Starting a freelance business comes with a lot of decisions to make - how many clients should you have at once? How should I manage those clients? Should I charge them by the hour or by the project?
The list goes on and on...
Luckily, being your own boss, you get to make these decisions for yourself!
FreeUp offers both options to clients when they are creating their job postings. FreeUp freelancers have a choice on which types of payments they prefer.
So, what are the pros and cons of choosing an hourly project or a fixed rate project?
Let’s discuss the pros and cons of choosing hourly rate projects on FreeUp.
- You receive weekly payments
- You choose the rate which you are paid (within the client’s budget)
- It is easier to keep track of the hours you work in your FreeUp dashboard
- Ensures you actually get paid for all of the time you spent working
- Failure to correctly track your hours can cause payment issues
- While payments are received weekly, they are delayed a week
- Some clients put a limit on how many hours you can work a week
- Can limit your earning potential
Overall, if you are just joining FreeUp or new to freelancing in general, hourly rate projects are a great way to get started. Hourly projects are also great for starting work with a brand new client.
When choosing hourly work, the timer in your FreeUp dashboard makes it easy to keep track of your hours and bill the correct client.
After that, FreeUp handles the rest!
What are the pros and cons of choosing a fixed rate project instead of an hourly rate?
- You can ask clients for half of the lump sum before starting work
- Price is based off of a per project basis
- The client could potentially pay you more money than originally agreed upon at beginning of the project
- You don’t have to keep track of every hour you work
- You won’t receive your entire payment until the project is complete and payments are delayed a week
- There is a risk of underselling yourself
Fixed rate projects are great for seasoned freelancers with an established client base. With an extensive portfolio, new clients may be more willing to use the fixed pricing mode; for quick, one-and-done projects.
No matter which option you choose, know you are in great hands with the FreeUp Accounting and Support Team.
Freelancers are paid weekly. If you experience any issues, please contact firstname.lastname@example.org.
The Support Team is also available to help with any issues you may experience with the time clock etc.
We are committed to the success of our wonderful team of freelancers and will help every step of the way.