Logos are the most important part of branding. It may only look like a small image but plays a very important role in taking your business to the next level. Since many businesses nowadays have started realizing the importance of a good logo design, the logo designing business has gotten more competitive. That is very good news for the new logo designers in the industry; because it means that the new business owners will come to them for logo designing instead of going to the big companies as they charge less.
So, if you’re a new freelancing logo designer, then I’m sure you’re thinking, “How much to charge for logo design?”
The answer isn’t quite simple.
How much for a logo design?:
Just answer these few simple questions and set your price accordingly:
This is the most important question. Who are your major competitors? How much are they charging you? If you’re new in the field; then the best strategy is to probably charge less than your competitors to attract the audience. Or you can charge the same as your competitors but add more features to the logo design package. The minimum package that is observed is 29 dollars per project for a new freelancing logo designer, including a number of free revisions. That is usually bad news for the new logo designer as that can hardly cover his personal expenses and the more revisions he offers in a month, the fewer new clients he can cater. Can you afford to charge less than that and yet cover your personal expenses?
If you’re not charging by the package, another idea is to charge by the hour. As a rough guideline, it takes an average new designer to complete a logo design project between 3 to 7 hours. If you’re taking less time than that, then you’re doing well. If you’re taking more than that, then it’ll probably hurt your monthly business as you’ll be able to cater fewer clients. If you’re charging let’s say 7 dollars per hour, then the maximum you can earn in a single project is 49 dollars. That is not bad for a new logo designer.
If you’re new to the business, then you need to work hard at meeting new potential clients. Make your goal to introduce at least 6 potential clients in a month. Less than that and it means that you’re slow in marketing your business. You can meet them at a party or the grocery store. Give them a brief and interesting introduction about your business to them. You never know who might need a logo designed in a month’s time. Even if 50 percent of the potential clients turn into real ones, then you can get away with charging 35 dollars per project. Remember, the more potential clients turn into real clients, the more profitable your business will be.
Keeping the predetermined packages aside, the more revisions you offer the client, the less money you’re making by the hour and that means that you need to charge more than 30 dollars from the other clients just so that you can meet your monthly expenses, which might be hard to get considering you are new to the business. So the best deal is to clarify at the beginning of the project of the number of revisions that you’ll be offering for a project. An often overlooked yet easy way to make money is to charge the same amount yet move through the project quickly so that you are able to cater more clients in a month. That means fewer revisions.
On a scale of 1 to 10 (10 being the highest), take 5 or your best competitors and rate all of them on 2 criteria; their creativity in the logo design and their charges (how economical are the charges?). Rate them both separately and then sum it up. Then rank them all. How have you ranked? If you’re not in the top 3, then either you’re lacking in the expertise or probably over charging. If you are, then you can think about increasing your rates in the next six months, assuming that you’ll be getting business by that time.
So, I’m sure this answers your question as to, how much does a logo design cost? Keep these few factors in mind while charging your client and your business will be flying in no time.
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