1. It will always take longer than you think.
2. Include prep time AND finishing time – this includes shopping for materials, getting materials ready, creating examples.
3. Include meetings and administration time.
4. Make sure prices from your suppliers include VAT or add it on to costs (unless VAT registered).
5. If the job includes a final product/design that needs signing off, allow for changes and alterations – think about specifying an allowed number of amendments/revisions.
6. The price you quote could set the standard for further work from this client. If you are thinking about doing it as a loss leader – tell them! You shouldn’t suddenly hike your prices up for no reason.
7. You are a business and you need to sustain your business. Make sure your quote is reasonable but at the same time, make sure you aren’t under-quoting.
8. Never give an on-the-spot quote. It is always worth getting back to a client ONCE you’ve had time to put together realistic costs and time needed to complete the work.
9. Think about giving two or three price options. Include exactly what a client gets for each price level. This gives the client choice and clearly sets out what work can be done for what cost.
10. And… it will always take longer than you think.
One more thing to add – it’s quite useful to have day/half day/hourly rates fixed in your mind as new clients will often ask what your rates are. I know this contravenes point no. 8 but it is sometimes useful and you don’t have to use it. You can also have different rates depending on what type of client is asking, what their budgets are likely to be and what type of job it is.