Ask HN: How to decide on price for first freelance project?

1 points by 946789987649 7y ago ↗ HN

I have recently gotten involved with a project with a trader who wants to build an algo trading platform to perform his strategies a bit less manually. It sounds like the scope is quite big and it will obviously have a front end and back end.

We're deciding on price right now and I'm really struggling as I haven't done any freelance projects before (only personal). We have agreed on about 15 hours a week and I'm based in London. The only thing that gives me some indication is that I tutor quite regularly and charge £60/hour. I have more than enough students and I'm sure if I tried I could get the same 15 hours a week. I have almost 3 years professional experience in finance companies.

Would I be charging too much or too little? If so, what would be a better way to find my price?

2 comments

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m33k44 7y ago ↗

If the scope of the project is huge then don't go for fixed-bid quote, go for a T&M quote. Also, when freelancing you need to consider other costs (e.g. insurance, medical, pension, electricity, computers, internet connection, furniture, taxes etc) that the employer will not be paying but you will have to pay. So factor that in to your quote. The London contract rates is somewhere around £65 to £200 per hour depending on the project and your skill-sets.

946789987649 7y ago ↗

It's not so much that it's huge, more that it will almost definitely be an ongoing project. I agree not to have it as a fixed quote. I have a full time job too so I won't need any of those things (bar taxes/accountant of course) , this is purely part time and remote.

Thanks for the advice!