If you are good with words, I’ve noticed, sooner or later you need to get good with maths.The first of three posts looking at how to price up your freelance comms work.
|But I need it, I really need it.|
This gives you your base line figure of what you need to clear after tax. For easy maths’ sake lets say that’s a £1,500 a month so £18,000 a year. So how does that convert to a day rate?Step 2) How many days in the year do you have to earn it?Answer: it’s not 365, though this is where you start.
Days in the year 365
Less main public holidays 5
Less weekends 104 (don’t actually schedule to work weekends)
Less holidays/family/emergency days 25
Less sick/jet lag/ hangover days 12 ( just being realistic)
Days available to work 220 ( standard industry figure)
Now assume that 50% of that time you are not doing client work, either because there just isn’t any, or because you are working but not being ‘paid’ for it, eg admin, networking, training, research, marketing, pitching, preparing materials etc. That leaves 110 days to cover your budget, plus tax plus expenses.
Step 3) Not all that money is yours you know.Tax and expenses.
£25,200 /110 days = £229/day notional day rate.