S2 E5 How to Make Money as a Creative
1. Creatives often undervalue themselves.Undercharging is a really bad business decision.
2. The challenge for many creatives is that the work comes so naturally, it doesn’t feel like something to charge for.
3. There are several ways to charge clients. You can charge hourly, fee based, or using a retail formula/fair market value.
4. The sweet spot for many creatives is the hourly fee, but it can have pitfalls.
5. No matter which method you choose, be transparent and try to give a reasonable estimate of the hours you expect to put into the project.
6. Track your hours on projects. T-Sheets fromQuickbooks lets you track all the hours each team member puts into a project.That data helps you establish a baseline.
7. Be sure to think about overhead expenses when you are calculating costs and hours. Look at hard data. Use it and record it.Plan for emergencies or when you may need to cover unexpected expenses.