Side Hustle School Ep. 3006 - Q&A: “How do I set the right hourly rate for my side hustle?”
Mar 25, 2025
Learn how to set a fair hourly rate for your side hustle, especially if you're a social media manager. Discover tips for balancing your skills with market demands to confidently price your services. Explore how freelancers can analyze their costs and income goals while considering project complexity. Regularly reviewing your rates based on experience can enhance your earnings and sustainability in your side hustle.
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Setting Hourly Rates
- Calculate a baseline hourly rate covering time, skills, and overhead.
- Research market rates for similar services to stay competitive.
Factoring in Expenses and Income Goals
- Factor in expenses like software, tools, and taxes (at least 25%).
- Set an income goal that justifies your time and effort.
Adjusting for Clients
- Adjust rates based on project complexity or client budget.
- For smaller budgets, adjust project scope instead of undervaluing yourself.