Did you know that 30% of freelancers undercharge for projects? Now it’s important more than ever to learn how to bid effectively and win gigs on LenzGig. It’s very important to think thoroughly as there are multiple factors you need to consider before submitting your bid.
In freelancing business, there are two ways to bid:
Charging per hour has its own benefits and disadvantages. However, most clients on LenzGig prefer paying per project, as it is a better and easy way to compensate the creator.
Calculating fees per hour:
First, figure out how much you need to make per year to pay your various bills and expenses just for living. This includes rent, utilities+internet, health insurance, car payment, student loans, groceries etc. Take on about 10-15% for unforseen bills, upcharges, etc.
This is a basic and effective formula to get your day rate:
Day rate = Daily Expenses / 262 (if you take weekends off)
We are using average numbers (yearly expenses) below, you can put in your numbers & adjust according to your country’s cost of living and currency to get your daily rate. The numbers mentioned below are in USD.
You’re average day rate equals 39380/262= $150 per day i.e. approx $17 per hour assuming you work 9 hours a day.
Calculating fees per project:
Assuming one project will take you 10 days to complete if you work 3 hours on it everyday & LenzGig fees costs you an average of $250 then your average bid should be near $760.
NOTE: These calculations don't include savings & income taxes.
Alternatively, you can calculate your expenses on www.freelanceratecalculator.com. We hope this guide helps you to bid reasonably and win gigs on LenzGig. If you have any further queries, please feel free to reach out to us at email@example.com.