How Much is Your Time Worth?
Putting a value on your time can be one of the most difficult things you face as a creative. It’s easy to calculate how much you spend on various gear and programs — but how valuable is an hour of your time?
The average low-skilled job pays anywhere from about 8 to 12 dollars per hour. These jobs usually do not require a lot of practice or dedication; employees are expected to show up for their shift, do their job, and go home.
Somewhere further up the ladder are management positions that typically pay a livable wage. These employees are expected to have the same skills as those aforementioned but are also given the responsibility of making sure that tasks are completed on time and that all shifts are covered, even if they have to fill them themselves. This means that a manager is always on call and should always be ready to work, meaning they have to be more dedicated to their job.
At the top of the ladder are the business owners; although the business owners may not play a huge role in day-to-day operations, they are the visionary for the business and play a key part in setting the company’s culture and standards.
As a creative, especially a freelancer, you often play all three of these roles. You spend your days with clients creating content, your nights editing, and any other free time finding ways to refine your craft and improve your business. You have to understand that your time is valuable, and that for every hour spent with a client you are spending at least another hour editing. If you think that (just) your time is worth $10/hr, make sure you include at least $20/hr when formulating the price you are going to charge your clients. Of course there are many other factors that go into pricing, but we’ll save that for another time.
David Bara
