Freelancers: Do You Have a Hard Minimum? | brokeGIRLrich
A few weeks into this tour, I was out to dinner with the other two crew and somehow wages came up. While none of us actually stated what our wages are (although, as tour manager, one of them already knew what all of our wages were), we primarily discussed how low we’re willing to go when accepting work. And what can change that number. Essentially, what’s your hard minimum wage?
I remember both of them looking at me like I was crazy when I said that my wages right now were as low as I would go. And they are. I think that with 12 years experience, working for less than $100 a day is ludicrous. I actually think even $100 a day is pretty low, but it’s reasonably balanced out by the company covering my housing for the duration of the tour too.
Well, we’re coming up on the end of tour and I’ve been rethinking that number and come to realize that in the freelance world, that kind of “I’ll only work for X amount of money” doesn’t work as well as it did when I was working for big companies.
I’m still sticking to $100 a day as the minimum amount I’ll take for any long term project, but I’ve also come to realize there are definitely some things that can sway me to take not only less, but much less.
The odds are good I’m going to go out on another tour with this current company, assuming they do offer me the same (or, fingers crossed, a little more) money, but that still leaves me a few months to kill before going out on the tour. The two they offered me start in mid-September and mid-December respectively.
Can I weather a little less than 4 months of unemployment before the next one begins? Sure. But why do that when I can apply for summer stock positions, which definitely do pay a lot less.
As I started applying for these positions, I realized that there were three things that got me to drop my number down as low as $50 a day – room and board had to be provided, it had to be in an interesting area to me and it had to be an Equity contract.
Surprisingly, I’ve found several positions to apply for, that run from mid-June to late-August, which is pretty much perfect to allow me some time to visit with friends and family on either side after returning from this tour and before going out on the next.
The item that stands out to me though is the opportunity to take an Equity contract without having to join Equity for two years. As soon as one of the interviewers pointed that out to me, I started scouring for exactly these kinds of jobs this summer.
So while I still have my fingers crossed that my cruise ship plans will work out, since my bank account would be much happier there, I’ve got a few more fingers crossed that I’ll make next to nothing being an ASM out in Colorado where I can spend my days off rafting and fulfill all the requirements to join Equity without actually having to be able to join it yet.
I guess I’ve also learned that I don’t have a hard minimum.
Good luck on the next gig Mel. I’ve never been a freelancer, I often hire consultants. It’s any interesting business to see their hourly rates and the cut consulting companies take off the top. Seems like the consulting companies are just making money for having connections.
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Ain’t that the truth!
Will L. recently posted…The Squeaky Wheel Gets the Grease (I Emailed Discover’s President and Got My Card!)
That really depends on the type of work, work conditions and team of people. If it’s performing, and a longer term contract, withe reasonable working conditions, I would drop up to 20% of my hourly wages. Same goes if I really enjoy working with a certain group of people or if it’s a great reference on my CV.
If it’s teaching, I won’t go bellow 30 euros per hour as I think that is the bare minimum and it would really be bad for me as a professional and also for my colleagues, to drop the price. However, I do offer subscription packages where students get 10-15% discount if they sign up for 10+ lessons consequently and pay in advance.
If I find myself in between projects, I prefer to seek out work in other areas of expertise, or generally prefer to take an opportunity and learn some new skills on a new position. I like working in administration, for project management institutions or even, selling handmade products on various crafts.
I don’t know if you’ve been following the Equity minimum debates recently but I think it’s a HUGE issue for the industry.
Stefanie @ The Broke and Beautiful Life recently posted…Frugal Foodie Fails
For freelance writing I have a set minimum, though I actually raise it if there are extra tasks associated with the job. I have a day job that meets a lot of our day to day needs, though, so when there’s a slow month (like April has been for some weird reason) I can afford to turn opportunities I’m not in love with down. I imagine my behavior would be a little different if it were my bread and butter.
Femme Frugality recently posted…Current AncestryDNA Discount 4/24/15-4/27/15
I feel that way about sponsored posts. I take them occasionally for the blog, but they’ve got to be relevant. A company sent me one recently that had NOTHING to do with personal finance in any way and offered me twice what I charge, but it was easy to turn down.
I think it’s smart to look at all sides of everything. There are so many more factors to consider, like you said if it helps you get the NEXT job, or gives you enough to makes ends meet, but you are visiting a new location or able to make it sort of a vacation. I think it’s just to easy to say, “I’ll only take x amount.” You might be closing your mind off to interesting possibilities. Still, when it comes to lower paying jobs, A LOT of thought goes into it to see whether it’s beneficial. Maybe more so than the thought going into taking higher paying gigs.
Tonya@Budget and the Beach recently posted…Trying to be Wealthy and Healthy
I’ve just raised my freelancing rate after working the last six months for X amount. I try not to reduce it but it does depend on the project. It’s important to charge your worth though, I’m finding. To be honest, I think a higher rate makes me look like I’m taking my business seriously (I hope it comes across that way lol).
Hayley @ Disease Called Debt recently posted…Financially Savvy Saturdays #87
I do have a minimum that I’m willing to accept for freelance work too. I do have a few clients already in place that pay less than that, because I had them before I raised my rates, but for new clients I won’t accept less than my minimum amount.
Kayla @ Shoeaholicnomore recently posted…Personality Type and Finances: Does it Matter?
I´m not a freelancer but I am looking for a new job, and I know I´m currently making the bare minimum I can afford to make, and still pay all my bills, and have a little for groceries. Things are tight right now, and it´s sad to think I might have to pass up a stellar job if it offers lower pay. But oh well! I got myself into this debt mess and now I have to get out of it!
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