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Calculating Your Hourly Rate

Calculating your hourly rate

Calculate your ‘running costs’ from your forecasts (not capital costs). Remember most of your time will be paperwork, fetching, estimating, paperwork etc. rather than ‘face to face’. Therefore productive hours will often not be more than 20-25 hours per week (v 60-70 hours working). The most common mistake is to think you can charge for 40 hours week in, week out. This simply does not happen and you also need to build in for holiday, Xmas and sickness.
 
Calculating your hourly rate
Productive hours
25 hours p.w. x 48 weeks p.a. = 1,200 productive hours
 
Overheads to recover
Family income needed (gross) = N5,000,000
Business overheads (forecast) = N3,750,000
N8,750,000
 
Hourly rate to charge customer
N8,750,000 / 1200 = N7,291.67 per hour
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