Whether you’ve been running your mom-owned business for a while or are just starting out, it’s a good idea to take a look at your rates periodically to make sure that they sill make sense.
Are they in line with what the market will bear? How do they compare with the rates for like products or services in a similar market? Do they need to change or stay flat based on current economic conditions?
Are you charging enough to cover basic expenses? Are you charging enough to meet your earnings goal? Do your rates need to be adjusted based on changes in the factors used to calculate your rate?
Where does one begin?
The handy Hourly Rate Calculator by FreelanceSwitch is one good place to start. This online tool takes users through a four-step process where one answers questions about business expenses, personal expenses, number of billable hour and desired earnings. Based on responses to these questions, the tool calculates the ideal hourly rate and the break-even hourly rate.
The tool is intended to be used as a guide. The results are direct result of the figures you enter, so the more detailed you are in calculating the figures that you enter into the tool, the more helpful the result will be.
So, go ahead and give it a try and let us know how the results compared with what you are currently charging, if you’re already in business, or with what you were thinking about charging if you’re just starting out.
Got a cool tool or process for calculating rates? Tell us about it!
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Tags: Calculate Rates, Setting Fees
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