From diversifying your income to setting up retainers, there are a lot of different ways that freelancers can increase how much money they make.
However, you don’t have to spend hours on a side project just to make more money.
Freelancers Union has some great advice on how you can get paid more in just 3 simple steps and it all starts with figuring out your hourly rate.
“STEP #1: Determine What Your Time is Worth Per Hour
Deciding what to charge per hour can be difficult, especially when you are just starting out.
But here’s something simple you can do to help.
Go to Bureau of Labor Statistics (BLS) or some similar government body in your country and find out what the typical annual salaries are for your specific line of work.
For example, here is the data for web developers in the United States.
The latest chart indicates an average annual salary of $68,670 for web developer.
When we divide that by the number of working hours in a year (2,080 hours), we get $33.01 per hour.
This gives you a starting point for what to charge as a freelance web developer. Of course, you can adjust this upwards based on years of experience or personal expertise.
You may decide you’re in the top 75% or the top 90% of developers – the BLS give you the data for those rates, too.
In those cases, your starting point would be $41.69 and $54.17 per hour, respectively.”
See the full article at Freelancers Union.