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Rising Star
For a rough guide, take your most recent full time salary and divide by 125 for you day rate. Divide that number by 8 for your hourly rate. This figure ends up being around double your full time rate to account for lack of benefits like health insurance, vacation days, holidays and overheads like software and hardware.
Note: This is an ideal rate to shoot for, but you may have to be prepared to drop it by 20-30% right now. Unfortunately agencies are taking advantage of the increased competition for jobs in the COVID affected market.
Crazy. I had never heard of this formulation, but it did give me what I consider my freelance hourly rate. Awesome.
appreciate the context so much, thank you. this is my first freelance, thanks to covid.
Rising Star
Me too. You’re not alone!