Whats your day-to-day freelance rate?
Why? Possibly it sounds like excessive of a bean-counting exercise for authors to compute their everyday freelance rate.
If youre like most freelance authors, it probably hasnt crossed your mind.
Theyre focused on striking due dates, networking, and making space on their client list to go up and make more, but do not think about this.
Even if youve remained in the video game a bit longer, a lot of authors still do not understand their daily freelance rate.
Maybe youre just starting or having a hard time to discover customers, and youre concentrated on simply landing a paid assignment.
Heres the thing. If you dont know your day-to-day freelance rate, every time you:
Land an assignment …
Quote a task, or
Indication on a new client …
Is understanding your everyday freelance rate truly that important? And if it is, how do you figure it out so you dont sell yourself short? Heres what you require to know.
You could be losing out on more money, time and flexibility (perhaps the 3 most attractive factors to be a freelancer).
This is WHY your day-to-day freelance rate matters
As freelance author, you need to set an objective of having a high hourly rate (like $100 an hour or more).
However bidding per job based upon a hourly rate isnt the finest way to move up and earn more.
Before you bid on a task, you need to understand your everyday freelance rate.
day-to-day freelance rate: The rate you wish to earn per work day in order to generate the quantity you wish to make in a year.
Why is it crucial to know your everyday freelance rate? Heres 4 reasons:
1. Quick-tracking mechanism to evaluate your earnings
If you understand your everyday rate, at the end of each day you can evaluate how you did. Heres how.
First, take a look at what you billed
Review how much work you put in on continuous jobs if you didnt in fact expense any clients that day.
If you estimate youll work parts of 10 days on a $1,000 project, associate $100 of making on that task for today.
Now build up the overall projected revenues for the day
Does it amount to the day-to-day rate you want?
If not, the time to take action to find better-paying clients is NOW– not at the end of the year, when you do your taxes and are faced in black-and-white with the reality that you arent fulfilling your earning objectives.
2. Good weekly yardstick
Its much easier to track how youre doing each WEEK and each MONTH as soon as you have a daily rate.
These computations can assist you set up deadlines throughout the month, so youll have revenue in each week.
The alternative and most likely scenario if you do not do this:
A swelling of work all accumulated at the end of the month
Late nights and tension as you desperately try to keep projects from hanging over into the following month (and messing up your revenue projections for the month).
3. Another way to see revenues besides per hour rates
Or you wont be totally booked every day.
While Ive frequently stated freelance writers need to aim to make $100 an hour, not all your work may be at your objective rate.
A day-to-day rate can offer you a much better sense of:
Whether youre charging enough
How hectic you are
How many hours daily youre working or prepared to work
How long it takes you to complete projects
4. Quick quote ability for exclusive jobs
Every so often, a customer might desire to lock down all your time for a job.
They want you to go cover a trade program for several days.
Or they desire you to drop whatever and work on a rush project for them for a week or two strong.
Maybe they need someone to write in-house for a month at their office.
Or they d like you to spend two months ghostwriting their e-book.
How do you know what to charge?
If you know your everyday rate, you understand just how much earnings you would lose by being locked down on an unique project, not able to work your normal customers.
Without a daily rate, youre simply thinking whether its worth it to you financially to take the assignment, so its easy to end up scammed.
The formula to determine your everyday freelance rate
Lets hope youre not working weekends or major holidays, which you also prepare to take at least two weeks off a year (which you certainly must). That leaves around 240 real, practical work days in the year.
Say your objective is to earn $100,000 from freelance writing this year. (Think big!).
Know your daily freelance rate to go up and make more.
$ 100,000/ 240 days = $417 daily freelance rate.
. Member of the family will likely expect you to turn off the devices and focus on them on these celebrations.
Desire to earn $50,000 a year? Thats around $209 per working day.
How do you determine your daily freelance rate? Lets talk about in the remarks.
Now that you understand why you need to care about your everyday rate, lets figure it up.
When you know how much you require to make and desire to make by computing your everyday freelance rate, youll think in a different way about pitching potential customers.
Now lets determine your day-to-day rate.
$ 417 … Thats your everyday rate for earning $100K a year.
There are 365 days in the year, but 104 of those days are weekends.
There are also roughly 10 holidays a year where its virtually difficult to get much work done– Christmas, New Years Day, Memorial Day, and so on
Divide $100,000 by 240 and you get approximately $417 a day.
Youll be more most likely to hand down low-ball deals and soul-sucking content-mill work. And youll have a better picture of what to credit hit your earnings objective.