Setting Your Hourly Rates

Setting Your Hourly Rates advice is courtesy of Allfreelancework.com. This article will help you to determine how much you should charge for your services.

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SETTING YOUR HOURLY RATES

by Rachel Goldstein
owner of Allfreelancework.com - 1000s of freelance jobs

Determining how much to charge for your services is often one of the biggest challenges for a new freelancer. If you are a new freelancer, you have probably searched the Internet trying to look for average rates of professionals in your field. Don't even bother. I will let you in on a secret … now that the Internet is here; there aren't any "average" rates because demographics are too widespread. With this in mind, I will show you how to figure out what your rates should be by using a formula.

Start by figuring out what you want your annual salary to be. To determine your salary, you might want to pay yourself what you earned as an employee, or take a look at salary.com to find out what an average salary for your profession is.

For this formula, you will need to figure out what your overhead is. Overhead is an expense that cannot be found billable to a client, it is just a cost incurred by running your business. Please fill out the following form. If you aren't sure what your overhead is, then look back on last year's credit card bills and checking account statements.

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