Fixed pricing means that the client and freelancer agree on a set price for a project or task, regardless of the time it takes to complete. With fixed pricing, it doesn’t matter how many hours, days, weeks, or even months it takes to complete the project. The freelancer is to be paid the agreed-upon amount once the project or task is finished, as long as they deliver what was promised within the agreed scope. Once the agreed-upon work is completed, the freelancer is paid the fixed amount.
Cost Certainty:
Clients know the total project cost upfront, helping with budget management and preventing unexpected expenses.
Defined Scope & Deliverables:
Both parties agree on the project requirements, ensuring clear expectations and reducing the risk of scope creep.
Simplified Payment:
No need for time tracking or weekly invoices—payment is made upon completion of the agreed milestones or project.
Define Project Scope:
Clearly outline the deliverables, objectives, and timeline. Both parties should have a shared understanding of what the project entails.
Set a Fixed Price:
The freelancer proposes a price for completing the project based on the scope and their expertise. Clients can negotiate if necessary.
Example:
Agree on Milestones (Optional):
For larger projects, breaking the work into milestones with partial payments can help manage progress and ensure mutual satisfaction.
Make Payment:
| Scenario | Fixed Pricing | Hourly Pricing |
|---|---|---|
| Project Scope | Clearly defined, with specific deliverables | Flexible, may evolve over time |
| Time Tracking | Not required | Required for accurate billing |
| Payment Structure | Fixed amount for the entire project | Based on hours worked |
| Risk Level | Higher if scope changes or underestimated effort | Lower, as clients pay for actual time spent |
Define Clear Requirements:
Agree on Revisions:
Establish Milestones:
Communicate Regularly:
1. What if the project scope changes mid-way?
Any changes to the agreed scope should be discussed and documented in a new agreement, including adjustments to the fixed price and timeline.
2. Can I switch from fixed pricing to hourly or weekly pricing?
Yes, but both parties must agree on the change and revise the contract terms accordingly.
3. How can I ensure quality with fixed pricing?
Clients can request samples, progress updates, and milestone submissions to monitor quality throughout the project.
Fixed pricing on Hourspent offers a straightforward, efficient way to manage projects with clear deliverables. Whether you’re hiring for a one-time task or a large project with milestones, fixed pricing provides clarity and control over your project budget.
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