24).The Bid: Time estimate

Though it is easy to say you can finish a project in a few days or a week or two weeks, some serious consideration needs to be taken when determining the estimated time for completion. Rookie freelancers usually never take into account ALL aspects of a project that can consume time and make it progress longer than planned.
Here are the steps in determining the time estimate of a project:
• Break the project down into the smallest tasks individual tasks required and write them down. Then determine the time estimate for each individual task and add them all up to get the total project time.
• Add 20% of the total time from above to the time estimate for completion or one extra day for every five days of a calculated estimate. This will be your overhead for revisions and unexpected occurrences that happen during the project phase.There is almost always some type of revision or “surprise” on every project. It’s better to expect them and take them into account.
• Now you will have to schedule that calculated time into your working schedule. Go ahead and determine the number of days it will take given that schedule.Again, the project description may be too vague for a time estimate so it is best to give a range for the time of completion or state “ roughly 3 weeks for completion.”