said 6 months, 3 weeks ago:
“Whatever the market will bear” is a vague phrase that unfortunately works here.
Different parts of the country or world will pay more or less. Your experience will dictate what people will pay. How much you’ll do for them will affect your costs.
If you choose to go hourly determine how much you need to make to pay your bills and put some away. If you want a monthly retainer, be very clear about what you will–and won’t–do for that retainer.
If you want to be able to charge more, consider doing some pro-bono work or lower cost work where you can really move the needle for a client, with the understanding that if you do a good job you can use them as an example of your caliber of work.