I have always used value-based priced. Never felt comfortable with hourly rates as basically if rewards doing the job slowly and then there is admin overhead because how does the client really now how much time you spent. If I'm an expert in something and can it done faster I shouldn't be penalized though you could just increase the hourly rate but people are usually scared to do that and clients see higher hourly rates as exorbitant.
I focus on the outcomes and benefits of the project and depending on the client and how important it is to solve their problem.
I do also subscribe to Johnathan Stark's philosophy which gives good advice of the best way to go about it and strategies for communicating with client etc.
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