Sit down and do this right now. This formula can be used by anyone including strippers & sugar babies
A= your yearly minimum salary - (minus) the minimum amount you need in order to live comfortably for the year. This figure should include taxes, all living expenses, and business related overhead. This amount could be larger or smaller than you imagine, depending on how familiar you are with your own finances.
B= the realistic number of billable hours per week you think you will work, multiplied by the number of weeks in a year you think you’ll work (be sure to include vacation time, or time off if you don’t intend to work during your period). Again, this number might surprise you. If you’re starting out, you have no real idea of how popular you will or won’t be. A goal of one billable hour per day (multiplied by how many days you think you want to work) is a reasonable starting point. If you’re going the high end route, total the number of billable hours per week you think you’ll have, whether with one client or more.
C= minimum suggested hourly rate. Even if you know you want multiple hour appointments, the suggested minimum still applies (multiply the number C by the number of hours in your minimum).
The formula in action:
If your goal is to make $70,000 a year (A) / 250 (B= 5 * 50) = $280. This means your minimum per hour needs to be $280.
$100,000 (A) / 260 (B= 5 * 52) = $385 c
$250,000 (A) / 520 (B= 10 * 52) = $481 c
$250,000 (A) / 320 (B= 8 * 40) = $781 c
The number C is to start you thinking. Your rate structure should not be something you pulled out of thin air or what everyone else is doing. If you want to create a certain image with your rates, then adjust accordingly.