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How To Calculate Your Rate

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A quick and easy to use guide to determining your hourly or project rate based on your revenue goals. This is bonus content created for the Business Bootcamp.

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How To Calculate Your Rate

  1. 1. Brought to you by thefutur.com ©2018 Chris Do BUSINESSBOOTCAMP TWOTHOUSAND 18 How to calculate your rate when starting out Business Bootcamp Bonus Content
  2. 2. Brought to you by thefutur.com ©2018 Chris Do BUSINESSBOOTCAMP TWOTHOUSAND 18 Hourly Rate
 Method 1
  3. 3. Brought to you by thefutur.com ©2018 Chris Do BUSINESSBOOTCAMP TWOTHOUSAND 18 A year from now, what do you want your annual income to be as a freelancer?
  4. 4. Brought to you by thefutur.com ©2018 Chris Do BUSINESSBOOTCAMP TWOTHOUSAND 18 Divide by 10. This will be your target to hit
 every month.
  5. 5. Brought to you by thefutur.com ©2018 Chris Do BUSINESSBOOTCAMP TWOTHOUSAND 18 Why 10, and not 12 months? Subtract 1 month for vacation, and 1 month for non-billable hours (networking, administrative tasks, invoicing, etc…)
  6. 6. Brought to you by thefutur.com ©2018 Chris Do BUSINESSBOOTCAMP TWOTHOUSAND 18 = MGAG 10 AG = Annual Revenue Goal MG = Monthly Revenue Goal
  7. 7. Brought to you by thefutur.com ©2018 Chris Do BUSINESSBOOTCAMP TWOTHOUSAND 18 So if your annual revenue goal is to earn $100k, your monthly goal will be $10k.
  8. 8. Brought to you by thefutur.com ©2018 Chris Do BUSINESSBOOTCAMP TWOTHOUSAND 18 Now, how many hours can you realistically work per week? For reference, full time employees typically works 40 hours per week (8 hours a day/5 days a week).
  9. 9. Brought to you by thefutur.com ©2018 Chris Do BUSINESSBOOTCAMP TWOTHOUSAND 18 = HRMG Hx4 MG = Monthly Revenue Goal HR = Hourly Rate
  10. 10. Brought to you by thefutur.com ©2018 Chris Do BUSINESSBOOTCAMP TWOTHOUSAND 18 In the previous question, it was determined that your monthly goal was $10k. If you can work 40 hours per week, your effective hourly rate is: $63/hr. (round up).
  11. 11. Brought to you by thefutur.com ©2018 Chris Do BUSINESSBOOTCAMP TWOTHOUSAND 18 = $63/hr $10,000 40hr. x4
  12. 12. Brought to you by thefutur.com ©2018 Chris Do BUSINESSBOOTCAMP TWOTHOUSAND 18 Search for jobs where people get paid this hourly rate. What are they?
  13. 13. Brought to you by thefutur.com ©2018 Chris Do BUSINESSBOOTCAMP TWOTHOUSAND 18 Project Rate
 Method 2
  14. 14. Brought to you by thefutur.com ©2018 Chris Do BUSINESSBOOTCAMP TWOTHOUSAND 18 A year from now, what do you want your annual income to be as a solo business owner?
  15. 15. Brought to you by thefutur.com ©2018 Chris Do BUSINESSBOOTCAMP TWOTHOUSAND 18 Divide by 10. This will be your target to hit
 every month.
  16. 16. Brought to you by thefutur.com ©2018 Chris Do BUSINESSBOOTCAMP TWOTHOUSAND 18 Why 10, and not 12 months? Subtract 1 month for vacation, and 1 month for non-billable hours (sales, marketing, networking, administrative tasks, client correspondence, etc…)
  17. 17. Brought to you by thefutur.com ©2018 Chris Do BUSINESSBOOTCAMP TWOTHOUSAND 18 = MGAG 10 AG = Annual Revenue Goal MG = Monthly Revenue Goal
