It is always a hot debate amongst freelancers; Hourly or fixed rate projects?
Let us take a look at each independently;
It throws away any limit to your earning potential. It is because, when you offer hourly proposals, you are essentially putting a cap on just how much you can earn daily. Charging by the hour means, (ironically) a “fixed” income per day; so, whatever your hourly rate is, you can just multiply by (for example 8) and arrive at what you can earn daily.
However, with a fixed rate (again another irony here), you get to tell the client how much you will take per project or assignment. Now, right away you would imagine that this is the same with charging hourly; after all, it is “fixed” as well. But not quite, it is fixed on the tasks, not your “time.” What this translates to is, the more tasks you can complete (and it does get easier when you are repeating the same thing), the more you can earn in an hour. But if you had earlier gone with the hourly rate, then you might be expected by your client (and rightly so, since he or she is paying you by the hour) to put in more work on more tasks within the same hour; get it? So you do more on hourly for the same price, because your “time” has been compensated. There’s always the argument that you can raise your hourly rate, but very often this is not met well by clients. And if they do agree to up your price, you bet they are going to ask you even to write their cat a poem if it means heaping more work on you.
It is by far the more popular of the two. The most considerable advantage of hourly rates is that; you get paid as you work (guaranteed, so long as you log in those hours). Many freelancers (sadly) have fallen into the hands of fraudulent clients who ask for tasks and promise a fixed price. As soon as you get the job done, the client is “ghost.” You cannot reach them to demand your money again. Even many freelance websites advise that you understand this particular potential peril or hazard with fixed-price jobs. However, in turn, they typically offer assurances on hourly rates (so long as the job is done right). With hourly jobs, you control each hour of your time, and this is a sure fire way to guarantee a payout.
Another advantage here is that you get some leeway with hourly rates.
Let’s say you offer $100 to write an 8-page booklet; you might find halfway in that you have underestimated the research and work required to draft the content. It may not take you longer than four hours to get the book done. So even if you spend eight valued hours on it, you still get paid $100. However, with an hourly rate, you get $200.
In the end, it is entirely up to you to decide. The type of project should determine which proposal you put forward. It is not unorthodox for the same freelancer to offer hourly on specific projects, and then offer fixed rates on others.