There’s no one rule that determines how you should price your work! It’s totally up to you what you want to charge, so it’s important to look at your own specific situation first. The most important thing is that you need to be able to make a living off of your work, which is more complicated than it sounds! Don’t just factor in your bills, but also the cost of the materials you make art with, and the cost of your art education – costs that make it possible for you to create. You should also factor in your expertise as an artist. Charging purely what you need to survive means that you will not be able to grow and evolve your business. Sometimes this is a short term solution to pay bills, but it shouldn’t be a long term approach for your career. Also, consider that you’re not always being paid for your time: You will also be doing unpaid work in the form of updating social media, answering e-mails, managing finances, etc. Make sure your fee also covers the unpaid hours in which you manage your business!
When negotiating your fee, keep in mind that you can always bargain downwards, but clients are very unlikely to accept a higher fee after you’ve suggested a lower one. Also, don’t let yourself be fooled by clients who suggest your work is worth less than what you ask. Many of them are just using manipulation tactics to get you to lower your price, so don’t take it personally. Also, never work for ‘exposure’! I get the most exposure from my own personal illustrations and sketches, so if you’re considering doing free or low-paid work because you want to expand your portfolio, consider a personal project rather than unpaid work. The results will be way better!
If you’re feeling overwhelmed, you’re not alone – it’s a lot to consider! It took me a long time to find my confidence in this area, so be patient with yourself and take it step by step. Good luck!