Power of Story Send a Tweet        

Share on Google Plus Share on Twitter Share on Facebook Share on LinkedIn Share on PInterest Share on Fark! Share on Reddit Share on StumbleUpon Tell A Friend 2 (2 Shares)  

Printer Friendly Page Save As Favorite View Favorites (# of views)   No comments
Exclusive to OpEdNews:
Life Arts

Finances for Freelancers: What is your time really worth?

By   Follow Me on Twitter     Message Meryl Ann Butler     Permalink

Related Topic(s): ; ; , Add Tags  Add to My Group(s)

View Ratings | Rate It

opednews.com Headlined to H4 7/8/15

Become a Fan
  (85 fans)


(Image by Ryan Robinson, creativelive.com)   Permission   Details   DMCA
- Advertisement -
br />

Ryan Robinson recently published an enlightening graphic for freelancers on his blog. It includes great tips for calculating your hourly rate, which he gave permission to use, here.

If you do freelance work, and you feel like it's always tricky to make ends meet, this information makes it perfectly clear why that may be happening.

- Advertisement -

Ryan notes,

- Advertisement -

"What is your time really worth?

When you're a freelancer, it can be really hard to tell. As a full-time employee, your salary also takes into consideration business costs like health care, licensing, taxes, and other business essentials -- but when you work for yourself, you've got to cover all of that and more.

Often, in the interest of netting new clients and seeming like a more attractive hire, freelancers will charge as little as possible, hoping to make up for your low rates by sheer volume. This kind of pricing, which photographer Sue Bryce calls a "survival rate," is extremely risky, because it doesn't take into account the ebb and flow of work, nor does it allow you to grow your business by expanding markets or investing in marketing.

When you charge enough to not only survive, but thrive, says Sue, "you find better prospects and clients. It is that simple."

"You find people who can pay what you need to earn--then you ask them for it," she explains.

- Advertisement -

Ryan designed a great graphic to help freelancers figure this out. It's a large one, so it appears below in chunks.

How much to you want/need to make?


(Image by Ryan Robinson, creativelive.com)   Permission   Details   DMCA

Consider expenses which may have been hidden if you were employed by someone else:

(Image by Ryan Robinson, creativelive.com)   Permission   Details   DMCA

Figure the costs of doing business:

(Image by Ryan Robinson, creativelive.com)   Permission   Details   DMCA


(Image by Ryan Robinson, creativelive.com)   Permission   Details   DMCA


(Image by Ryan Robinson, creativelive.com)   Permission   Details   DMCA

Figure the costs of living:

(Image by Ryan Robinson, creativelive.com)   Permission   Details   DMCA

Add the two to get your new expenses as a freelancer:

(Image by Ryan Robinson, creativelive.com)   Permission   Details   DMCA

Calculate your new adjusted annual salary:

(Image by Ryan Robinson, creativelive.com)   Permission   Details   DMCA

Determine your number of billable hours:

(Image by Ryan Robinson, creativelive.com)   Permission   Details   DMCA

Calculate your number of billable hours:

(Image by Ryan Robinson, creativelive.com)   Permission   Details   DMCA

Calculate hourly wage:

(Image by Ryan Robinson, creativelive.com)   Permission   Details   DMCA

Now, follow the steps to figure out the hourly wage you need in order to live the life you want.

(Image by Ryan Robinson, creativelive.com)   Permission   Details   DMCA

See Robinson's post for more info and for the original graphic in a higher resolution.
And you can download his free "Essential Guide to Launching a Freelance Career" here.

 

- Advertisement -

View Ratings | Rate It

opednews.com

Meryl Ann Butler is an artist, author, educator and OpedNews Managing Editor who has been actively engaged in utilizing the arts as stepping-stones toward joy-filled wellbeing since she was a hippie. She began writing for OpEdNews in Feb, 2004. She became a Senior Editor in August 2012 and Managing Editor in January, (more...)
 

Share on Google Plus Submit to Twitter Add this Page to Facebook! Share on LinkedIn Pin It! Add this Page to Fark! Submit to Reddit Submit to Stumble Upon Share Author on Social Media   Go To Commenting

The views expressed herein are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.

Follow Me on Twitter

Writers Guidelines

Contact AuthorContact Author Contact EditorContact Editor Author PageView Authors' Articles
- Advertisement -

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

The Bizarre Theft of Dr. Stanislaw Burzynski's Miracle Cancer Cure

Mysterious Bayou Sinkhole Continues to Cave In: Radiation, Hydrocarbons Detected

Relentless Bayou Corne Sinkhole Nearly 30 Times Original Size (UPDATED with Cave-In Video)

Sex, Love, and Jesus: A Few Surprises in the Easter Basket

2012: Armageddon or Quantum Leap? Gregg Braden's Answer-Fractal Time

California Fire Update: Station Fire 1:30 pm, Pacific Time 8-28-09