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BUSINESSBOOTCAMP				TWOTHOUSAND						18
How to calculate
your rate when
starting out
Business Bootcamp
Bonus Content
Brought to you by thefutur.com ©2018 Chris Do
BUSINESSBOOTCAMP				TWOTHOUSAND						18
Hourly Rate

Method
1
Brought to you by thefutur.com ©2018 Chris Do
BUSINESSBOOTCAMP				TWOTHOUSAND						18
A year from now, what do you
want your annual income to be as
a freelancer?
Brought to you by thefutur.com ©2018 Chris Do
BUSINESSBOOTCAMP				TWOTHOUSAND						18
Divide by 10.
This will be your target to hit

every month.
Brought to you by thefutur.com ©2018 Chris Do
BUSINESSBOOTCAMP				TWOTHOUSAND						18
Why 10, and not 12 months?
Subtract 1 month for vacation, and
1 month for non-billable hours
(networking, administrative tasks,
invoicing, etc…)
Brought to you by thefutur.com ©2018 Chris Do
BUSINESSBOOTCAMP				TWOTHOUSAND						18
= MGAG
10
AG = Annual Revenue Goal
MG = Monthly Revenue Goal
Brought to you by thefutur.com ©2018 Chris Do
BUSINESSBOOTCAMP				TWOTHOUSAND						18
So if your annual revenue goal is
to earn $100k, your monthly goal
will be $10k.
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BUSINESSBOOTCAMP				TWOTHOUSAND						18
Now, how many hours can you
realistically work per week? For
reference, full time employees
typically works 40 hours per week
(8 hours a day/5 days a week).
Brought to you by thefutur.com ©2018 Chris Do
BUSINESSBOOTCAMP				TWOTHOUSAND						18
= HRMG
Hx4
MG = Monthly Revenue Goal
HR = Hourly Rate
Brought to you by thefutur.com ©2018 Chris Do
BUSINESSBOOTCAMP				TWOTHOUSAND						18
In the previous question, it was
determined that your monthly goal
was $10k. If you can work 40
hours per week, your effective
hourly rate is: $63/hr. (round up).
Brought to you by thefutur.com ©2018 Chris Do
BUSINESSBOOTCAMP				TWOTHOUSAND						18
= $63/hr
$10,000
40hr. x4
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BUSINESSBOOTCAMP				TWOTHOUSAND						18
Search for jobs where people
get paid this hourly rate.
What are they?
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BUSINESSBOOTCAMP				TWOTHOUSAND						18
Project Rate

Method
2
Brought to you by thefutur.com ©2018 Chris Do
BUSINESSBOOTCAMP				TWOTHOUSAND						18
A year from now, what do you
want your annual income to be as
a solo business owner?
Brought to you by thefutur.com ©2018 Chris Do
BUSINESSBOOTCAMP				TWOTHOUSAND						18
Divide by 10.
This will be your target to hit

every month.
Brought to you by thefutur.com ©2018 Chris Do
BUSINESSBOOTCAMP				TWOTHOUSAND						18
Why 10, and not 12 months?
Subtract 1 month for vacation, and
1 month for non-billable hours
(sales, marketing, networking,
administrative tasks, client
correspondence, etc…)
Brought to you by thefutur.com ©2018 Chris Do
BUSINESSBOOTCAMP				TWOTHOUSAND						18
= MGAG
10
AG = Annual Revenue Goal
MG = Monthly Revenue Goal
Brought to you by thefutur.com ©2018 Chris Do
BUSINESSBOOTCAMP				TWOTHOUSAND						18
So if your annual revenue goal is
to earn $100k, your monthly goal
will be $10k.
Brought to you by thefutur.com ©2018 Chris Do
BUSINESSBOOTCAMP				TWOTHOUSAND						18
Now, how many projects can you
work on each month? This will
determine the average budget for
each project.
Brought to you by thefutur.com ©2018 Chris Do
BUSINESSBOOTCAMP				TWOTHOUSAND						18
= APRMG
P
MG = Monthly Revenue Goal
APR = Average Project Rate
P = Number of Projects Per Month
Brought to you by thefutur.com ©2018 Chris Do
BUSINESSBOOTCAMP				TWOTHOUSAND						18
In the previous question, it was
determined that your monthly goal
was $10k. If you can take on 4
projects per month, your average
project rate needs to be $2500.
Brought to you by thefutur.com ©2018 Chris Do
BUSINESSBOOTCAMP				TWOTHOUSAND						18
= $2500
$10,000
4 projects
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BUSINESSBOOTCAMP				TWOTHOUSAND						18
What kind of projects are people
accustomed to paying this
amount of money for?
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BUSINESSBOOTCAMP				TWOTHOUSAND						18
Comparison
3
Brought to you by thefutur.com ©2018 Chris Do
BUSINESSBOOTCAMP				TWOTHOUSAND						18
In both examples, the goal was to
earn $100k/yr.
By billing hourly, you would need to
work 160hrs each month at $63/hr.
Whereas billing project rates, you
would need to complete 4 projects
at an average project rate of $2500.
Brought to you by thefutur.com ©2018 Chris Do
BUSINESSBOOTCAMP				TWOTHOUSAND						18
In the case of using project rates
vs. hourly rates, if you created a
logo for $2500, but it took you
less than 40 hours to complete,
you are effectively earning more for
your time.
Brought to you by thefutur.com ©2018 Chris Do
BUSINESSBOOTCAMP				TWOTHOUSAND						18
What if you were really fast?

