I’ve been thinking about ramping up my freelance work. But after reading so many posts debating if it’s worth the time, I decided to crunch some numbers. I made a spreadsheet to figure out the time and money needed for each contract.
It lets you input things like:
Your monthly income goal
How often your proposals get seen
Your interview and hire rates
Average contract value
Time spent on proposals
Platform fees and costs
The sheet then calculates stuff like:
How many contracts you need monthly
Proposals required per hire
Time and money spent on proposals
After playing with it, I’m not so sure increasing my workload is a good idea. The numbers are kind of eye-opening!
Anyone want to give it a try? I’d love to hear your thoughts or suggestions for improving it. Maybe we can figure out if the hustle is really worth it!
sounds like a handy tool u made there! i’ve been struggling to figure out if freelancing is worth it too. mind sharing the spreadsheet? would love to plug in my numbers and see wat it says. maybe we can compare results and brainstorm ways to make freelancing more profitable?
Your spreadsheet calculator sounds like a valuable resource for freelancers. I’ve been in the field for several years and can attest to the importance of understanding the financial aspects. One crucial factor often overlooked is the time spent on non-billable tasks like client communication and project management. Have you considered incorporating these into your calculations? Additionally, factoring in potential seasonal fluctuations in workload could provide a more comprehensive view. It would be interesting to see how different freelance niches compare when plugged into your model. Perhaps you could share an anonymized version for the community to benefit from and provide feedback?