Setting Your Rates: Another Approach
January 2nd, 2009 (11:00am) Mike Gunderloy 4 CommentsTweet This
We’ve given some advice for setting freelance hourly rates before, including a rough rule of thumb for those leaving more traditional employment (multiple your hourly pay as an employee by 2.5 to 3.0). But a new blog post from Pat Allan offers another way to think about this, and one worth running through if you’re new to freelancing.
There are basically three variables to juggle: your total income for the year, the number of hours you’re going to work, and your hourly rate. If you know what any two of them are, you can figure out the third. So, if the goal is to come up with an hourly rate, you need to determine your target total income and work hours.
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