gmail, yahoomail, hotmail etc. 

Search Based on Fixed Price and Hourly Jobs 

When searching for jobs, search based on fixed price and hourly jobs whether you prefer fixed or hourly jobs based on you. On hourly contracts you are paid by the hour which means an hour paid for an hour worked. This option is particularly popular when the project has good chance of flexibility.
On fixed price jobs you are paid a fixed amount for project deliverable. Most of the freelance sites have escrow feature, where the client funds your job before work begins, when the client approves the work, payment are automatically released to you. 

Understand the Clients Needs

 Make sure that you have read and understand the job/project description. You have to remember that you are doing something for your clients not for you. So you should always be clear that you have to plan the project according to your clients needs. 

Inform the Clients before Selecting Projects 

Do not choose large projects without informing or consulting the clients, which helps both of you and client to understand the requirements and conditions for the projects as well as the minimal revisions needed for the work. 

Ask Questions That Are Unanswered 

After reading all the job descriptions provided by your clients, you may ask the questions that are unanswered in their project detail. It is not necessary to ask questions that are unanswered somewhere else, but make absolutely sure that you understand what you are supposed to be doing. 

Check in Clients You Worked Before

Check in clients you worked before in every few months. If you can, ask something you have learned about them during the project. Keep the relationships with client after completing the projects; you may request for the new project they are going to start.

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Seven Ways of Making Your Freelancer Profile Perfect

In the previous post, I have listed top 10 freelancer sites to earn online as a freelancer. After completing registration process on those sites, you have to complete your strong profile at first; it is the best way to stand out from other freelancers.

Only a perfect profile that is complete, accurate along with complete list of your skills and services which can improve your chances of getting hired.

Add Your Professional Profile Picture

You should add head-shot image of yourself with friendly expression and plain background.

Add Your Best Skills Sets

Submit the skills list which you can do professionally on which you can actually solve the problems, these types of skills are called primary skills.  Put your primary skills on the top of your list.

You have to make another set of skills that could potentially offer on the side; they won't fit into job title, but you can do a reasonable job of them when you need to. Submit such skills as secondary skills after primary skills. You can use your secondary skills on the big project related to primary skill set.

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H12 Media: Best CPC CPM CPA Publishing Network - Review

H12-Media is one of the best CPC CPM CPA Ad publishing network under the company name "H12 UK LTD" that focused on some rich kind of advertising banner models for publishers and advertisement agencies, which purchase and sell global web traffic through world's biggest RTB market places in order to achieve the best eCPM with very simple looking website and user dashboard.

It provides two types of pricing model, the first one is floor pricing where you can specify your minimum selling price in CPM and the unfilled traffic will be sent to your back-up banner codes. The another model is the fulfill option in which the ad server tries to achieve this via the CPM campaigns first and unfilled banner spaces are passed for the CPC or CPA campaigns.

Supported Ad Sizes and Types

Currently H12 Media supporting different sizes 300x250, 728x90, 160x600, 120x600, 320x50, 300x600, 468x60, 120x600 for display ads along with Pop Under, Sliding, on-video banner types of ad options and using ASYNC banner tags to optimize your site for search engine optimization. Along with it, frequency capping also available for sliding, on-video banners and pops.

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What Every Business Should Know About Hiring Freelance Developers

Hiring freelance developers is an essential task for most businesses trying to break into the tech market or create an impressive online presence. Without developers, no matter how great your idea for an app or website is, it’ll never get off the ground. Consequently, it’s crucial that you know how to hire the developers best-suited to your needs, goals, and habits so that you make sure to get the most bang for your buck. Since most of us don’t spend the majority of our days hanging out around freelance developers, it’s vital that you know what makes a good developer and where you might be able to find one. Consider these guidelines before making any hire; though they’re not hard and fast rules, they’ll definitely push you in the right direction.

Use a website

This is the easiest step. You’re not going to meet your ideal developer at a dinner party, your friend’s birthday, or at a spin class. Thankfully, there are dozens of websites that can help match you with great developers whose skills are tailored to your project. The websites charge a commission, but it’s definitely worth it. At the lower end of the cost spectrum, with companies like Guru and Upwork, you still get access to a fairly large number of developers. The only issue with sites like these is that they don’t feature an independent verification process, so you have to rely on customer reviews to determine who’s good and who’s not. While that might work out, you also might end up with an inferior developer. Higher quality sites, like Toptal, feature a rigorous verification process that ensures that any developer you get connected with will be an ace.

Read More:Top 10 Freelance Jobs Sites To Earn Online

Think it out

Just because you don’t know how to code doesn’t mean that you should be vague about what you want. You should explain to potential developers exactly what sort of project you have in mind; if you have an app, you should consider what features you want it to have, what different levels of membership might look like, and how you plan on reaching customers. The developer’s job isn’t to tell you what the app should be, but rather how to build it. That said, good developers with plenty of experience might also have some helpful input about how to improve your idea, so be open to feedback.