What would that look like?
Brought to you by thefutur.com ©2018 Chris Do
BUSINESSBOOTCAMP				TWOTHOUSAND						18
For comparison, if you completed
a logo in 10 hours, your time
would be worth $250/hr.
($2500/10).
Whereas if you billed hourly, you
would have earned $630
($63x10).
Brought to you by thefutur.com ©2018 Chris Do
BUSINESSBOOTCAMP				TWOTHOUSAND						18
Would you prefer to

bill hourly or per project?
Brought to you by thefutur.com ©2018 Chris Do
BUSINESSBOOTCAMP				TWOTHOUSAND						18
What if that same logo was
created for a large multi-
million dollar company?
Brought to you by thefutur.com ©2018 Chris Do
BUSINESSBOOTCAMP				TWOTHOUSAND						18
What if that logo was used
on products and
merchandising? Should the
fee be the same?
Brought to you by thefutur.com ©2018 Chris Do
BUSINESSBOOTCAMP				TWOTHOUSAND						18
Should you charge more for
the same work?
This is called Value Based
Pricing, where you price the
client and not the job.
Brought to you by thefutur.com ©2018 Chris Do
BUSINESSBOOTCAMP				TWOTHOUSAND						18
That’s a more complicated
explanation for another time.
Brought to you by thefutur.com ©2018 Chris Do
BUSINESSBOOTCAMP				TWOTHOUSAND						18
Want to learn more?
Consider enrolling in the
Business Bootcamp.
Class starts Sep 04
Brought to you by thefutur.com ©2018 Chris Do
BUSINESSBOOTCAMP				TWOTHOUSAND						18
Thank you,


