Most people knew about freelancing during the lockdown, because billions of people were at home and a large chunk of this number started exploring possible opportunities on the internet so they could earn money legally.

Although freelancing has been around for a very long term, very few people were becoming financially free through that platform until recently. in this article, we will discuss what freelancing is, the average freelancing salaries in Nigeria, and a short guide on setting your freelancing rate.

If this is of interest to you or you are trying to delve into the freelancing world, then you should read this to the very end.m

What is freelancing?

Feedough defined freelancing as a type of job in which instead of being hired by an organization, a person who works as a freelancer uses his or her abilities to serve a variety of clients under a contract.

Simply said, freelancing is when you work with different clients and accept a variety of jobs without committing to a single company. It involves using your knowledge, training, and experience.

Who is a freelancer?

According to Investopedia, a freelancer is a person who works as an independent contractor and gets paid on a project-by-project or task-by-task basis, typically for short-term projects.

A freelancer is not an employee of a company and is, therefore, free to work on many projects simultaneously for different people or businesses unless they have a written contract committing them to do so until a specific project is finished. Gig workers are another name for freelancers.

Average freelancing salaries in Nigeria

Salary ranges for freelancers can differ significantly based on a number of crucial aspects, including education, credentials, extra talents, work experience, and even the employing firm. With the aid of Jobzilla Nigeria’s analysis of market compensation, you may confidently negotiate your wage.

According to a survey of average salaries by Glassdoor, the average monthly compensation for a freelancer in Lagos is NGN 75,000. In our proprietary Total Pay Estimate model, which is based on wages gathered from our customers, this value indicates the median, which is the middle of the range.

Payscale’s survey concluded that the average salary for freelancers in Nigeria per hour is NGN 1350, based on the survey conducted by theme on freelancers.

Freelancer earnings data, according to Upwork’s historical industry study, 60% of people who go from a full-time job to freelancing do so because it pays them more. Also according to Nairaland:

• Freelancers in the United States make an average of $20 per hour, according to a study from 2020.
• Freelancers in the fields of marketing, law, accountancy, web/mobile development, and other specialized services make an even higher average income of $28 per hour. These independent contractors make up more than 70% of all American employees at a rate of $28 per hour.

Note that the exact salary of freelancers in Nigeria is not cast in stone because there are various types of freelancing jobs and people are hired by different types of individuals, companies, and countries ad this greatly determines their salary.

How To Set Your Freelance Rate: The Comprehensive Guide

Time equals money, as we all know. How much is your time worth, though? How does your ability to charge a certain amount of money depend on your experience, abilities, location, market worth, industry, etc.?

The ideal formula for charging freelancers doesn’t actually exist. You must choose a rate, and once you do, you can monitor how prospective customers are responding to it and adjust the pricing as necessary. There are 2 popular models of payment for freelancers.

1. Hourly rate
2. Per project rate

Due to the simplicity of the hourly pricing model, it is the most popular approach for new freelancers to determine their fees. By using this approach, you establish an hourly fee for your labour and multiply it by the number of hours you spent on it.

In project-based (fixed) pricing, the independent contractor bills a set fee for the duration of the job. Your remuneration is dependent on the outcome you produce rather than the number of hours you worked. For projects with clearly defined deliverables, this choice is ideal.

You can either charge hourly or per project, based on what you know works for you and can sustain you, and sometimes your client’s preference.