Why the "good-fast-cheap" rule hurts freelancers
You’re ill-served by delivering work that’s low quality or pays poorly—and even dialing back speed has limited upside.
Last week, I saw a freelancer share the classic “good-fast-cheap, pick any two” meme. Yes, I get that it’s shorthand for “You can’t have everything.” But it’s a mentality that’s bad for your clients and even worse for your freelance business over the long haul.
I’m a fan of borrowing smart pricing concepts from other industries. The contractor who provided an estimated range instead of a firm bid for our kitchen remodel back in the early ’00s? I stole that tactic immediately. The local auto mechanic whose sign says “Rates are $XX/hour, $XX times 2 if you watch and $XX times 3 if you worked on it yourself”? That’s not too different from managing high-maintenance clients.
Three Possible Good-Fast-Cheap Scenarios
Fast + Good = Expensive. This is a client who’s willing to pay for quality and speed. So far, no problem.
Good + Cheap = Slow. Marginally useful, perhaps if it’s an interesting project to drop in the portfolio. Do this too often, however, and you’re clogging the pipeline with projects that don’t pay well.
Fast + Cheap = Low Quality. This is the model that inevitably ends in tears for everyone. Your client doesn’t get the results they want, and your reputation is at risk.
You Can’t Sacrifice Quality or Price
For creative freelancers, the inherent problem is that dialing back quality is counterproductive (and if you’re reading this, I assume you take pride in your work).
When a client doesn’t get the results they want, they’re not going to hire you again. They may even tell other people that they had a bad experience. If their sense of taste is so awful that they’re actually satisfied with subpar quality, guess what? They’ll send you referrals from their friends who want fast & cheap slop.
Likewise, lowering your prices to get the gig is also a sugar fix, to keep you feeling busy—but there’s an opportunity cost too. You’re probably better served to spend that time marketing and finding new clients who appreciate value instead of grinding on projects that don’t pencil out.
My take? It’s time to retire the threadbare “good-fast-cheap” business cliché, along with the mindset that you can sacrifice quality or price to any significant extent. Find the clients you like, respect and pay well, and then do a fantastic job for them.
In the comments:
Have you ever felt pressure to accept a “fast-good-cheap” tradeoff?
What’s your approach to pricing speed vs. quality vs. rate?