I'll start with an example of how I calculate the pricing for my freelancing projects which perhaps would give you an idea on how it's done, and then I'll add a few points of advice I learned along the way.
How much will this project cost me as a developer?
Whenever I get hired to build a website or design something, I have to consider my expenses for the project first such as hosting, domain names, plugins, translation services, stock graphics/images, hired help, safety margin, etc. I calculate that amount and set it aside. Let's say that these expenses will come out at around $500.
What is my labor worth?
This depends on many factors such as your skills and experience, your quality of work, etc. One way I did it was to set a benchmark. Ideally, I wanted to be paid $150 per 4 hours of labor a day which gives me about $37.5 per hour of labor.
How long do I need to work on this project?
Is it a day? A week? A month? Whatever the timeline is, you have to consider how much your labor is worth. Let's say that my labor is worth $300 per day and I need 3 days of labor to finish this project. Therefore, I need about $900 for my labor.
In the example above, my expenses are $500, and my labor is $900. Therefore, I need to charge about $1,400. That's one way of doing it. It's worked well for me so far. Feel free to experiment and see what works for you. Keep in mind that this is only an example and not the actual amount. Every project is different.
- This is your first freelance project, you'll make mistakes, that's
okay, but be aware that the client will probably ask for a refund if
the mistakes can't be corrected in time. To minimize risk, I would charge a little below average so I wouldn't have a difficult time in case I really need to refund the client.
- Do NOT start working until you get a down payment. I charge the full
amount for the agreed expenses plus 25 to 50% of my labor charges depending on the project. No down payment, no work!
- I make it clear to the client that I will not refund his or her money if they decide to cancel the project in the middle in the form of a signed contract.
Good luck with your project and happy freelancing!