Formula for Success: How to Calculate Your Freelance Rate [Infographic]

Many people start freelancing as a way to make some extra income. Maybe you want to pay for a vacation, buy a fancy piece of tech, or start paying off those burdensome student loans. If you calculate the proper freelance rate, you can achieve those goals in no time.

Freelancing offers a fantastic way to earn some money on the side. But can you earn a living from it? In fact, freelancing can become a full-time job with even more job security than your 9-to-5 gig. You can work fewer hours per week, control when you work, and earn more than your current job.

Calculating Your Freelance Rate

Transitioning from a side hustle to full-fledged income can be hard. In fact, you may find yourself paying for expenses you never worried about before. For instance, you may need to lay out cash for a stronger internet connection, marketing fees, and specialized software. And self-employment tax comes as a shock to many. Whatever the case, the first step towards financial independence through freelancing is setting the right freelance rate.

Choosing the right rate will make it easier to achieve your target salary while also considering other expenses you might not think of when quitting your job. This infographic from Creative Live serves as an easy worksheet can help you do just that. Calculate the value of the hours you put in, and you’ll be earning the salary you deserve.

Yes, you can earn a living as a freelance; you just have to do the math.

 

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Also published on Medium.

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