How do I set a budget for my project?

If you're not used to hiring freelancers, actually sizing up how much your project is going to cost can be a confusing business. Every industry charges different rates, and each individual project can be different. So where do you start? We've put together a basic guide to some of the types of projects you can hire freelancers for on Twine. 

Animation:
Animation is a complex and laborious artform. It's not a case of cobbling together a few images into a moving image, there's a lot more to it. The price of the project will depend on whether you have a script and storyboard already - if you don't, the cost will increase. The type of animation, length of animation and whether you need music/voice work on top will all impact the price of the project too.

Example project:
1 minute animated explainer video for a website. You can expect to pay between $500 (low end, cheap product) to $1500 (higher end, better quality) for a 1 minute basic animated explainer video. Think something along the lines of this video from Blisstro. Top notch quality creative agencies can charge upwards of $5000, so it all depends on what you can afford. Remember, you want an explainer video that converts views into customers, so don't take a chance on cheaper products.

Our blog article on setting budgets for animation work will tell you more. Click here to read it.

Logo design:
Your logo is a really important part of your business, so it's definitely a good decision to hire a professional graphic designer and get it done right. The cost of your logo will depend on what you want it to look like. Highly complex or intricate designs will be more, where as plainer logos which are just text or a simple symbol may be less. If you have a good idea of what you want already, this could bring down the cost of your logo. If you have no idea what kind of logo you want, the designer will have to spend more time sketching out different ideas until you find something that you like, which will invariably make the project more expensive.

Example project:
Simple logo with text and a simple symbol (similar to the dummy logo used in our Wine House case study). This will cost in the region of $300 - $500. Again, top notch creative agencies could charge more and student or junior designers could charge less. It's up to you to decide where the best value for your money will lie.

Our blog article shows you how a logo is designed, from concept to completion. Take a look at what really goes into designing a logo.

Illustration:
Illustration is a time-intensive craft. Even illustrations that look simple may take a long time to create, so don't be deceived. The cost of your illustration project will depend massively on the kind of illustration you want, and how big the project is. A whole children's picture book of hand-drawn illustrations will take a long time to do and therefore will set you back thousands. A basic digital illustration will be quicker to do and therefore will be cheaper.

Example project:
Quarter page illustration for a website or magazine. The illustration is digital and in a simple style, similar to something like this:



A simple illustration like this should cost around $350.

Music Video:
Music videos are a complicated project to budget because the price will obviously depend on whatever the concept is. If you know what your storyboard and script will be, this will bring the cost down. If you need your filmmaker to come up with these ideas from scratch, this will increase the budget.

A low budget music video can cost you somewhere in the region of $2000 - $5000. For this price you can expect to get:
 
  • One full day of shooting (or possibly two half-days)
  • One camera operator
  • Skeleton crew (one or two people)
  • Filmed on DSLR or mirrorless cameras
  • Few paid actors, if any
  • Many production roles will be combined (for example, the Director may also produce and edit; the Director of Photography will probably be responsible for all grip and gaffer work, etc…)
  • Permit fees are often avoided by carefully selecting production locations
Check out our article on how to set budgets for different types of video work.

Remember, when you post a brief on Twine you also have the option to receive offers, if you're unsure what your budget should be. Creatives will pitch in with different budgets. Review their pitches then select the one that works best for you

Can't see your project here, or still feeling confused? Get in touch with us and we'll talk you through how to budget your project.

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