The choice of pricing model for freelancers largely depends on the type of work and client relationship you're establishing.
Charging per word is straightforward and easy for both parties to understand and calculate. This model works particularly well for basic content writing and translations where the scope is clear, and I personally use this for writing tasks.
However, you have to think of the downsides. The most significant one that comes to mind immediately is that it doesn't account for the time spent on research, so it might incentivize quantity over quality. Writers, especially new ones and who charge low rates, might feel pressured to pad their content or rush through projects to maintain their income. After all, their income depends on how many words they can write.
Hourly pricing offers a fairer compensation structure, especially for complex projects that require extensive research, revisions, or client collaboration. I use this one when working on larger or complex web development projects.
It provides protection when projects go beyond their initial scope and ensures I am paid for all my time, sometimes including client meetings and revisions. The main challenge with hourly rates is that clients may worry about inflated hours or feel uncertain about the final cost.
The way I sort this out is by using robust time tracking software that tracks things like time spent on tasks, keyboard strokes, and mouse clicks. Some software also takes random screenshots to ensure I am working on the tasks I are supposed to. It's all about giving my clients peace of mind.
This model is particularly suited for consulting work, design projects, or complex assignments that require multiple iterations.
Project-based pricing is often the most professional approach, as it provides clients with cost certainty upfront while giving you the freedom to work at your own pace. When you're efficient, this model can be more profitable than hourly rates. This is because, the faster you are, the higher your hourly rate will be.
Another thing to consider is that you can factor in all aspects of the project – research, execution, revisions, and client communication – into one comprehensive price. The main risk is scope creep, where clients request additional work beyond the original agreement, potentially eating into your profits. You can learn how to deal with that here:
https://agoraforo.com/articles/5-es...ur-freelance-clients-before-starting-work.12/
For most freelancers, I recommend starting with project-based pricing for well-defined deliverables, while maintaining hourly rates as a backup for complex or open-ended projects. This hybrid approach gives clients the price certainty they desire while protecting you from uncertain or expanding project scopes. The key is to clearly communicate your pricing structure and ensure all parties understand what's included in the fee before starting work or signing any contracts.
