Prompt

Help me determine a profitable freelance rate for my services. First, ask me the key questions needed to calculate my ideal hourly rate (such as: my target annual income goal, the number of billable hours I can work per week, the number of weeks I plan to work per year, and my approximate monthly business expenses or overhead). Wait for my answers.

Then, based on my responses, calculate a recommended hourly rate. Show the calculation breakdown (how you arrived at that rate) and explain the reasoning.

Finally, suggest a project rate for a typical project I might do, assuming an example number of hours or value delivered, and explain how I'd adjust that for scope or client budget. Make sure the advice is practical and takes into account taxes or savings (if applicable) so I can be confident the rates will meet my income needs.

How to Use

1. Gather Your Data: Before using this prompt, figure out your financial targets and work capacity. Know your desired annual income (e.g. $60,000/year), how many weeks per year you want to work (e.g. 48 weeks), how many billable hours per week you can realistically work (e.g. 20 hours/week), and your monthly business expenses (e.g. software, insurance, etc.). These numbers will be your answers to the AI’s questions.

2. Initiate the Prompt: When you run the prompt, the AI will begin by asking you for the numbers above (income, hours, expenses, etc.). Provide your answers one by one. For example, it might ask, “What is your target annual income?” – you can respond, “$60,000.” Be as specific and realistic as possible with your answers.

3. Review the Calculation: After you’ve answered all questions, the AI will compute an hourly rate. It should show how it calculated that rate (for instance, dividing your required yearly earnings by total billable hours per year) and give some explanation. Pay attention to this breakdown to understand the logic.

4. Get Project Rate Advice: The AI will also propose a project rate, often by estimating how many hours a typical project might take or the value it provides. Consider the example given and whether it matches the kind of projects you do. The AI’s explanation will help you know how to adjust the project rate if the scope changes.

5. Refine and Apply: If the suggested rate seems too low or too high, you can refine the numbers and run the prompt again (for example, if you realize you forgot to include some expenses or you want to work fewer hours, adjust those inputs). Once you’re satisfied, use the calculated hourly rate as a baseline. Remember to also research market rates in your niche – combine that with the AI’s output to set a final rate that’s both competitive and meets your income needs.