April 6, 2021

Quotes vs Estimates for Freelancers

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