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The Studio Business Book: A Guide to Professional Recording Studio Business and Management, Third Edition by Jim Mandell, Mitch Gallagher

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Bidding on Projects

Instead of charging an hourly rate, you may also bid a price on an entire project. Bids come in two forms: verbal and written. Either way, a bid is your estimate of what you think you can charge for a project and simultaneously make a profit while attracting business. It can either take the form of an hourly rate or be a detailed outline of a complicated piece of work, such as a film.

The idea is to protect yourself against losing money by going overtime, and then making as much money as possible without losing the client. You rarely know if he or she has gone elsewhere to compare rates, and at the same time, you don’t want to underbid and lose money while you win the work.

One great way to find out if your client has been ...

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