In order to estimate the cost of a Graphic Design project, you’ll need to observe how much time it will take the Graphic Designer or team based on similar past projects. Graphic Designers should also be able to estimate the cost of materials based on research. Time and supplies are important factors to consider as they influence the success of the project under consideration. Effective and accurate pricing for a project is essential because it ensures the profitability of the Graphic Designer’s undertakings.
Another way to estimate the cost of a Graphic Design project is by knowing the market value of the project at hand. Understanding the industry’s standards will inform hourly rates or fixed bidding rates. Professional Graphic Designers need to be able to identify other Graphic Designers that are working on similar tasks and their cost estimations. One way to do this is by joining a community, such as the one growing on our Creative Repute Facebook page. This ensures that the Graphic Designer is able to price their services fairly with reference to set project timelines. To estimate an appropriate timeline for the project, the Creative Repute Design Agency advises graphic designers to acquire as much information as possible from the prospective client. Follow this link for a list of questions to ask a client before you draft a contract and begin design work.
When you can’t compete on cost, compete on quality.James Dyson, British inventor, industrial design engineer and founder of the Dyson company.
To accurately estimate the cost of working in the Graphic Design industry; it is thus important for Graphic Designers to set up price ranges for the various services that they offer. For example, website development could be priced lower if a pre-made template is used or higher if it’s designed from scratch and needs major amounts of building and coding. Within the price ranges, the designer is also expected to clearly establish the services that they will provide. In the contract between the client and Graphic Designer, it is important to outline contingencies that may alter the cost, such as the need to purchase stock footage or an unforeseen number of revision requests.
To summarize, the best way to estimate how much a Graphic Design project will cost is have have enough experience that you are able to estimate how much time and materials will be used, work on a contract that factors in anything unforeseen, and have an understanding of the Graphic Designer’s competitor’s prices and strategies so that you can avoid paying too much to too little based on the quality that’s being offered.