Setting an hourly rate can be daunting if you've not had to do it before and it’s important that you know your value to make sure you’re charging a reasonable price for your services. The traditional way of determining a rate is by simply dividing your expected earnings by time. For example, take your desired yearly salary and divide by the average number of hours worked per week multiplied by the number of weeks worked per year; then increase by an expense factor to account for being an independent worker.
See example below:
$200K (desired annual salary) / [(35 hours/week)*(48 weeks/year)] x 1.3 (30% expenses)
Although this method is perfectly acceptable, determining a fair market rate is more about pricing your value. MDisrupt’s experts are seasoned professionals that add significant value to our clients. We encourage you to speak with your colleagues and other professionals like yourself to understand what others are charging. It’s also important to note that MDisrupt only references your preferred hourly rate as a benchmark for clients (we do not share it directly), but several factors will affect the final set rate for an engagement including: duration (longer client commitments typically have a lower overall hourly rate, you get the benefit of a longer contract), project complexity, geographic location, etc. Note that you always have the final say, and we will never agree to a rate without your approval.
Also, we do have some averages based on types of expertise and we’d be happy to provide guidance, please submit an Expert Support Request for more information.