This is definitely from my experience that hourly ended up being a headache. The clients I've had in this space tend to want a race to the bottom in price when you get hourly. I've always had it where the client wants a lot more validation and other problems when the project isn't fixed price.
That is a good point about hourly rates. Make sure your hourly rate is high -- in my experience, the more you charge, the more your client respects your work and time. Plus, you can afford to give some free hours or work a bit extra to make sure the end result is quality. Keep in mind that as a freelancer in the US, about 1/3 of your income goes toward taxes -- plus you don't get benefits like a normal employee would.
If someone specifically wants you for their project, then you can usually negotiate a pretty high rate -- especially for something as specialized as machine learning! People hire me often because they hired someone off Craigslist at a low rate, and this time they want to make sure the project is done right.
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More thorough answer than mine. Go with this guy.
That being said: you bring up some good points.
This is definitely from my experience that hourly ended up being a headache. The clients I've had in this space tend to want a race to the bottom in price when you get hourly. I've always had it where the client wants a lot more validation and other problems when the project isn't fixed price.
Everyone has their own experience. Let me just defer to patio11 for how you should price contracts: https://training.kalzumeus.com/newsletters/archive/consultin...
It worked for him as well from what I'm seeing. Go with what works for you.
That is a good point about hourly rates. Make sure your hourly rate is high -- in my experience, the more you charge, the more your client respects your work and time. Plus, you can afford to give some free hours or work a bit extra to make sure the end result is quality. Keep in mind that as a freelancer in the US, about 1/3 of your income goes toward taxes -- plus you don't get benefits like a normal employee would.
If someone specifically wants you for their project, then you can usually negotiate a pretty high rate -- especially for something as specialized as machine learning! People hire me often because they hired someone off Craigslist at a low rate, and this time they want to make sure the project is done right.
For some perverse reason, I've found clients get less uppity about a day rate than an hourly rate. Plus that way your timesheets are simpler.
Thanks to you both. I really appreciate you taking the time. Tons of good stuff to think about.