Plan the payment

You should try to get an idea of what a reasonable quote for your project is to make sure both that you stay within budget and so that you can come to an understanding with your developer before the work starts. Make sure your contract is fairly specific, and that both sides know what’s expected of them. Nothing is worse than finding out halfway through your project that you’re going to have to ask your developer to perform an additional task, and that they’re unwilling to commit to it without a raise that will take you over-budget. Once payment is worked out, make sure you have a secure platform with which to pay your developer, and always pay on time.

Follow-up and feedback

You can’t just hand off your project to a developer and expect them to give it back to you 100% completed to your specifications. While you want to avoid hovering over their work every minute of the day, you should also make sure that you’re giving them regular feedback and checking in on them to see how things are going, and to see if there are adjustments you’d like to make that you hadn’t considered before your product began to take shape.

Read up

Just because you’re not the one doing the developing doesn’t mean that you don’t need to learn a thing or two. In addition to knowing what you want your particular product to look like, you should also familiarize yourself with the basics of the relevant software engineering information. This will help you understand how your product can best function, give you a good idea of how much work might be involved in developing it, and assist you in picking a developer whose skills match your needs.

Balance talent and tech skills

On the one hand, you want to make sure that your developer has skills that are relevant for your project. If you’re looking to build a server-side framework, then someone with experience in C, C++ or Python would be ideal. On the other hand, you want to find as talented a developer as possible, and sometimes the best developer’s skills won’t quite match up with the ones you’re looking for. In these cases, it’s important to consider the length of the contract you’re proposing. If it’s a longer contract, keep in mind that software skills lose their usefulness every few years and that a good developer can probably pick up new skills similar to their current ones fairly quickly. If you’re negotiating a shorter contract, then it’s probably best to prioritize skills over innate talent, since it’ll take a developer too long to learn a new language. 

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This article is written by Irina Papuc from Toptal as Guest Writer.
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Interview Questions on System Development Tools set-4

1) .......... helps prefer the easier to flow mapping of complex design, which should show branch points forks, but not the details of the user dialogue.
A. System flowchart
B. Decision Tables
C. Decision Trees
D. Organization chart

2) Functionally ............ performs documentation only, in which variety of dictionary could be maintained as a manual rather than an automated database.
A. passive data dictionaries
B. active data dictionaries
C. in-line data dictionaries
D. out-line data dictionaries

3) ........... in HIPO break a system or program down into increasingly detailed levels.
A. Visual Table of Contents(VTOC)
B. Input Process Output(IPO)
C. None of the above
D. Both of the above

4) ......... indicates the flow of work/system, document and operations in a data processing application.
A. System flowchart
B. Decision Tables
C. Decision Trees
D. Organization chart

5) The ........... supports program and operations development by exporting database definitions and program data storage definitions.
A. passive data dictionaries
B. active data dictionaries
C. in-line data dictionaries
D. All of the above
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Objective Questions on System Development Tools set-3

1) ............ is a graphical model that illustrates each basic step of data processing routines or system.
A. System flowchart
B. Decision Tables
C. Decision Trees
D. Organization chart

2) The condition and the action statements in a/an ............. are not complete, but are completed by the condition and action entries.
A. Limited Entry decision table
B. Extended Entry decision table
C. Mixed Entry decision table
D. Complete Entry decision table

3) To construct data flow diagram, we use...
i) arrows
ii) circles
iii) open-ended boxes
iv) squares
A. i, ii and iii
B. ii, iii and iv
C. i, iii and iv
D. All i, ii, iii and iv

4) Which of the following are the advantages of decision table
i) Complex tables can easily be split into simpler tables
ii) They are of standard format
iii) They do not depict the flow of logic of problem solution
A. i and ii only
B. i and iii only
C. ii and iii only
A. All i, ii and iii

5) ............. conditions are used for granting exam permission on the basis of attendance and fees paid.
A. Limited Entry decision table
B. Extended Entry decision table
C. Mixed Entry decision table
D. Complete Entry decision table
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MCQ Questions on System Development Tools set-2

1) Which of the diagram shows interactions between objects?
A. Activity diagram
B. Class diagram
C. Sequence diagram
D. Component diagrams

2) System design consists of preliminary investigation and feasibility study, detailed investigation consisting of...
i) fact finding
ii) data analysis and evaluation
iii) estimating the cost and benefits
iv) preparation of system proposal
A. i,ii and iii only
B. ii, iii and iv only
C. i, iii and iv only
A. All i, ii, iii and iv

3) .......... is/are the advantages of using system flowchart.
A. Communication
B. Queasier group or relationships
C. Effective analysis
D. All of the above

4) A state chart diagram describes...
A. attributes of objects
B. nodes of the system
C. operations executed on a thread
D. events triggered by an object

5) Which of the following tool is not used to organize the system projects
A. System flowchart
B. Decision Tables
C. System Trees
D. Organization chart
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Solved MCQs on System Development Tools set-1

1) Which of the following shows levels of management and formal lines of authority?
A. Organization chart
B. decision table
C. pyramid diagram
D. grid chart

