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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Quick takeaways
- Setting an appropriate hourly rate involves calculating a baseline that covers skills, overhead, and desired income to reflect market realities.
- Freelancers should consider project complexity and client budget when adjusting rates but must avoid undervaluing their services in the process.
Deep dives
Determining a Fair Hourly Rate
Setting an appropriate hourly rate is crucial for freelancers, especially for those like social media managers who may struggle with pricing. Initially, it is essential to calculate a baseline rate that covers time, skills, and overhead costs, along with factoring in taxes and desired income. For example, if a social media manager aims to earn $4,000 monthly while working 20 hours a week, they should charge at least $50 per hour. This foundational understanding helps ensure that pricing reflects both personal value and market realities.
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