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Take your total ideal loaded yearly salary (pay, software, hardware, conferences, insurance, etc) and divide by 1375 hours, not 1800. You will need to use those 425 for new biz, education, vacay that makes the 1375 happen. It also allows you to know your real number and to log the work you let go because it’s under that and you need that time to get a gig that pays right. Hope that helps!
No agency will ever send a freelancer to conferences or any continuing education, but every agency will expect every freelancer to have that knowledge. OP needs to be realistic about covering all of his/her business expenses with income. If you aren't willing to pay for benefits by hiring full-time employees, then you need to pony up a decent rate for freelancers who have to cover those expenses themselves.
Salary/1800 for hourly. Then multiply by 1.18 to account for fact that you won’t have benefits. Then multiply by 1.1 to 1.4 to account for the fact that it is short term work and you’ll have gaps between employment. I am a finance person. Consider this a rule of thumb. See what this gets you for a range and then feel it out from there
You don't convert a salary to a dayrate or hourly. This is capitalism baby, it's market rate, what are they willing to pay, what are you willing to take. In terms of hourly just take your dayrate and / 8. Don't take a project rate unless it's a favor, it's a scam. Also if you do hourly make sure you get OT. Good Luck
take your yearly salary and divide by 1000. period. (and that math is stupid easy).
why 1000 - you’d normally work about 2000 - but you want to factor in benefits, 401K, the fact that you won’t be working 100% or the time and need time to look, etc.
I disagree with AD1 - you’ll always pay more per hour for a freelancer than you would for someone in house.
@AD - Not everyone chose to freelance. And no one is getting rich off of it. Jesus. Your attitude toward paying people what they are worth is pretty shitty.
[annual Salary x 1.15]\2080.
No offense Sr producer but your method may make this person too expensive. No one uses 1375 hours. I work in finance and would never approve something that backs into that. Why are we paying for the incidentals like conferences and such in their rate? We would pay out of pocket if we want them at one...
FWIW, I bill 20% above what I describe above and have never had an issue.
SP - 👏
Role would be senior program management / operations consultation.
Totally understand. My point is you should include T&B and use the standard hours. Again, items such as hardware, conference etc are on the agency. We provide, and have sent to conferences. The continued learning is on you. We didn't ask you to become freelancers. If employees full time you can have this benefit. The choice is yours. It's very lucrative so as long as you're doing it right and not price gauging you'll kick some serious ass and make some serious money.