2) External entities may be a
A. source of input data only
B. source of input data or destination of results
C. destination of results only
D. repository of data

3) Advantages of system flowcharts.....
A. Effective communication
B. Effective analysis
C. Queasier group or relationships
D. All of the above

4) A list of questions used in analysis is called a(n)
A. organization chart
B. interview guideline
C. grid table
D. checklist

5) By an external entity we mean a
A. Unit outside the system being designed which can be controlled by an analyst.
B. Unit outside the system whose behavior is independent of the system being designed
C. A unit external to the system being designed
D. A unit which is not part of a DFD

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Top 20 Objective Questions on SDLC set-5

1) The first step in preliminary analysis is to
A. purchase supplies
B. hire consultants
C. define the problem
D. propose changes

2) ........... carries out feasibility studies on existing and proposed systems to determine the economic viability of computer processing within them.
A. Analyst
B. Chief System Analyst
C. System Analyst
D. All of the above

3) Understanding the nature, function and interrelationships of various subsystems involved in .....
A. system analysis 
B. systems implementation
C. systems development
D. systems maintenance

4) Which of the following tasks is not part of the system design phase?
A. designing alternative systems
B. selecting the best system
C. writting a systems design report
D. suggesting alternative solutions

5) Investigating of the existing system by means of interviews, questionnaires and observations is the main responsibilities of ......
A. Analyst
B. Chief System Analyst
C. System Analyst
D. All of the above

6) ......... assess the resources required for and total cost of preparing and installing the computer procedures and supporting manual systems.
A. Analyst
B. Chief System Analyst
C. System Analyst
D. Data processing manager

7) Determining if employees, managers, and clients will resist a proposed new system is part of this feasibility study
A. technical feasibility
B. economic feasibility
C. organizational feasibility
D. operational feasibility

8) System projects are initiated for the following reasons
i) capability
ii) control
iii) communication
iv) cost
A. i, ii and iv only
B. ii, iii and iv only
C. i, ii and iii only
D. All i, ii, iii and iv

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Multiple Choice Questions on SDLC set-4

1) This phase of the SDLC is known as the "ongoing phase" where the system is periodically evaluated and updated as needed.
A. preliminary investigation
B. system design
C. system implementation
D. system maintenance

2) .......... includes the existing system, the proposed system, system flow charts, modular design of the system, print layout charts and data file designs.
A. Feasibility Report
B. Functional Specification Report
C. Design Specification Report
D. Terms of Reference

3) After implementation of the system, system maintenance could be done for
A. Minor changes in the processing logic
B. Errors detected during the processing
C. Revision of the formats of the reports
D. All of the above

4) The final step of the system analysis phase in the SDLC is to
A. gather data
B. write system analysis report
C. propose changes
D. analyze data

5) The different phases for development and testing of the systems includes
i) Development and testing of the individual programs
ii) Development and testing of the system modules as a part of the major subsystems
iii) Development and testing of the major subsystems as a part of the proposed system
A. i and ii only
B. ii and iii only
C. i and iii only
D. All i, ii and iii

6) The electronic data processing department has specific functions to be performed which includes
i) System department and programming
ii) Computer system operation
iii) Control over data, reports and files
iv) Data preparation
A. i, ii and iii only
B. i, iii and iv only
C. ii, iii and iv only
D. All i, ii, iii and iv

7) A feasibility study is used to determine the proposed systems
A. resource requirements
B. costs and benefits 
C. availability of hardware and software
D. all of the above

8) Breaking the system modules into smaller programs and allocating these programs to the members of the system development team is the activity involved in ..............
A. System Design Phase
B. System Development Phase
C. System Analysis Phase
D. System Implementation Phase

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Solved Objective Questions on SDLC set-3

1) In this phase of the SDLC, the new information systems are installed and adapted to the new system, and people are trained to use them.
A. preliminary investigation
B. system analysis
C. system design
D. system development

2) The information systems are considered to be evolved through ..
A. Conceptual system
B. Logical system
C. Physical system
D. All of the above

3) The final output of ........... stage of SDLC is feasibility report having discussions on financial feasibility, economic viability, technical feasibility and social acceptability of the proposed system.
A. problem definition
B. feasibility study
C. system analysis
D. system development

4) The first step of the systems analysis phase of the SDLC is to
A. propose changes
B. analyze data
C. gather data
D. write system analysis report

5) System design phase includes development of the following
i) Output definitions
ii) Input definitions
iii) Data Element Dictionary
iv) System Specifications
A. i, ii and iii only
B. ii, iii and iv only
C. i, iii and iv only
D. all i, ii, iii and iv

6) The .......... includes review of the existing procedures and information flow.
A. feasibility study
B. system analysis
C. system design
D. system development

7) The final task in the design phase of the SDLC is to 
A. select the best design
B. design alternative systems
C. prepare a system design report
D. examine hardware requirements

8) During the system development, the analysts also undertake the codification and compression of the data to
A. Use lesser magnetic storage space
B. Commit lesser mistakes while entering data
C. Maintain uniformity of data
D. All of the above

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