… may not get you an 8′ by 10′ two-bit room these days.
Starting a new business, initially you are likely to be quiet and poor.
With a bit of sales and marketing skill and a product or service prospective clients want, chances are you will graduate to busy and poor.
A barrier to then becoming busy and prosperous is not charging a suitable hourly rate. I avoid this by charging a fixed price, based on the estimated time it would take an expert to do the job. On completion, I privately record my hourly rate, based on the actual time it took.
If a type of work remains at a very low hourly rate it is due to one of the following reasons:
- You’re too slow. Hire someone who delivers faster
- You’re over-qualified. Hire someone with a lower skill set
- The job can’t be done with skills required for the price in the time specified. Reduce the size of the job. eg. my ‘business card’ website idea
If your hourly rate is temporarily low due to the learning curve required, stick with it. Long-term you will end up producing this at expert speed to other clients.
It benefits yourself and your clients to keep learning new skills. Crucially the ‘early adopter’ client pays the same price as the ‘laggard’ for the work.
Before work starts the client wants to know the cost for the work and estimated time of completion. Your hourly rate is irrelevant. That’s the difference between being a one man business and a freelancer.