Understanding Hourly Rates on Upwork

Hourly Rate is a key concept to grasp on Upwork, especially for beginners. So, you’ve done well by asking this question!

What is Hourly Rate?

Hourly rate, as the term suggests, is the remuneration a freelancer charges for each hour of work they provide on Upwork. This rate is set by the freelancer themselves and is shared with clients during the proposal stage of projects.

Setting Up Your Hourly Rate

When setting your hourly rate, consider the following factors:

• Experience: Your professionalism and experience should be reflected in your rate. If you’re an experienced professional, don’t undervalue your services.
• Skills: The rarity and demand of your skills can also determine your rate. Specialized skills usually have higher rates.
• Market Rate: You have an understanding of what other freelancers in your field are charging.

Note that Upwork charges a service fee on your earnings which can be up to 20%. Therefore, remember to factor this in when setting your hourly rate.

Changing Your Hourly Rate

You can change your hourly rate at any time. However, it’s important to consider the message this could send to potential clients. Frequent changes to your rate might indicate instability or lack of confidence in your work.

Getting Paid on Hourly Contracts

On hourly contracts, you’ll report hours worked through Upwork’s Desktop App which keeps track of your time working on the project. Upwork guarantees payment for the hours you’ve logged using the Time Tracker, given that this time is spent working on tasks specified in the client agreement.

Keep in Mind

The first step towards earning on Upwork is setting a competitive and fair hourly rate that reflects the value you provide. Make sure to review your rate regularly and adjust as needed to stay current with your skill level, experience, and market trends.