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How To Calculate Your Rate

  • 1. Brought to you by thefutur.com ©2018 Chris Do BUSINESSBOOTCAMP TWOTHOUSAND 18 How to calculate your rate when starting out Business Bootcamp Bonus Content
  • 2. Brought to you by thefutur.com ©2018 Chris Do BUSINESSBOOTCAMP TWOTHOUSAND 18 Hourly Rate
 Method 1
  • 3. Brought to you by thefutur.com ©2018 Chris Do BUSINESSBOOTCAMP TWOTHOUSAND 18 A year from now, what do you want your annual income to be as a freelancer?
  • 4. Brought to you by thefutur.com ©2018 Chris Do BUSINESSBOOTCAMP TWOTHOUSAND 18 Divide by 10. This will be your target to hit
 every month.
  • 5. Brought to you by thefutur.com ©2018 Chris Do BUSINESSBOOTCAMP TWOTHOUSAND 18 Why 10, and not 12 months? Subtract 1 month for vacation, and 1 month for non-billable hours (networking, administrative tasks, invoicing, etc…)
  • 6. Brought to you by thefutur.com ©2018 Chris Do BUSINESSBOOTCAMP TWOTHOUSAND 18 = MGAG 10 AG = Annual Revenue Goal MG = Monthly Revenue Goal
  • 7. Brought to you by thefutur.com ©2018 Chris Do BUSINESSBOOTCAMP TWOTHOUSAND 18 So if your annual revenue goal is to earn $100k, your monthly goal will be $10k.
  • 8. Brought to you by thefutur.com ©2018 Chris Do BUSINESSBOOTCAMP TWOTHOUSAND 18 Now, how many hours can you realistically work per week? For reference, full time employees typically works 40 hours per week (8 hours a day/5 days a week).
  • 9. Brought to you by thefutur.com ©2018 Chris Do BUSINESSBOOTCAMP TWOTHOUSAND 18 = HRMG Hx4 MG = Monthly Revenue Goal HR = Hourly Rate
  • 10. Brought to you by thefutur.com ©2018 Chris Do BUSINESSBOOTCAMP TWOTHOUSAND 18 In the previous question, it was determined that your monthly goal was $10k. If you can work 40 hours per week, your effective hourly rate is: $63/hr. (round up).
  • 11. Brought to you by thefutur.com ©2018 Chris Do BUSINESSBOOTCAMP TWOTHOUSAND 18 = $63/hr $10,000 40hr. x4
  • 12. Brought to you by thefutur.com ©2018 Chris Do BUSINESSBOOTCAMP TWOTHOUSAND 18 Search for jobs where people get paid this hourly rate. What are they?
  • 13. Brought to you by thefutur.com ©2018 Chris Do BUSINESSBOOTCAMP TWOTHOUSAND 18 Project Rate
 Method 2
  • 14. Brought to you by thefutur.com ©2018 Chris Do BUSINESSBOOTCAMP TWOTHOUSAND 18 A year from now, what do you want your annual income to be as a solo business owner?
  • 15. Brought to you by thefutur.com ©2018 Chris Do BUSINESSBOOTCAMP TWOTHOUSAND 18 Divide by 10. This will be your target to hit
 every month.
  • 16. Brought to you by thefutur.com ©2018 Chris Do BUSINESSBOOTCAMP TWOTHOUSAND 18 Why 10, and not 12 months? Subtract 1 month for vacation, and 1 month for non-billable hours (sales, marketing, networking, administrative tasks, client correspondence, etc…)
  • 17. Brought to you by thefutur.com ©2018 Chris Do BUSINESSBOOTCAMP TWOTHOUSAND 18 = MGAG 10 AG = Annual Revenue Goal MG = Monthly Revenue Goal
  • 18. Brought to you by thefutur.com ©2018 Chris Do BUSINESSBOOTCAMP TWOTHOUSAND 18 So if your annual revenue goal is to earn $100k, your monthly goal will be $10k.
  • 19. Brought to you by thefutur.com ©2018 Chris Do BUSINESSBOOTCAMP TWOTHOUSAND 18 Now, how many projects can you work on each month? This will determine the average budget for each project.
  • 20. Brought to you by thefutur.com ©2018 Chris Do BUSINESSBOOTCAMP TWOTHOUSAND 18 = APRMG P MG = Monthly Revenue Goal APR = Average Project Rate P = Number of Projects Per Month
  • 21. Brought to you by thefutur.com ©2018 Chris Do BUSINESSBOOTCAMP TWOTHOUSAND 18 In the previous question, it was determined that your monthly goal was $10k. If you can take on 4 projects per month, your average project rate needs to be $2500.
  • 22. Brought to you by thefutur.com ©2018 Chris Do BUSINESSBOOTCAMP TWOTHOUSAND 18 = $2500 $10,000 4 projects
  • 23. Brought to you by thefutur.com ©2018 Chris Do BUSINESSBOOTCAMP TWOTHOUSAND 18 What kind of projects are people accustomed to paying this amount of money for?
  • 24. Brought to you by thefutur.com ©2018 Chris Do BUSINESSBOOTCAMP TWOTHOUSAND 18 Comparison 3
  • 25. Brought to you by thefutur.com ©2018 Chris Do BUSINESSBOOTCAMP TWOTHOUSAND 18 In both examples, the goal was to earn $100k/yr. By billing hourly, you would need to work 160hrs each month at $63/hr. Whereas billing project rates, you would need to complete 4 projects at an average project rate of $2500.
  • 26. Brought to you by thefutur.com ©2018 Chris Do BUSINESSBOOTCAMP TWOTHOUSAND 18 In the case of using project rates vs. hourly rates, if you created a logo for $2500, but it took you less than 40 hours to complete, you are effectively earning more for your time.
  • 27. Brought to you by thefutur.com ©2018 Chris Do BUSINESSBOOTCAMP TWOTHOUSAND 18 What if you were really fast?
 What would that look like?
  • 28. Brought to you by thefutur.com ©2018 Chris Do BUSINESSBOOTCAMP TWOTHOUSAND 18 For comparison, if you completed a logo in 10 hours, your time would be worth $250/hr. ($2500/10). Whereas if you billed hourly, you would have earned $630 ($63x10).
  • 29. Brought to you by thefutur.com ©2018 Chris Do BUSINESSBOOTCAMP TWOTHOUSAND 18 Would you prefer to
 bill hourly or per project?
  • 30. Brought to you by thefutur.com ©2018 Chris Do BUSINESSBOOTCAMP TWOTHOUSAND 18 What if that same logo was created for a large multi- million dollar company?
  • 31. Brought to you by thefutur.com ©2018 Chris Do BUSINESSBOOTCAMP TWOTHOUSAND 18 What if that logo was used on products and merchandising? Should the fee be the same?
  • 32. Brought to you by thefutur.com ©2018 Chris Do BUSINESSBOOTCAMP TWOTHOUSAND 18 Should you charge more for the same work? This is called Value Based Pricing, where you price the client and not the job.
  • 33. Brought to you by thefutur.com ©2018 Chris Do BUSINESSBOOTCAMP TWOTHOUSAND 18 That’s a more complicated explanation for another time.
  • 34. Brought to you by thefutur.com ©2018 Chris Do BUSINESSBOOTCAMP TWOTHOUSAND 18 Want to learn more? Consider enrolling in the Business Bootcamp. Class starts Sep 04
  • 35. Brought to you by thefutur.com ©2018 Chris Do BUSINESSBOOTCAMP TWOTHOUSAND 18 Thank you,