Quotes vs Estimates for Freelancers
Should freelancers provide estimated prices or fixed ones and which one of them would be more convenient for a freelance business? What are the ups and downs when using these pricing methods?
In this episode, you will…
- Understand the difference between an estimated price and a quote
- Get the pros and cons when adopting an estimate or a quote for your freelance business
- Know how estimates can help you break down the costs
Insights:
- ''No matter if you are choosing to offer estimates or a fixed price, your aim is to accurately calculate your profitability and make sure you don’t underprice your service.''
- ''Estimates and providing a quote might overlap, but its purpose stays the same: your client wants to know how you will save them time, save them money or create revenue.''
- ''Estimates work great for me because managers can change their minds or add in some extra requirements.''
Tips:
- When you are offering a quote or an estimate, always include how long the provided price is valid for (usually it’s for 30 days).
- Before offering a quote, understand what your client wants, break down the requirements and add those in a contract or agreement.
- One size does not fit all and remember that you don’t have to reinvent the wheel: if something is working out great, do not change it.
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Until next time,
Doina
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