PPP session 3 - monies

Today's session was all about money and how to price ourselves within a professional context. The task, in general, made me realise (as I already knew) that I am undervaluing myself in regards to freelance. However, to quite the extent I may be underselling was interesting and the methods of quotation I'm using were called into question. I currently do the majority of my month to month quotations on an hourly basis for returning clients so maybe losing out on revenue due to low hourly rates. Also, it was said that an upfront down payment should be taken before projects and then a larger payment on completion. These factors often come down to my commitment to the projects I take on and a slight lack of confidence in my ability to create a perfect solution for all clients. This will come with further experience. Alec also talked about the accumulative value of each graphic outcome. Valuation shouldn't necessarily come down to hours spent and outcomes produced but instead, the clients reach and budget as well as the number of applications for the outcomes.

Alec also said to look into UTR tax coding for freelance work as I would need to change from my current student code in order to be properly taxed.

I think I should up my hourly rate for returning clients to maybe at least £20 for returning clients who exist on that basis and then charge minimum 200-250 for an identity.

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