You can’t just randomly decide how much your time is worth. It’s important to understand what your skills, experience, and strengths are so that you can use that information to find the right freelance hourly rate for yourself.
Calculate your ‘billable’ hours – the actual hours you will work in, minus the distractions, the fixed holidays in a year, any leaves that you intend to take etc.
A practical hourly rate calculator is a quick and simple method to get the information you require about your rate.
The amount of money you want to make depends on other factors besides your project or hourly rate quote. Equally important is having a complete understanding of your client list, including their needs, characteristics, and suitability for longer-term work.
Working for yourself means forgoing holiday money, paid time off for illness, and other standard perks of employment. You are responsible for paying all the hidden costs that an employer would often cover.
It’s important that you are realistic about your goals and stay honest with yourself when making decisions, as well as be flexible to make adjustments along the way.