Q: My college buddies and I are thinking about starting a Web design/software development business and are not too sure of pricing our talents. We would like to know what you suggest.
-M. Guy, Edgewood, MD
A: Web design and software development are two of the most lucrative opportunities out there today. Your business is bound to do well since the demand for your talent is extremely high.
Before you think about how much you are going to charge for your services, here are a few questions for you to consider.
What resources will you need to complete the project? Charge according to the size and complexity of the project. Depending on your client’s specifications, you may need to perform extensive work. Make sure the details and expectations of the project are made clear up front.
How much experience do you have? The price you can charge clients for your services depends on your level of expertise. Based on your experience, you can potentially charge hourly rates of $10 to $100 per hour, or you can charge on a per project basis. The more experience you have, the more you can charge your customer.
How much do you want to make? The bottom line is that you can charge whatever the market will bear. Do some research in your area to find out what competitors are charging.