I’ve been freelancing for a while now, but I still struggle with figuring out my true costs. Some months I feel like I’m barely breaking even.
How do you guys factor in all the hidden expenses? Things like software subscriptions, equipment depreciation, and those random office supplies add up fast.
I keep it simple. Track every expense, even the small stuff. Set aside money for taxes each month.
Don’t forget to factor in time spent on admin work and learning new skills. That’s part of your costs too.
Review your numbers regularly and adjust your rates if needed. It takes some trial and error, but you’ll get there.
I just keep a notebook and jot down expenses as they come up. Not fancy, but it works for me. Gotta remember those little things like gas and coffee too. They add up.
I’ve been there. Tracking costs was a mess when I started. Now I use a basic spreadsheet to log everything.
List out all your expenses, even small stuff like pens or that coffee you bought for a client. Don’t forget about your software subscriptions and equipment wear and tear.
I set aside 30% for taxes in a separate account. Learned that the hard way after a rough first year.
One thing that helped me was factoring in time for admin work and learning new skills. That’s part of your business costs too.
Every few months, I look at my numbers and adjust my rates if needed. It took some trial and error, but now I have a good handle on my true costs.
Just keep it simple and stay on top of your expenses. You’ll figure out what works for you.
Calculating costs can be tricky. Here’s what I do:
Track everything
I use a simple spreadsheet to log all expenses. Even small stuff like pens or coffee for client meetings.
Set aside money for taxes
I put 30% of my income into a separate account. Better safe than sorry come tax time.
Factor in non-billable time
Admin work, pitching, learning new skills - it all counts as work hours.
Don’t forget the hidden costs
Things like:
It took some trial and error, but this system helps me stay profitable. Hope it gives you some ideas!
I just wing it. Write down what I spend on tools and gas. Charge enough to cover that plus some extra.
Look, it’s pretty straightforward. Track everything you spend on the business. I mean everything. Gas, pens, software, all of it. Set aside 30% for taxes right off the top. Don’t forget to factor in time spent on paperwork and learning new stuff. That’s part of your costs too. Review your numbers every few months and bump up your rates if you’re not making enough. It takes some trial and error, but you’ll figure out what works. Just keep it simple and stay on top of your expenses.