How To Realistically Set Your Fees - Part 1 Home Business Articles | April 22 Darius Slayton Jersey , 2002
... Billable Hours Myth Vs. ... all know there are 52 weeks in a year and 40 working hours in a week. ... we can bill 2080 hours per year, right. Wrong. Too often this is the trap
Calculating Billable Hours Myth Vs. Reality
We all know there are 52 weeks in a year and 40 working hours in a week. Therefore, we can bill 2080 hours per year, right. Wrong. Too often this is the trap that many new service businesses fall into.
The first step in calculating your billable hours is to define a realistic working year. If you were employed elsewhere, you would expect or want at least two weeks vacation time, one week sick time Julian Love Jersey , one week personal time and paid holidays. So, where does that leave us - 52 weeks minus four weeks leaves 48 weeks minus about 10 paid holidays, or a total of approximately 46 weeks per year.
OK, you say, that means I can still bill for 46 weeks times 40 hours per week or 1840 hours per year. If I charge $25 per hour that comes to $46,000. Not bad Oshane Ximines Jersey , that is more than I was making on my previous job. Wrong.
What you have just established is a realistic working year, not the number of billable hours. You still need to account for marketing time, administrative time, bookkeeping time, equipment maintenance, continuing education Deandre Baker Jersey , etc. You also need to calculate in equivalent time for self-employment tax, local business taxes, etc. In many locales, this can add up to an additional 20% or so in time or money.
If we assume approximately one hour per day for marketing and one hour per day for administrative, etc., (and this is a very conservative estimate Dexter Lawrence Jersey , then we need to subtract: 46 weeks times 5 days per week equals 230 days at 2 hours per day equals 460 hours, from 1840, for billable time left in a year of 1380 hours. Now subtract approximately 20% for the above taxes or 276 hours and that leaves you with 1104 billable hours in a year. And this may still be high, but at this point, you can see to earn that $46,000 per year you will need to charge $46 Daniel Jones Jersey ,000 divided by 1104 hours or about $42 per hour.
There are many factors which need to be examined in setting your fees. We'll look at those items that need to be taken into account, such as business expenses, insurance, pensions and profit margin, in upcoming articles.
Hopefully, this article has at least pointed you in the right direction.
Next article we'll take a more in depth look at the role expenses play in setting your fees.
Copyright 2000 Dalvin Tomlinson Jersey , DeFiore Enterprises. Article Tags: Billable Hours
The road to college isn’t always straight and narrow. Although many students know exactly what they want to do upon high school graduation, just as many are unsure. They may explore a field and discover it is not for them or they may take a nine-to-five job before deciding on their life’s path. For those who have an interest in science but are unsure of where they can end up, the general science programs Canada has to offer may help.
At Centennial College, for example, students can attend the General Arts and Science – Science program to advance their education and, eventually Evan Engram Jersey , their career. This program is designed for those who have an interest in fields such as: health, engineering, applied sciences or transportation and require a solid foundation for further education. In addition, students who are unsure whether university is for them or whether a career in the field of science is what they’re really passionate about may benefit. On the other hands, the science courses within the undertaking may also be perfect for students who know that college-level science is what they want to study, but don’t possess the academic admission credentials needed to enter a program of them choice. Please note that students who complete the one-year Science program with acceptable academic standing may be eligible to transfer to Centennial’s Practical Nursing or Pharmacy Technician program.
To gain entry into General Arts and Science – Science Saquon Barkley Jersey , students must possess at minimum an Ontario Secondary School Diploma (OSSD) or equivalent or be 19 years of age or older. They must also have the compulsory English 12C or U, or skills assessment or equivalent. However, possession of minimum admission requirements does not guarantee admission to program. Please note that students who have not finished high school or completed required science courses for post-secondary programs might be accepted.
During the eight months students spend attending science courses, they study a range of science subjects (such as biology and chemistry) as well as mathematics, communications, psychology Lawrence Taylor Jersey , human genomics and learning skills. The specific science courses Toronto’s Centennial College focuses on include: Chemistry (emphasis is placed on understanding biological mechanisms and processes, rather than on simple memorization); Biology (emphasis is placed on the role of chemistry in daily life and in the development of new technologies and products. Students will be introduced to the classification of matter, chemical nomenclature and qualitative and quantitative relationships involved in chemical reactions); Technology Mathematics (mathematics course covering selected topics in basic algebra and trigonometry are presented); and more.
Study in Denmark:
Denmark is one of the most popular study destination for International students in Europe. To study in Denmark offers you the high-quality English-taught degree courses at low prices. The educational Institutes of Denmark offer the innovative teaching methods, so it is a great opportunity for you to gear up your career. Not only in educ. Cheap Jerseys China Free Shipping Cheap NFL Jerseys From China Cheap Jerseys China Free Shipping Wholesale Authentic Jerseys Wholesale Sports Jerseys Cheap NBA Hoddies Wholesale Hats China Cheap Hats China Cheap T-shirts Wholesale Cheap NCAA T-shirts
