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FORMULA FOR COMPUTING RATES FOR INDEPENDENT PLANNERS

If you are an independent planner and wondering how much you should charge clients, here is one formula you can use. 

BILLABLE HOURS

Begin with 365 Days/Year
Subtract 131 days for:
-12   days            Personal Leave Days
-9     days            Holidays
-6     days            Illness
-104  days            Weekends
This gives you 234 days remaining
Multiply by 8 hours =  1,872 Hours

Deduct

-372 hrs -      Check and respond to email, paperwork
-500 hrs              Marketing, Networking, Training
 

You now have 1000 billable hours

To make $50,000 per year, you need to charge $50 per hour

To make $60,000 per year, you need to charge $60 per hour

To make $80,000 per year, you need to charge $80 per hour 

 Remember that this is gross income. You still need to deduct overhead expenses.

If you are willing to forego some weekends, holidays and personal leave, you will have more billable hours, obviously. Conversely, if you need to take more time for paperwork, marketing and your own education, you will have less. Determine your own requirements, the amount of money you want to earn and compute your own numbers. Good luck!

 
 
December 7 - 10, 2011 -- Albuquerque, NM
 
 
 
 
 
 
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Connected International Meeting Professionals Association (CIMPA)
8803 Queen Elizabeth Blvd, Annandale, Virginia 22003 USA
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