Analysis spotlights median hourly rates for creative self-employed professionals in six major markets
FreshBooks— the #1 accounting software solution in the cloud for self-employed professionals and their teams— released the below resource today to help creative freelancers in six major cities determine their optimal hourly rates.
FreshBooks analyzed its customer base and found that, contrary to conventional wisdom, freelance creative professionals are actually out-earning their full-time counterparts, living well above the cost-of-living in expensive cities like Seattle, San Francisco, Los Angeles, Chicago, New York City and Austin, Texas.
“We hear from freelancers all the time who don’t have access to real market data to help them determine what they should be charging, and as a result, end up underpaid for their expertise,” said Mike McDerment, the co-founder and CEO of FreshBooks. “When we took a closer look at the data what we found surprised us: self-employed creative professionals are not only earning more than their salaried peers—they’re thriving in some of the most expensive cities in the United States.”
Key findings include:
-Self-employed creative professionals across fields charge a median rate of $60/hr. -Compared to their salaried peers, self-employed creatives bring in more money annually across fields. Freelance marketers and interior designers bring in the most per hour—at a median rate of $75/hr—and writers bring in the least, at a median rate of $48/hr. -Despite the high cost of living, high concentrations of self-employed creatives choose to live in major US hubs. The amount of money they make per year varies widely, from $37,200 a year in Chicago to $75,600 a year in New York.
“My income went up when I became self-employed, and I credit that fact with my value going up, as well. As a freelancer, I can focus on my clients’ needs, provide a fresh perspective, and speak creative truth to strategic power,” said Lisa Kaneff, a self-employed marketer and FreshBooks customer from Washington. “Asking for a competitive rate is something I see creatives struggling with. Here’s my mantra: know your worth and you’ll get paid what you’re worth. I mean, look at these numbers! Other creatives are out there crushing it.”
About: FreshBooks is the #1 accounting software in the cloud for self-employed professionals and their teams. Our new series Paid in Full uses big data to help small business owners earn their worth and run a successful business. We’re sharing proprietary data to demystify the uncertainties that surround working for yourself — from the range of rates your industry peers are charging, to whether or not small business owners out earn their traditionally employed peers.
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