Short on Time?

Image
Time2Grow #1 Damn the paradox! Full speed ahead! Apart  from   time travelers  -  which are a very rare type of people -   we all  get the same  24 hours   a day .  Similarly, monks , hermits and lone wolves are usually the only ones capable of freeing themselves without delay from the most ordinary types of everyday hassles and many other kinds of  not-so-fun   responsibilities. Ain't it cool to shave your head...? So, what does this leaves us with? 😕   Well... with an overwhelming majority of people having exactly the same amount of time in hand as you do , and – most likely – the same unexceptional daily chores and struggles ... Same "stuff", different day... We’re not all that different , although some may try to convince you otherwise. Especially time lords . They’re the worst.  Speaking of which… never trust a time lord .  Have you ever met one?  Full temporal perception … being able to observe the past, the present and the future… in any timestream . Hm

Hourly rate vs. fixed price

Is there a difference?

When taking a job, one of the main concerns is (unfortunately) always about money- will I get paid enough and/or will I charge the right amount? It’s a difficult question that both project managers and freelancers face. To begin with, you should ask yourself what the price of any job you do consists of. It should incorporate your costs (material and time) as well as your profits. We will now focus on the projects for which time is the main resource, while material makes up just a part of the total cost. So how should we price the project? There are 2 ways how to do that, although I will try to show you that in the end, they should be the same.

Bill by the hour


This is pretty straightforward. You work for a client and get paid 100 USD for every 60 minutes you spend doing the job. The more time it takes you, the more the client pays you. This could be quite nice for you, as you have all possible costs covered with your hourly rate, but maybe not so nice for the clients, who are looking for the final price in advance.  This is why we recommend you to always have a well-written contract, realistic estimates, and most of all – trust in yourself and of course in the client.

Fixed-price billing


This second way is also pretty easy to grasp; your client needs some job done and he will pay you 1000 USD for that. You do the job, you get the money. The clients are happy, but what about you? Even if the price looks good, you should still be worried that there could be unexpected problems, such as your client wanting to do hundreds of corrections. This will cost you more time and therefore you will reduce your profit. Of course, this depends how accurate your estimates are, so we recommend you to use realistic estimates and again, a written contract which also leaves space for these unexpected situations.

Both recommendations sound familiar? No wonder. A good relationship and communication with your client ensures that everything works fine and for the instances where this is not the case, you have the contract as your guide and guardian.

And what about the estimates?



Let´s look at the image above and get a clear picture:
  • With the fixed price, it doesn’t matter if the job takes 8, 10, or 12 hours, you will earn the same 1,000 USD. Everything to the left of the fair spot is good for you (less time, same money) and to the right is good for the client (took you more time, still same money)
  • When billing by the hour, you can see by the line that it is different. Left of the fair spot is good for the client as he will have to pay less. To the right of the spot is good for you, as you make more money (but of course spend more time)
In the end, everything revolves around one crucial question: "How long will it take?" For the hourly rate, the client asks this question to know the total price of the project. For the fixed price, you should be the one asking the question to see if it makes sense, money-wise, to do this project. But the question is still the same. If you manage to answer it accurately, both the hourly and fixed pricing becomes one and you will be able to stay comfortably within the fair price area.

Yes, but how do I make accurate estimates?


There is no easy start. For the first project, the only advice I can give you is to just swing it - break it into tasks and use your best judgment to estimate how much time is needed for each one. Then add the time together and double it (to include unexpected circumstances). Now comes the boring part - track the time you actually spend on the project. All of it: Meetings, administrative, analysis, etc. In the end of the project, take the total time spent on the project and divide it by the money you earned - that was your overall hourly rate. You then compare the total time to your estimate and adjust it for the next time. You will see, you will get closer and closer to the fair pricing point and that’s what we all want, no? :-)

