How much should I charge hourly as a PHP Freelance Web Developer?
Working your own hours as a freelancer can be great with regular work coming in.
But you need to make sure you are making ends meet and covering your costs.
You might be considering switching from full-time paid employment to freelance or some part-time freelance on the side.
So how do you figure out much to charge for your time?
It all depends on your skills, the size of the job, the complexity of the job, your location, your overheads, whether it’s a new client or an existing one…
However you should re-think your approach, because in order to answer the question, it’s important to find out…
How much do you need to charge to be able to live (comfortably)?
What’s your time worth to you?
How much do you need to earn annually? That’s your target! Figure that out and work backwards from there, divide by 52 to get the weekly rate, divide by the number of hours and days you want to work to get your hourly rate.
Desired annual income: $50,000
Giving a weekly income: $961.54 (50,000 / 52)
How many hours do you want to work in a 5 day week?
5 hours a day over 5 days gives you an hourly rate: $38.46 (961.54 / 5 / 5)
8 hours a day over 4 days give you an hourly rate: $30.00 (961.54 / 8 / 4)
Use the above example to work out what you need to charge an hour to cover your needs over a year. Do it now, if you don’t know what your rate should be.
If it comes out at a rate like $38.46 then round up to $40.00 and then double it to $80! As you need to cover your quiet periods as you are unlikely to working full-time all the time.
Figuring out how much you need to charge and how many hours you need to work is the important first step.
You can also charge by project for a fixed price.
Another option is charging by value, selling your value to your clients.
Not only will this provide value to your clients.
You will be able to maximize your own value in $$$
If you are interested in charging by value, I recommend the Double Your Freelancing course by Brennan Dunn. Try it out for free.