What’s your time worth?
If you’re someone who loves the hustle of freelancing and thrives on running your own business, then Boldly might not be the best fit for you. And that’s absolutely okay!
However, if you’re feeling a bit weary of the constant grind but are hesitating to apply because of pay, let’s discuss the financial difference between your freelancer rate and Boldly’s pay rate.
On top of the regular costs of running your business (more on that shortly), as a freelancer, you’re responsible for covering both the employee and the employer portion of payroll taxes on every dollar you earn.
At Boldly, we pay our team anywhere between $24 and $28/hr. Taxes vary from state to state, but let’s look at an average state with income taxes, assuming full-time employment.*
The calculations above don’t include other basic costs of running a business, which can include:
- Website hosting fees
- Business registration fees
- Business errors and omissions insurance
- … and more!
None of which factor in your biggest cost – your time! As a freelancer, you’ll spend a significant amount of your own time maintaining your business. Things like:
- How will you find clients? You’ll spend time researching, conducting outreach, writing proposals, and doing follow-ups
- How will clients learn more about you? You’ll spend time on marketing, including website maintenance, social media posts, advertising, and media coverage.
- How will you stay competitive? You’ll spend time on professional development and networking.
- How will you manage your clients? You’ll spend time regularly communicating, writing project updates, troubleshooting, and addressing any concerns.
- How will you keep track of finances? You’ll spend time tracking your expenses, tracking your time, sending invoices, and monitoring your cash flow.
And that’s not even considering paid time off, saving for retirement (with a company match!), securing health insurance, accessing tech support, or maintaining a healthy work-life balance — all benefits and perks offered by Boldly.
So, when you weigh all these factors together, how does your freelance income measure up against the earning potential as a part of the Boldly team? It’s certainly worth considering!
We’re hiring! If you have at least 7 years of experience holding an administrative support position such as executive assistant or senior administrative assistant learn more about working for Boldly.
*Tax rate for freelancers calculated with taxmygig.com. Tax Rate for employees calculated with paycheckcity.com.