Comments

Unknown said…
This comment has been removed by the author.
Write My Economics Assignment the reliable help websites, we can say that assignment help is a reliable one. Their assignment writers across the globe are well trained in their chosen field of study which reflects in multiple offer. It is important to choose the best one among the many. Before choosing the one go for that website reviews first and then check the website like their services.
LasseNielsen said…
This writing service papernow.org doesn’t just employ any old pool of writers, they carefully select the writers who work for them. Doing so, they can deliver essays in almost any subject, written by an expert in that discipline. When you’re looking for an essay that will really wow your professors, this service is the best one to use. The best part is that if you get on well with a writer, you can ask to work with them again. Just select them from the database and you’ll be able to see their rating and how many orders they’ve completed.
Micheal Cleark said…
The worker gets a sense of security that he’s going to get a default rate set with nothing affecting it. Thankfully, now that I’m through college thanks to when I chose to pay to take my online class by the best experts that prepared me in the top form for my exams, better than my actual teachers. I have enough time to gain some work experience.
Buy essay paper online. Masterpaper writer will help you with: research papers, personal and law essays, thesis, and academic writings.
Olivia Adamson said…
Good article for those students who study at managerial and marketing faculties or who have such subjects. As I see from students for them are too dofficult to understand billing theme and quite often they address to mine freshessay writing company in order to cope with their academic papers, so if you want to submit good memo on billing deal you should contact my platform and leave request at the call centre "please write my memo for me on billing case" and our professional writing service will make your paper shine
Anonymous said…
Thank you for the useful information! Time plays an important role when we are talking about business, I understand this and now I am searching for a marketing plan writing service which can help me better understand this sphere.
The post you shared is very unique and informative.

