How to Quote The Right Price for Project Management?

One question always boggles a freelancer’s mind, i.e. if he/she should ask for money by project or by hours.  For sure by hours, he/she would make money in short span. But simultaneously, his/her breathe chokes off until the deadline will meet its end. Apparently, by project charging sounds a better deal. You can stay free of tension to complete your project within the said hours. If not so happens, your work as well as money will go in vain. Besides, time-consumption will also manifest as ‘futile’ while doing that rejected assignment. 

Why ‘by project’ quoting is good:

Mostly, freelancers fear whether they will get or not the quoted price of the project management or plan.  Let I disclose the upcoming disaster in this. If you underbid, you have to give up the dream of earning profit. The delivery of your project may hand over you the money less than quoted. Tax charge would add more tears to your grieving heart.

Therefore, starter-ups should have to ask other freelancer friends the prevalent cost of the particular project, say it be Financial and Accounting, Business System Support etc. It would assign you an edge to put what’s the exact cost of your hard work and expertise. 

How to make the effect of ‘Underbidding’ negligible:

  1. Prepare flexible agreement: Write-up an agreement in which flexibility will be present with every term and condition. What if the unseen or untold expenses will have to be endured? Of course, the tiff will begin if neither your client nor you will be agreed to bear the burden of that extra cost. You would have to attempt re-negotiation with the client. And what’s the guarantee that he will nod for sharing that extra cost?Keep your agreement open ended. Clearly mention that the extra expenses will be liable to be matter of resetting the agreement, if occurs.
  2. Bid minimum but include hourly surcharges: Be tricky. Keep your bidding amount low. Once you win the bid, mention a clause that extra amount shall be charge per hour basis. Thereby, the client will think twice before assigning you extra work. Wow! You have escaped the unexpected cost burden. And if he will ask, you have a golden chance to make your money.   
  3. Pre-mention the cost incurred by your client and you separately: Pre-fix for what price your client has to pay in return of
    hiring your time and expertise. Beyond that, the additional charges will be levied. For instance, if you are preparing project of accounting and reporting, you will get the fixed amount for your expertise but if you file income tax, you will be eligible for getting the cost cover for the same.
  4. Make profit in long run: Underbidding, undoubtedly, drag you to loss. So, keep a very little margin as profit if you think that the client can be your partner for long run. State it clearly to him that your margin ratio is meager yet you are looking forward for building long term relation.  Do remember, business is a long –running process. You need clientele that can give you freelancing job for long time. And if the client lacks potential of partnering for long, you can adjust the loss with the profit harvesting from other projects.
  5. Serve overdose: Furnishing a project is quite simple way to bank upon. For making more than enough, serving an overdose of your expertise marks greater impression. Be that overdose perfectly outstanding but make it undeniably useful. Very politely, exhibit its advantages and special features. Acquire the avatar of an impactful seller. Within few words of explanation, the overdose will pay off some extra bucks to you.

Similar Articles

How to Handle Employment Relocation Without Losing Employees

Sometimes the best move for your business is to move your employees. Click here to learn the best way to handle employment relocation.

How to Find Out if You Are Working with a Good Airbnb Manager

Signing your home up to be an Airbnb property can easily turn out to be a good and very profitable move for you. Of course, if you want this venture of yours to be successful, you have to be willing to put in the work, or at least find someone else who can.

POS System

When you start a small or medium business, it is important to have the necessary tools to maintain it for a long period. Even more important than having the tools, is to know which could be very useful for the various processes that may exist.

7 Tips for Starting Your Own Business

Owning a business is a dream for people who want to be free from the corporate world and create their own destiny. However, starting a business is a big financial risk and many businesses don't succeed beyond the first three years

back office outsourcing

When managing business functions at the same time is concerned, outsourcing the back office functions to one of the back office service providers have been in trend these days. With a large number of organizations gaining a better understanding about the benefits of availing the services

online reputation management strategies

Implementation of online reputation management strategies is essential to achieve desired results. Your online reputation potentially impacts all aspects of life – both personal and professional. Your co-workers, romantic interests, hiring managers, employers, and potential business partners do an online search prior to making any decisions.

stock management

The success of your store involves more than just a nice website or good marketing. Managing your inventory is at least as important. You do not want to buy too much stock that you stay with, but also not too little, so that your sales opportunities go wrong

 Customer Acquisition Records With Dynamics CRM

Customer acquisition is the top priority of every business. An organization growth completely depends on the quality and quantity of customer acquisition. Therefore, most of the companies prioritize customer acquisition and most of their business strategies are curated to amplify customer’s interest and engagement.

Never Underestimate the Influence of Workflow Management

In a broad sense, workflow management can involve all the tools and processes used to streamline and optimize the operation of an organization, but this term is often referred specifically to a software system created for improved productivity, including document management tools, content management tools, and business process management or BPM tools.