If you were in the middle of something and you receive a message from a new prospective client; and upon checking, you realize that the client is a fortune 500 company; what will you do?
Well, in this, reactions will vary depending on your experience in the freelancing business. A common reaction will be excitement. You will stop what you were doing to respond to the e-mail. It’s only the response strategy that will only vary with different freelancers.
New freelancers will immediately respond to the e-mail without a second thought while on the other hand, seasoned and experienced freelancers will first let the excitement cool down; then analyse the message to make sure that it’s not another ‘spammer‘ claiming to be a fortune 500 company. Once he/she is sure that the mail is real, he will plan to respond.
We all know that all fortune 500 companies have resources to put into a given project.
And this takes me to our today’s blog-post.
How do you identify a high and a low budget gig apart from seeing what the clients’ budget is?
Clients Brand Name
You will first tell by looking at the clients’ name. One way to know if you can quote high on a project is by first researching about the company requesting to work with you. Most big brands prefer to pay more for quality work.
If you have at one time worked on a high budget gig, you will know the real value that one gain from the job.
It’s good to note that there are some big brands that are less known so your research should not end at just searching on internet about the company.
On the other hand, projects by new enterprises and individuals are usually low budget because they are after saving money.
Their Project Description and deliverable’s
clarity is the key here. High budget gigs are always unique. It is easy to tell this from the title of the job to the project description. If you are prone to shallow descriptions and click bait type of projects, you will quickly notice the difference when you come across one.
Most freelancers will pass a project like this because of the complex language used to describe the assignment. Also, when they notice that it is a big brand, they are hesitant to bid for the fear of being rejected based on the volume of the applicants who will bid for it.
Now, anyone who knows the value that comes by working with a fortune 500 enterprise will take the chance and bid anyway.
Budget For Trial
On occasions where budget of a given project is high, the client will offer to pay for trial. For example, if a project costs $500 to complete, if they see your potential, they will offer to pay you the $500 to work on the trial.
If you compare this amount with a low budget gig, it might be 3-5 times more. And mark you, clients with low budget gigs rarely spend money on trial projects. Moreover, they will want their money back if you fail to deliver.
High reasonable budgets are good as it motivates you as a freelancer to work and give the best that you can to win the full contract.
If you get a chance and you are hired to work on one of the high budget gigs, you will realize that they have a clear workflow on what is expected and how it be will delivered.
You job will only be to focus on the project they have assigned you to complete. You will get a lot of value by working with their team of professionals.
These are four among other many things which include quality feedback, timelines and longevity of the project being worked on.
Do you have a way to identify a high value gig? Let me know in the comments below.
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Until next time, take care.
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