Buy Google Reviews
jhony james said…
Indeed, money is a key concern when taking on any job. Whether you're a project manager or a freelancer, finding the right balance between fair payment and charging appropriately can be challenging. The same issue troubled me, but I managed to keep up with my studies, which is why I couldn't attend my class. So, my friend do my online accounting class for me.
Steven Head said…
Money matters when you're working, whether as a project manager or a freelancer. It's tricky to know how much to charge. I faced the same problem but focused on my studies instead of attending class. That's when my brother told me about UK Assignment Services. I contacted UK Assignment Services, and my assignment turned out well.
jhony james said…
Money is a crucial factor to consider when accepting any job. It can be difficult to strike a balance between charging fairly and setting appropriate rates, whether you work as a project manager or a freelancer. I have faced this same issue, but I was able to keep up with my studies, which is why I could not attend my class. As a result, my friend helped me by taking my online accounting class for me.
The customers are content, but how about you? You should be concerned about unforeseen issues even if the pricing seems reasonable, such your client requesting hundreds of adjustments. You will lose more money as a result of this time commitment.
Jonathan Buyers said…
I appreciate the helpful information. I know that time is of the essence when discussing company, which is why I'm currently looking for Best Dissertation Writing Services that can provide me more insight into this area.
You can trust our professionals to correctly format your eBook. A book's ability to effectively draw readers in depends on its formatting. As the best Professional Ghostwriting Service in the USA, we make sure that every section has unique formatting to produce a sophisticated layout while upholding the finest literary standards. For error-free ebook content, don't hesitate to get in touch with us.
Sarah Mcneil said…
Because our professionals are aware of the pressures associated with academic work, we offer a helping hand and support while you record your dissertation outcomes. Thus, if you are having trouble with How to Write Acknowledgement for Dissertation, stop your search right here and get in touch with us right away.
Mickey said…
This seems like very effective technique that you have discussed in this article because the breakdown you have comprehended makes very rational sense especially the part where you talked about the first projects because undoubtedly we have a tendency to become a victim of analysis paralysis so you underscored the highly potent point about suggesting your best judgement and be shreds with how we uplift the flight because I remember when I was starting my first project, I applied the same principles and it worked, although I was had to be hyper active to accomplish it and I could only manage because one of the best CIPD assignment writing expert took care of my stacked up assignments, and parallely I was able to lead my first project to its completion.
thomas8616186 said…
Nursing has long been a cornerstone of healthcare, a profession grounded in compassion, care, and clinical expertise. The role of nurses online class help services continues to evolve, adapting to the changing landscape of medicine and patient care. Nurses today are not just caregivers; they are advocates, educators, leaders, and innovators, playing an increasingly vital role in healthcare delivery. This expansion of responsibilities has reshaped the nursing profession, demanding a broader skill set and a deeper understanding of the complexities of modern medicine.
robert8616186 said…
The historical roots of nursing are steeped in the tradition of caring for the sick and vulnerable, a mission that online class services remains central to the profession. However, the scope of nursing practice has expanded significantly over the years. Nurses are now integral to patient care teams, working alongside physicians, specialists, and other healthcare professionals to provide comprehensive care. This collaborative approach ensures that patients receive holistic care that addresses not only their physical needs but also their emotional, psychological, and social well-being.
MaryC said…
Nursing Significance Gotten to the next level
Investigatingnhs fpx 4000 assessment 2can be overpowering, but Paper Goat offers a streamlined method for managing overwhelming this fundamental nursing task. By combining ace data with specially crafted forming frameworks, EssayGoat ensures that every composition isn't simply exhaustive yet in that frame of mind of the nuanced solicitations of the nursing calling. This exactness driven help empowers nursing students to convey adjusted, shrewd compositions that stick out, making EssayGoat a crucial associate in achieving educational and master significance.
TinaJeg said…
Nursing Importance Gotten to a higher level
Researching NURS FPX 4050 Evaluation 3 can be overwhelming, yet Paper Goat offers a smoothed out technique for overseeing overpowering this basic nursing task. By joining expert information with uniquely created shaping structures,Essay Goatguarantees that each piece isn't just thorough yet there of psyche of the nuanced requesting of the nursing calling. This precision driven help engages nursing understudies to convey changed, smart pieces that stick out, making EssayGoat a pivotal partner in accomplishing instructive and ace importance.
emilyjoy said…
Challenges and Limitations for psychology writing
Despite the advantages of English dominance in psychology, there are also significant challenges and limitations associated with this trend. One of the primary concerns is the potential loss of valuable knowledge and perspectives that may be overlooked when research conducted in other languages is not adequately represented. Psychological research conducted in diverse cultural contexts often provides do my Psychology assignment unique insights that can deepen our understanding of human behavior and mental processes. When these contributions are marginalized or ignored, the field risks becoming myopic and failing to account for the rich diversity of human experience.
emilyjoy said…
The Need for Inclusivity and Diversity in psychology writing
To address the challenges posed by the dominance of English in psychology, it is crucial to promote inclusivity and diversity within the field. This can be achieved through several strategies. Firstly, psychology journals and conferences should actively encourage the submission and presentation of research conducted do my Psychology assignment languages other than English. Providing translation services or multilingual publications can help facilitate the sharing of diverse perspectives and foster a more inclusive academic environment.
ISO Advisor said…
This is an insightful comparison between hourly rates and fixed prices! It really highlights the pros and cons of each approach, helping clients make informed decisions. ISO Certification In Philippines
odin said…
Great insights this blog is amazing it shows the clear comparison between hourly rates and fixed prices.
for ISO Certification in Saudi Arabia contact us.
alex said…
How Nursing Writing Services Facilitate Interdisciplinary Learning

However, it's essential to approach nursing writing services with caution. The proliferation of online services means that not all providers maintain the same level of quality or ethical standards. Some may produce subpar work that fails to meet academic requirements or find nursing writing services may even engage in plagiarism. Therefore, students must conduct thorough research before selecting a writing service. Reading reviews, checking credentials, and seeking recommendations from peers can help identify reputable providers.
markwood said…
Exploring the Intersection of Writing and Patient Advocacy in Nursing

The main role of nursing composing administrations is to give great composed materials that stick to scholarly norms. These administrations utilize experienced essayists, large numbers of whom have postgraduate educations in nursing or related fields. This ability guarantees that the find nursing thesis writing services substance delivered isn't just elegantly composed yet additionally exact and pertinent to current nursing practices and speculations. Besides, these administrations can help with grasping complex clinical ideas, working with more profound learning and cognizance.

Popular posts from this blog

Short on Time?

GDPR and updates in primaERP

25% of your money down the drain – how poor time management affects results