Until proven otherwise, you will only have half of your time to actually earn money. You will be busy finding new clients and working on things that do not bring in money, such as preparing invoices, ordering or buying supplies, looking for new clients, and numerous other business related activities that don’t bring in any income. Your employee would also subsidize or cover benefits, such as vacation, time off on public holidays, sick leave, health insurance, life insurance, travel to conferences, courses, books, and journal or trade publication subscriptions, which would cost you an additional 30% over your hourly rate.
Use the calculator below as a simple way to get a rough estimate of what to charge per hour to break even with what you are getting in your current job.
The calculator will calculate automatically when you put in a new number. At the bottom of the calculator is an “Update” button in case the data do not automatically update, and also a “Reset” button that will clear all of the data entered.