Ask HN: Is there a correlation between Freelance rates and Full time salaries?
Currently I am working freelance for clients at $90/hr, what could that mean as to what I should ask for a full time salary?
E.x. full time salary in generally is 75% of the hourly rate.
Comments
A rule of thumb I have heard is to start with your target salary/year (say $150k), and divide it by 1000 to get your hourly rate ($150). This advice is usually targeted at those who are just starting out and have "no idea what to charge."
The worst thing you could do is say "I made $100k at my last job therefore I am going to charge $50/hour." Because the economics of freelancing are not the same as the economics of having a full time salary. You will need to, at minimum, DOUBLE your equivalent-hourly rate from your last job.
After you get some successes and understand your core value proposition, you can charge more, especially if you find a solid niche.
One rule of thumb I heard for freelancers was your day rate should be 100x your desired salary in K.
Ie if your targeting income of £30k a year your day rate should be around £300 - though of course you should as much as the market will stand.
I'll 2nd the 100X rule (for 1099 work in the US)