While it may seem strange to “pick your own salary,” it is necessary to do so to determine your hourly rate. Figure out a realistic yearly salary for yourself, which may be based on several factors:
- Your salaries at previous full-time jobs
- The salary others are making in your field
- A salary that is necessary to maintain your lifestyle, including non-business related expenses
- The salary of available jobs in your area that you are qualified for
If you are freelancing on your own, your salary should include not just the amount you need to maintain your desired lifestyle, but also a reasonable amount of profit. This profit may be your savings or may go back into your business. Also remember to calculate your income after paying taxes, making sure you can live off of your “take-home” pay. After completing this research, take note of your yearly salary goal.
