KNOW YOUR NUMBERS

Financial Blueprint: Numbers and Aspirations

Explore

Daily Fee Calculator

✅ Understanding your numbers goes beyond expenses and income. Once you've got a handle on your expenses and the income needed for your lifestyle, you can set your earnings target and determine your daily or hourly selling price. Knowing this figure provides clarity and negotiating power.

📝 Enter the figures in the yellow row of the table, and the system will calculate your daily fee rate, hourly rate, as well as daily labor costs, expenses, and desired profit. Get your numbers working for you!

Instructions for Project Input:

Annual Income for Your Project:

Throw in the expected annual income for your specific project. Just let us know the total revenue you're thinking of making from this gig.

Expenses:

List out all the stuff you reckon you'll be spending on for this project. Think materials, services, or anything else you need to get the job done.

Days Off for Fun:

Tell us how many days you're planning to kick back and relax during this project. It helps us figure out the real workdays you're dedicating to this gig.

Time Chunk for Your Project:

Give us a heads up on what percentage of your entire work year this project is taking up. This helps us understand how much of your time you're throwing into this specific venture compared to your overall hustle.

Just keep it real and drop in the actual numbers. This tool's here to make sense of your daily and hourly rate, workdays, labor costs, and overheads for this one project at a time. Easy as pie!

INPUT OF PROJECT TO BE CALCULATED

⁠

Clear content

⁠

Name

Annual Salary

Monthly expenses

Days OFF

Share % Income

Time assigned

Days x week

Your Client

14000

1240

30%

There are no rows in this table

⁠

Numbers for this project:
`Your Client`
⁠
⁠

according to your data:

Your Monthly Income is

✅
`1166.67`
⁠
£/m

Your Daily Fee Rate should be

✅
`127.42`
⁠
£/h

Your Hourly Fee Rate should be

✅
`18.2`
⁠
£/h

⁠

The time assigned to this client is the
`30%`
⁠
of your working time and it represents
`30%`
⁠
of total income

⁠
`43`
⁠
days of work in the year

⁠
`7`
⁠
hours every working week

`4`
⁠
days of the week
`2`
⁠
hours on working days

This figure represents your availability for this particular project, determines the number of days and hours you are available to work for this specific client. It considers the total workdays in a year, and allocating the % share of time assigned to the client.

Variability may arise based on agreement terms, task intricacies, and personal availability.

⁠

Labor Cost Calculation:

Labor Cost daily rate :
`£62`
⁠
⁠

The Daily labor cost for a specific client, is derived by dividing the annual salary by the total workdays assigned for that client.

This gives a clear understanding of the cost incurred by the consultancy for each day of work, providing insights into the cost structure. Work days here are calculated without weekends, bank holidays and your chosen days vacation.

⁠

Overhead Expenses 📤

Daily Overhead
`$66`
⁠
⁠

Overhead encompasses monthly and yearly recurring business expenses, it is calculated by dividing the annual overhead by the total workdays.

This figure represents the additional costs incurred to run the business beyond individual salaries, giving a clear picture of operational costs, such as rent, a secretary, phone bills, postage, benefits, insurance and equipment

⁠

DISCUSS / REFLECT

Reflect on Your Rates:

Starting out on your freelancing and self-employment journey invites a moment of thought about figuring out your daily and hourly rate. It's not just about covering costs – this calculation is a gateway to making your aspirations a reality.

Consider the following aspects as you deliberate on your rates:

Comprehensive Cost Coverage:

Are your rates comprehensive enough to cover both direct and indirect business costs?

Take a closer look at your expenses to ensure your rates are sustainable in the long run.

Incorporate a Reasonable Profit Margin:

A profit margin isn't just about financial gain; it's about ensuring the viability and growth of your endeavors.

Deliberately incorporate a reasonable profit margin that accounts for future developments and opportunities.

Rates as an Investment:

Shift your perspective from viewing rates as mere numbers to seeing them as investments in your professional aspirations.

Consider this calculation as a strategic move that propels you closer to tangible achievements.

Alignment with Life Goals:

Your professional journey is intricately linked with your life goals. Evaluate whether your rates align with the bigger picture.

Strive for harmony between your financial decisions and the broader objectives you've set for yourself.

Join me in this reflection, where we explore the intersections of financial empowerment, self-discovery, and the fulfilling journey of turning dreams into reality.

✅ Understanding your numbers goes beyond expenses and income. Once you've got a handle on your expenses and the income needed for your lifestyle, you can set your earnings target and determine your daily or hourly selling price. Knowing this figure provides clarity and negotiating power.

Instructions for Project Input:

INPUT OF PROJECT TO BE CALCULATED

Numbers for this project:Your Client

according to your data:

Your Monthly Income is

✅1166.67£/m

Your Daily Fee Rate should be

✅127.42£/h

Your Hourly Fee Rate should be

✅ 18.2£/h

The time assigned to this client is the 30%of your working time and it represents 30%of total income