Hourly vs Value-based pricing

As I dive deeper into how to price graphic design work as a freelancer, what are your thoughts on Hourly vs Value-based/flat-rate pricing models? A simple google search and Youtube search almost unanimously comes back with value-based as the best approach. With the reasoning being more money with less time spent.

However, being able to sell a value based price to a client requires a bit of salesmanship and finesse. A salesman, I am not. The hourly model, for the most part, formulaic and easier to arrive at a number.

How have others approached pricing models?
Where you once hourly and changed to value-based?
Is the value-based model built on the foundation of your hourly rate?
Would suggest going with the hourly model for a designer just starting a freelance business?

I know this is no longer the case, and more’s the pity for it, but by the time a designer strikes out on their own as a freelancer, they usually already have a pretty good feel about value basing their projects.
A beginner can’t really charge hourly because they take longer to do the work.

Value based is actually hourly based. You just have to know how many hours it takes to do a specific project task, and you have to know how much money you have to make to cover your overhead costs to run your freelance business. Not every hour in the working day is covered by your design fee.

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Quite right. If a seasoned designer takes 20 hours for a project, while an intermediate level designer takes 30 hours for the same project, and a freshly minted designer takes 40 hours, it it going to work against the more experienced designer if he/she charges by the hour.

On the other hand, the more experienced one becomes, one can more easily estimate what a project involves, and can come up with a reasonable flat fee. A well thought-through contract will address all other variables.

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