  18. 18. Brought to you by thefutur.com ©2018 Chris Do BUSINESSBOOTCAMP TWOTHOUSAND 18 So if your annual revenue goal is to earn $100k, your monthly goal will be $10k.
  19. 19. Brought to you by thefutur.com ©2018 Chris Do BUSINESSBOOTCAMP TWOTHOUSAND 18 Now, how many projects can you work on each month? This will determine the average budget for each project.
  20. 20. Brought to you by thefutur.com ©2018 Chris Do BUSINESSBOOTCAMP TWOTHOUSAND 18 = APRMG P MG = Monthly Revenue Goal APR = Average Project Rate P = Number of Projects Per Month
  21. 21. Brought to you by thefutur.com ©2018 Chris Do BUSINESSBOOTCAMP TWOTHOUSAND 18 In the previous question, it was determined that your monthly goal was $10k. If you can take on 4 projects per month, your average project rate needs to be $2500.
  22. 22. Brought to you by thefutur.com ©2018 Chris Do BUSINESSBOOTCAMP TWOTHOUSAND 18 = $2500 $10,000 4 projects
  23. 23. Brought to you by thefutur.com ©2018 Chris Do BUSINESSBOOTCAMP TWOTHOUSAND 18 What kind of projects are people accustomed to paying this amount of money for?
  24. 24. Brought to you by thefutur.com ©2018 Chris Do BUSINESSBOOTCAMP TWOTHOUSAND 18 Comparison 3
  25. 25. Brought to you by thefutur.com ©2018 Chris Do BUSINESSBOOTCAMP TWOTHOUSAND 18 In both examples, the goal was to earn $100k/yr. By billing hourly, you would need to work 160hrs each month at $63/hr. Whereas billing project rates, you would need to complete 4 projects at an average project rate of $2500.
  26. 26. Brought to you by thefutur.com ©2018 Chris Do BUSINESSBOOTCAMP TWOTHOUSAND 18 In the case of using project rates vs. hourly rates, if you created a logo for $2500, but it took you less than 40 hours to complete, you are effectively earning more for your time.
  27. 27. Brought to you by thefutur.com ©2018 Chris Do BUSINESSBOOTCAMP TWOTHOUSAND 18 What if you were really fast?
 What would that look like?
  28. 28. Brought to you by thefutur.com ©2018 Chris Do BUSINESSBOOTCAMP TWOTHOUSAND 18 For comparison, if you completed a logo in 10 hours, your time would be worth $250/hr. ($2500/10). Whereas if you billed hourly, you would have earned $630 ($63x10).
  29. 29. Brought to you by thefutur.com ©2018 Chris Do BUSINESSBOOTCAMP TWOTHOUSAND 18 Would you prefer to
 bill hourly or per project?
  30. 30. Brought to you by thefutur.com ©2018 Chris Do BUSINESSBOOTCAMP TWOTHOUSAND 18 What if that same logo was created for a large multi- million dollar company?
  31. 31. Brought to you by thefutur.com ©2018 Chris Do BUSINESSBOOTCAMP TWOTHOUSAND 18 What if that logo was used on products and merchandising? Should the fee be the same?
  32. 32. Brought to you by thefutur.com ©2018 Chris Do BUSINESSBOOTCAMP TWOTHOUSAND 18 Should you charge more for the same work? This is called Value Based Pricing, where you price the client and not the job.
  33. 33. Brought to you by thefutur.com ©2018 Chris Do BUSINESSBOOTCAMP TWOTHOUSAND 18 That’s a more complicated explanation for another time.
  34. 34. Brought to you by thefutur.com ©2018 Chris Do BUSINESSBOOTCAMP TWOTHOUSAND 18 Want to learn more? Consider enrolling in the Business Bootcamp. Class starts Sep 04
  35. 35. Brought to you by thefutur.com ©2018 Chris Do BUSINESSBOOTCAMP TWOTHOUSAND 18 Thank you,


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