I just found a very interesting freelance hourly rate calculator on Freelance Switch.
It got me thinking, how much is someone’s time worth each hour?
This particular hourly rate calculator (yes, it’s free) bases it around living and business expenses, it’s so simple and straight forward that I had a calculation figured out in minutes, and here is the funny thing… It calculated my exact hourly rate for all the web design and development work I bill out to clients!
The more I think about it the more sense it makes; your standard of living dictates your hourly rate. But what other factors have an effect on hourly rate that are not covered in the calculator? Education and experience come to mind, as well as deliverability and time management skills, just because your expectations for a certain standard of living are set, that does not mean you will generate income at that level.
That being said, here are a few words of encouragement:
- If you set good boundaries for yourself in your working day, focus on generating sales and streamline your admin, the sky is the limit.
- If you have a great idea that solves someone’s problem, preferably the “problem of many”, then the sky is the limit!
- If your passionate about your niche and focus on your core, optimising a few key elements that make you stand out from the crowd and show your “point of difference”… then the sky is the limit!
There is no limit to what you can do or achieve!
Oh, and here is the calculator I was telling you about: