The Easiest Way To Calculate Your Freelance Rate

If you’re a freelancer struggling to calculate your rates, or a company looking to hire a freelancer but unsure of how much to charge, worry not! The answer to calculating your rates is not as difficult as it seems. Follow the steps below to see how you can easily come up with a fair price for the services you are offering:

 

  1. Target annual income

The first step to calculating your freelancer rates is figuring out how much you want to earn over the span of the year. A good benchmark to do so is by looking at websites like Glassdoor. Let’s say you are a video editor, for example.

Glassdoor estimates your annual income to be around $36,000 per year. This, of course, differs according to how much experience and skills you have under your belt.

If you feel like you are worth higher, then feel free to hike up your estimated salary. But keep in mind not to overvalue yourself and aim too high for what you’re offering either.

 

  1. Annual expenses & overhead

The next step is to calculate your yearly expenses and overhead costs. This includes all the software, equipment, tools, hosting costs, internet and utility bills, rental, travel expenses, and everything else you need to spend to run your business.

An example would be as below:

Laptop: $3,500

Software: $737/year

Internet: $516/year

Travel expenses: $1,500/year

Utilities: $2,400/year

Total: $8,653

+ salary of $36,000 = $44,653

 

  1. Billable hours

Once you have your adjusted annual salary, it’s time to calculate your billable hours. In other words, it’s how many hours you would realistically be working throughout the year.

The standard number of hours would be 40 hours a week x 52 weeks a year, which equates to 2080 hours annually. However, realistically you wouldn’t be working that many hours, after taking into account days off and the days in which you don’t have any work lined up.

P.S. Use ThunderQuote to fulfil requests from buyers and fill up your task list!

Let’s come up with a more accurate number of billable hours:

Public holidays: 11 (88 hours)

Vacation days: 21 (168 hours)

Sick days: 7 (56 hours)

Total number of unworked hours: 312 hours

2080 hours – 312 hours = 1768 hours

 

Then, you’ll also need to take into account the hours in which you will be spending on non-client related tasks, like marketing your business, admin work, making calls and sending emails, connecting with new clients, etc. Let’s assume it will take up 20% of your time.

 

1768 hours x 80% = 1414 hours

 

  1. Calculate!

The final step is to divide your annual salary with your billable hours.

 

$44,653 / 1414 hours = $32 per hour

 

And there you have it, a simple way to calculate how much you should be getting paid for your work. But don’t solely depend on these numbers though, as you should be conducting your own research by getting in touch with industry insiders and experts to see if your rates are on point. Now get out there and start freelancing!

 

ThunderQuote is the most comprehensive business services portal in Singapore, Australia and ASEAN , where hundreds of thousands of dollars of procurement contracts are sourced every month by major companies like Singapore Press Holdings, National Trade Union Congress and more.

What’s The Best Time To Post On Social Media?

Social media marketing is one of the best ways to get your business out there and increase your reach. Seeing as social media websites are the top visited sites online, with an estimated 3.09 billion users by 2021, it makes sense for you to tap into this resource to grow your business.

With that being said, there are certain rules you should follow with your social media postings to maximize your reach, including the timing of your posts. There’s no point sharing great posts at 5am when there isn’t anyone to see it! CoSchedule conducted and compiled studies on the best times to post on the most popular social media platforms. Hence, here’s a handy guide to when you should post on your socials:

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These Viral Marketing Tips Will Boost Your Social Media To The Next Level

Social media is one of the most powerful tools you can use to support your business. Maintaining active social media pages are a great way to reach millions of people, but this involves posting great content at the right times and on the right platforms for your target audience.

If you are just starting your business socials or you aren’t seeing the results you were hoping for from your pages, fret not! We’ve compiled a bunch of tips for you to maximize your socials and see your performance soar:

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TQ Prospector Review: Lead Generation in 21 Seconds

This article originally appeared in lancerX.

Heard of B2B services marketplace ThunderQuote?

They’ve released a new lead generation tool called ThunderQuote Prospector.

And today, I’m going to show you exactly how to use the tool and what I think of it.

As a spoiler, I pretty much only have good things to say about it.

Because with the tool, I’ve been able to compile a list of 16 leads in just 20.96 seconds.

Plus – without paying a single cent!

If you’re a freelancer looking to get more clients (and who isn’t?), this is definitely one tool to consider adding to your lead gen arsenal.

Let’s dive in!

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Refresh Your Email Marketing With 4 Simple Steps

Email marketing, if done right, can deliver great results for you and your business. Studies show that albeit the rise of social media, email is almost 40 times more effective at attracting new customers than Facebook and Twitter combined. That’s more than a little significant!

If you aren’t seeing results from your emails lately, you came to the right place. Read on to find out what simple changes you can make to boost your emails and reel people in.

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