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What all goes into a spec for $500?

I've been chatting with a few other freelancers who's spec process gets all the way to wireframes and is something like 40 hours * their hourly rate.

$500 seems like a perfect middle ground.

It should show you know what you're talking about, communicate a path forward, and wet the client's appetite for more. For the project at hand if that means wireframes then so be it. However, for $500 i wouldn't spend more than a couple hours start to finish.

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