It can be really challenging as a freelancer to understand how to set your rates. It doesn’t matter if you’ve been freelancing for years or are just getting started, everyone is often wondering if their rates are the best that they can be.
Many freelancers only think about the salary they want to achieve and don’t necessarily think about the additional business expenses that come with being a freelancer. Companies, where you’re a W2 employee, have a lot of expenses outside of just your salary that they pay for you - healthcare, retirement benefits, equipment, and employment taxes all add up.
When you’re beginning to set your fees, understanding all of these business expenses will help ensure that your business expenses aren’t dipping into your salary too much.
At Indy, we’ve got your back. We’ve put together this incredibly simple pricing worksheet to help you understand the minimum amount that you should be charging. Insert simple information such as your desired salary, the amount of time off you want, your retirement savings goals, your overhead costs, and hours you want to work per week, and we’ll do all the calculations for you of what you need to make to meet these goals.
Once you calculate that number, reflect on how much your services are worth and what others are charging in the field.
This number can be used not just for setting an hourly rate but helping you use more informed data and information around what your project rate or retainer fees should be.
Wishing for an easier way to get paid?
You can bill your clients like a pro with Indy’s Invoices tool. Add unbilled hours, autofill client details, and offer and track multiple payment methods.
Download the Freelancer Hourly Pricing Worksheet here.
Once you've figured out your rate, put it together with Indy's proposal feature for free to send to your clients and close your next project!