Oh, the joys of being a freelance photographer. You get to pay lots and lots of taxes and a ridiculous amount for health benefits, and you get no paid days off. On the flip side though, you work whenever and wherever you want, you get to choose who you want to work for and you’re the boss. Just like everything in life, there are pros and cons when deciding to take the leap from a salaried, full time, punch a time clock, full health benefit career to an unstable, no guarantees, famine or feast, free to do as you please career as a freelancer. When I made the leap, it was darn scary and though I would not trade the freedom for anything (except maybe health insurance, paid vacation days, and a 401k), there are days when a 9-5 paycheck looks very appealing.
Be that as it may, if you are considering leaving that boring day job position to be your own boss, there is one big question you probably have and that is, “How much should I charge?” The first question to find that answer should be, “How much do you want/need to make?”
The following informative infographic by CreativeLive, “How to Calculate Your Rate As A Freelancer,” is an easy way to find out. It works backwards from your target annual salary and leads you step-by-step to the magic number – your hourly rate. If you’re looking to quit that day job of yours, then grab a calculator and get started.
[Via CreativeLive Blog]