How much am I worth?

Setting prices or deciding how much to charge for services is something that I haven’t really thought too much about, but a lecture that we had following Xmas break spelt out everything which should be taken into consideration when costing our work.

Your work is worth what people are prepared to pay for it, but also, as much as you are prepared to do for it.

Costing work – Look at the costs you incur throughout the year, which should include the lifestyle which you aspire to, and calculate what you need to earn to meet these costs.

The biggest expense is generally accommodation and all associated bills and living expenses

  • Rent/Mortgage
  • Heat/Lighting
  • Water
  • Council Tax
  • Insurances
  • Food
  • Clothes
  • Entertainment/Holidays

Other things to consider

  • Transport -own car or public transport
  • Work equipment -computer, software, camera, printer including consumables
  • Work expenses – promotion, website, phone
  • Legal Fees – Accountant, indemnity Insurance, professional body fees

This would give a figure for expected expenditure, and a minimum amount required to earn per annum, tax and national insurance is approx 22% of gross earning so that would also need to be budgeted in.

Based on your figures,  allowing for 4 weeks holidays a year, you work out a monthly, weekly, and hourly rate. You should factor in any additional costs should a job require any additional expertise.

NB to maintain business, you should double your calculated hourly rate

Useful sources of further information

Following on from this lecture, I calculated how much I should be paid for a recent piece of work for my studio practice module, and it seems that I need to do a few things to be able to earn a living as a freelance artist.

  • Make some cut backs with personal living expenses
  • Work quicker, therefore more economically
  • Spend less on consumables

This was a useful exercise which made me think about how long I sometimes spend on a piece of work, and has also made me think about looking for other paid employment which could supplement any freelance work that I undertake

 

 

 

 

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