EPISODE 273 SHOW NOTES
Recently, I had someone reach out to me and ask if they could replace a six-figure salary as a freelancer. My short answer is absolutely yes. No matter what your income goal is, it is absolutely possible to reach it with freelancing.
This is a question I’ve actually been seeing more and more lately from moms tired of their high-paying 9-5. I’ve had quite a few moms tell me that they loved their corporate job, and they worked hard to get there, but sometimes, it just isn’t worth it the cost. If you want freedom and flexibility but still need your income, freelancing can allow you to match your income while working LESS hours!
In today’s episode, I walk you through a quick formula that will let you see just how possible is it to match your income. You’re going to need the monthly income that you want to make in your business. You’ll also need an idea of how many hours you want to be working each week. My like to stay around 20 hours a week.
Let’s try it! First, you need to take the amount of hours you have each week and times that by 4.5 for four and a half weeks each month. Let’s say you want to work 20 hours a week. Times that by 4.5. That’s 90 hours in a month.
Now let’s figure out how much you need to charge an hour to make 10K a month. Divide $10,000 by 90 and you get a little over $110/hour. You’ll need to charge about $112/hour to make six figures working only 20 hours a week. What if you have 30 hours a week? You’ll need to charge about $75/hour.
I’m sure you’re now asking… is that even realistic? Can I charge that much an hour? Yes.
Yes! The hourly rate ranges for freelance services are:
Beginner: $25-35 an hour.
Experienced: $40-70 an hour.
Expert: $75+ an hour (no limit!)
If you’re coming from a six-figure income right now, chances are you have already developed and honed in on a very valuable skillset for the company you’re working for. There are small businesses that could benefit from your services! They might not have the budget or even the workload to hire you for 100K a year, BUT they can hire you for a 2.5K monthly retainer. A few more retainers and you are set.
And figuring out that sweet spot of what your skillset is that businesses need, who those business are, where to connect with them, how to turn them into paying clients, how to get started working with them, onboard them, and keep them as a long-term client is exactly what I teach in the Live Free Academy. You don’t have to have all of the pieces figured out right now to get started!
If you need help mapping out what your starting out freelance potential might be, send me a DM @micala.quinn with a little intro into of who you are, what you do, what your income goal monthly is & how many hours you have to work a week.
In this episode, we cover:
- How much you’d need to charge as a freelancer to match a six-figure salary
- How LFA can help you connect, land, and start working with your ideal clients
You’ll love this episode if:
- You’re burnout from your 9-5 corporate career
- You want to work less hours but still match your six-figure income
Resources and links mentioned in this episode:
- If you need a bit more information on how to get started freelancing, my next LIVE workshop is happening on Monday, October 16th @ 12pm noon CST.
- If you’re ready to jump in but you’re wondering what you can off clients, take my skills assessment!
- Check out Rainbow of the Heartland’s outdoor play equipment. Who’s kid wouldn’t go nuts for a play set in the backyard for Christmas?
- Check out this recent reel about replacing your six-figure income.
- Listen to last week’s episode here.
- Check out the new resources added to the website to help you kickstart your freelance journey! Check those out at: www.micalaquinn.com/resources
- Connect with me on Instagram! @micala.quinn
- New to the idea of freelancing? Learn more HERE.
- Loving the show? It would be so helpful if you could write a review HERE! Thank you!
- Learn more about the Live Free Academy, read reviews and enroll HERE!
More about the Live Free Podcast with Micala Quinn:
How do I get started? What if I fail? Who will hire me? Is it really possible to create a consistent, full-time income from home?
Welcome to the Live Free Podcast with Micala Quinn where we will be answering these questions PLUS many more! Whether you’re just starting your freelance business (heck even if you don’t know what freelancing is yet) or you’re looking to scale, this podcast will give you tangible business advice along with inspiring interviews to help you create a life and career that works for YOU and YOUR family.
Your host, Micala Quinn, started out teaching high-school English, but when her first child was born, she immediately began searching for something more. She wanted a way to stay-at-home with her daughter (and future babies), but still needed to bring in a full-time income to help support her family. Micala started freelancing, quickly replaced her full-time income, and now helps other moms (like you) get started and grow their freelance business from scratch to 5K and beyond! She believes that being a working mom or a stay-at-home mom no longer needs to be a black and white decision. You CAN have both. On your terms!
Our motto is Mom Strong, Work Smart, and Live Free. Are you in? We’d love for you to join us each Monday, as well as in our Live Free Podcast Facebook community!
**This post about a Virtual Assistant may contain affiliate links, which means if you click one of our affiliate links and decide to make a purchase, we receive a tiny commission from the seller at no additional cost to you. We only share products and services we have used, tested, and love ourselves!**