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Freelance engagements do not assume that you are essentially “up charging” to offset the benefits that you forgo by making an independent decision to freelance and not FT w/benefits. That being said some people go freelance out of necessity (being laid off, etc). You then have to assess what a person of your experience and skills fetches in the FL marketplace. That math you gave leaves me with a day rate that 90 or 95% of my clients are unable to pay, and I work for very well known agencies, prod cos and post houses. That being said I’m still making plenty more in freelance work wages than I ever did on staff...
Where is this formula coming from? This doesn’t make sense at all. There are 250 business days (roughly 2000 hours in a year), that should be your jumping off point
I don’t think it’s about pinning a blame on the client, but rather just making sure you’re not overlooking anything that are usually taken for granted. A lot of factors go into determining your rate and I definitely don’t paid the /125 rate, but knowing that some ppl do, then I certainly don’t have to be sheepish when it comes to negotiating my rates.
Also you assume a lot...I go W-2 with my clients and taxes are withheld. And I don’t have to cover insurance for workers comp as they do that. If you work for a certain number of hours in a year with one client you also become eligible for benefits (at least where I am now that’s the deal, but I’d inquire the same wherever you work for months at a time if that applies to you,,,,)
I don’t know how to pause COBRA (not sure if you can?), and also didn’t say being freelance gave you the best avenue for benefits - quite the opposite. If being freelance fits you best, you can incorporate and there are self employed health insurance plans...if your company is the only employee and you take in income.
Days off...are on you, not your client. So yes, come up with a good day rate which increases your ability to have a cushion of funds to help offset any unpaid days off.
OP and CD1 - I hear you on the hours expectation, it may be worth a conversation with your staff contact about how you can help alleviate this issue. You shouldn’t be pressured for the hours you worked but there should be transparency for both parties so you can understand what they need (sometimes it’s actualizing the allocated hours for a project, and it could be an admin headache for them...again, an opportunity to have a convo about how to have that go smoother)
Is that actually the advice? That’s... much higher than I expected
That’s what I’ve been seeing on Fishbowl on how to calculate your freelance rate. It makes sense as we end up paying for our own insurances, taxes, and days off.