When it comes to fulltime employees, you are probably already aware of how and what to pay for their services. There is a lot of information out there about what you are required to pay employees for their time, as well as information about what competitors might be offering. As it stands, you may even have a pay structure in place that takes experience and role-function into account when hiring someone. But all that goes out of the window when you want to hire a freelancer.
The boom in freelancing has happened rapidly in the last few years, taking traditional industries that have been established for hundreds of years by complete surprise. Fashion is one such industry, where high-quality creatives are now seeking flexibility and autonomy from their employment. As a brand looking to employ freelancers, the question of how and what to pay can be daunting, not to mention off-putting. In reality, the process is as simple (if not more so) as it is for permeant employees.
- How much to pay
Freelancers will often know what they would like to charge for a project, based on the time they expect it would take to complete and the tasks involved. When contacting a freelancer, bear these points in mind, so that if they ask about them, you have a solid answer. Aim for clarity from the beginning in order to counteract any confusion further down the line.
- Negotiating
Some freelancers may be flexible on their rates. If your budget won’t stretch to their initial offer, then you may want to push back and ask for a reduction. Whilst this is usually perfectly fine practice, you should have a figure in mind that is still respectful of the freelancer’s time and expertise. You may want to contact a few freelancers to get a better idea of the rates that are out there (although remember that with freelancers, often prices really do reflect quality of work).
- Paying upfront or in instalments
Whilst negotiating on price, your freelancer will probably let you know how whether they prefer to be paid upfront, at the end, or a percentage upfront and the rest on completion. All are typical methods of payment, and will simply depend on preference. Using a platform like Talent Tin, which ensures payment to freelancers on project completion, might be a good idea if your brand doesn’t want to part with money before having seen any work. The final way to pay is via a monthly retainer fee, if you plan to use the freelancer for a prolonged period of time.
- How to pay
The easiest way to pay a freelancer is via bank transfer. Before doing so, ensure that your freelancer sends you an invoice stating the details of the work they completed and the charges previously agreed upon. This invoice should also include the preferred method of payment (for example their account details for a bank transfer).
Trepidation surrounding how and what to pay creative freelancers is common, but once you have been through the process with one freelancer, it gets easier every time. And the quality of work and variety of skills will make you wonder why you have never used freelancers before now!
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