I wrote a similar post [1] in which I suggest charging at least 4x the rate you'd charge working full-time at a company.
So, if you normally make $60/hr working full-time (converts to $120k/year), then as a freelancer I'd suggest charging at least $240/hr if you plan on having anywhere near a similar lifestyle.
This is because 50% of your working time goes towards marketing, self-promotion, and other things clients don't pay you for. And 50% of your revenue goes towards taxes, office space, and buying products and services to support your business.
It's a rough calculation, but I think it explains why a lot of freelancers massively undercharge when first starting out. 4x your normal rate just seems so high until you think of the real costs.
So, if you normally make $60/hr working full-time (converts to $120k/year), then as a freelancer I'd suggest charging at least $240/hr if you plan on having anywhere near a similar lifestyle.
This is because 50% of your working time goes towards marketing, self-promotion, and other things clients don't pay you for. And 50% of your revenue goes towards taxes, office space, and buying products and services to support your business.
It's a rough calculation, but I think it explains why a lot of freelancers massively undercharge when first starting out. 4x your normal rate just seems so high until you think of the real costs.
[1] https://blog.artisfy.com/2017/04/13/charge-at-least-this-muc...