With great power comes great responsibility – something that Uncle Ben pointed out to Peter Parker is quite true for a self-employed person too. It’s a well-known fact among freelancers, self-employed individuals and independent contractors that when you’re your own boss, you have to put that extra effort into running your day-to-day operations and business.
Being in control of your business and work means you have to keep track of multiple things simultaneously, something a W-2 employee doesn't have to worry about. It also includes ascertaining your worth as a freelancer and calculating your self-employment income.
According to a report
, there are 58 million freelancers in the U.S. as of 2021. In addition, it is estimated that by 2028 there will be more than 90 million self-employed individuals in the country.
- The national payment average for freelancers is $28 per hour.
- When quoting a price to your clients, you have to consider your business expenses.
- Freelancers are already getting paid more than 70% of the U.S. workforce.
When calculating your self-employment income
, you must use specific criteria when quoting your clients or customers. Before you start working as a self-employed individual or freelancer, it's your job to set a fair price according to your skills and expertise because it's something that can make it or break it for your clients.
But, when calculating your work's worth as a self-employed individual, you must consider some minor details. Let's look at five things you can do to get a fair price as a freelancer or self-employed individual.