TEMPLATE: Calculating Minimum Hourly Rate For Service Providers + Packages
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https://www.youtube.com/watch?v=o0AtwdKceHc
<== video explaining this spreadsheet & how to use it
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Take Vacation after how many weeks of work?12
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Length of Each Vacation in Weeks2
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Total Vacation Weeks Per Year (rounded up)8
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Enrollment Periods Per Year2
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Length of Enrollment Period in Weeks2
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Total Enrollment Weeks Per Year4
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Therefore, the # of Paid Client Weeks Per Year40
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Paid Client Engagement Hours Per Week Available12
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Therefore, the Total Annual Hours of Paid Client Work480
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Deductible Business Expenses Per Month500
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Monthly Income Requirement (Rent, Food, Healthcare etc)
(after biz expenses & income taxes are paid)
4,000
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Tax % (adding up both Federal & State)30%
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Annual Minimum Income Requirement From Client Work
Before Paying Taxes
68,400
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Therefore, Minimum Hourly Rate For Paid Client Work142.50
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Once you have your minimum rate, you can raise it based on your skills, value you provide to clients, and your position in the market. You can (and I would recommend) also then create packages of sessions or hours based on your hourly rate. The greater the number of sessions, the lower your rate (without ever going under your minimum hourly rate.) For a tool to calculate session packages, click on the other tab of this spreadsheet.
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