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Category: Tools

Calculate your Hourly Rate as a freelancer

While there are different types of pricing models for freelancers, pricing services per hourly rate is kind of the most popular thing to do. Why?…

Freelancer Talk 20/07/2022

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Forum Description

While there are different types of pricing models for freelancers, pricing services per hourly rate is kind of the most popular thing to do. Why? Well, there are 2 reasons for that actually; 1) most freelancers simply just work on an hourly basis. 2) when you don't work on an hourly basis but on a project basis, it makes it easier to set a project price as you can estimate how many hours it'll take to get done. But how do you determine what your hourly rate is? Don’t look any further because our Hourly Rate Calculator helps you determine exactly what you should be asking your clients.

But before you scroll down and start calculating your dream or survival salary, we'd like to address a few things.

Industry Standards

Yes, we created a tool that can calculate what your hourly rate should be, based on what you'd like to earn and what your costs are. It's all very exciting to think about the enormous amount of money you'll cash in with your perfect rate. But don't let it get to your head!

Each Industry, Sector and even specific Job has its own standards. Those are called the Industry's Standards. To put it more simply: not everybody earns the same (but we guess you knew that already 🤪).

If you're curious about your Industry's Standard, you can always look up its Collective Labour Agreement. Most Collective Labour Agreements determine how much you should be earning, often based on the job description and amount of professional experience. (in Dutch CAO) In the Netherlands, the FNV has a website on which you can find the CAOs connected to each specific Sector.

How to use the Freelance Hourly Rate Calculator

The Hourly Rate Calculator is pretty straightforward. You fill out what you'd like to earn on a monthly base. What your costs are. And at last, the days and the number of hours you'll be working. Here are a few terms that you'd need to know before filling out the calculator:

Yearly Buffer: As a freelancer, you want to create a little buffer for yourself for times in need. For example; when your car breaks down or your laptop dies, a little buffer will ease the costs. You decide what that buffer looks like 😉

Pension & Insurance Costs: Yep, you want to put some money towards your pension. How much? Check out this article on Freelance Pensions. You also want to be insured. Read this article on what insurance you likely need as a freelancer.

Monthly Business Costs: The costs you make for your business on a monthly basis such as phone bills, bookkeeping fees, travel costs, etc.

Acquisition Days: The days you spend 'acquiring' new projects. Examples of that would be networking events, auditions, interviews, etc.

'Paid' Working Days: These are your working days where you'll actually be paid for your work time.

Billable Hours: The hours that you're able to declare/bill, meaning the hours you get paid for your performed work.

Don't forget your taxes

Our Hourly Rate Calculator is based on your net income. That means that you still need to add your taxes on top of what you'd want to earn. Depending on which country you are in, their tax system, and what taxes apply to your freelance business (such as VAT and sales tax) you would have to add that to your hourly rate.

For freelancers based in the Netherlands, our partners over at Tellow wrote a detailed blog about how the Dutch Tax System works for freelancers. Read that article here.

Now, it's time for you to fill out the Hourly Rate Calculator!

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