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The value of a designers work is probably the hardest thing to estimate for any freelancer. Overestimate and you will probably lose the project.
Update: After you’re done with this please check out Jason’s excellent part deux I haven’t allowed myself the luxury of sitting down to write a decent post in me for some time, so this feels good. Especially because it’s one of those ‘James comes out on top at the end’ posts, which is always nice to share – and it’s also a topic very close to my heart- making WordPress MU work in terms of revenue, and specifically, where Edublogs is concerned (although I’ll also make fairly frequent reference to WordPress.com too).