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Freelance hourly invoice template for IT

if you're just getting started as a Freeland social media manager there's a couple of things that you need to know things like how to actually price your packages as a social media manager what does an average social media management package even look like and should you be charging hourly or monthly rate I'm answering all of the above in this video and for those who like to skip around I do have time stamps in the description but wait don't time Jump just yet don't forget to subscribe and like before you go [Music] Shantae I started my social media management agency in 2018 as a broke single mom who wanted to be able to work from home now my agency has hit multi-six figures my team and I work with amazing clients and I love mentoring social media managers who want to create their own agencies so when I was first starting out I got my pen I got my notebook and I started writing down all of these services that I could offer I tried to figure out how many clients I wanted what type of packages I wanted to offer and then when it came time to pricing out the services I really got stuck so I did what most people do which is go to Google and Google what the average package is or look at what other people are charging and that didn't help because people were charging hourly and monthly and I didn't know which one I was supposed to be doing so I was just left more confused than ever and then I realized I needed to set my prices as a business owner and not a freelancer and that's where everything changed this makes a big difference for my mentees who struggle with their pricing most social media managers especially new ones are under charging their services by up to 60 percent so we sit down and calculate their expenses how many hours they want to be working and then what they should actually be charging once we have that sorted out it becomes so much easier to calculate their prices no matter what packages they want to be offering so let's get into it these are the most common mistakes social media managers make when pricing their services you do what I did and you just go with what other people are charging and just go with that or you purposely under charge your competition because you feel like that'll help you be a little bit more competitive in the market maybe you're booking clients left and right but you feel yourself exhausted and still in need of more clients to make ends meet and you probably have no idea how much you're spending on expenses like canva and later and those type of things if any of these sound familiar it's okay we've all been here's what you need to do instead this is how I help my mentees go from scrambling for clients to easily filling their client roster profitable package package that takes into account how many hours of work you're putting in easy with Fair hourly wage for that work and it covers your overhead which usually varies but it could be anything from your income tax to software expenses to paying your team I'm all about visual examples so let's take a look at what a differences can make let's take a look at our sample social media manager Sally she's basing her prices on her competitors prices of 500 a month for the retainer she doesn't take into account that in order to create these five posts every week she spends seven hours creating content two hours analyzing and selecting hashtags and then in our scheduling communicating with her client via email and revising her posts she also pays for her hashtag and auto scheduling software out of pocket for fifteen dollars on a four hundred dollar package her overhead which is the self-employment income tax here in the U.S it's 15.3 typically but double check where you're located depending on your state you're required to pay a percentage of what you've earned to those federal and state every quarter plus software costs so we'll say this is 76 dollars for her so if we take her overhead out that means her net profit on the package or what she'd actually be taking home cash is 324 a month it makes her hourly rate eight dollars and 10 cents an hour depending on where you live that might be totally fine where I live in Chicago living expenses are more so that's not even a livable wage now we're gonna go about it this way instead for simplicity's sake let's just say her monthly expenses that she needs to cover to make sure all of her bills are paid are an even 4 000 a month so in order to make this happen and to make ends meet she's going to need 13 clients at her 400 a month package which means she's working 130 hour weeks that's not sustainable it's not plausible it's not realistic so instead she's gonna start with her four thousand dollar monthly expenses then she's going to decide how many hours per week she wants to work and we'll say again 40 hours per week and how many clients does she want to support in those 40 work hours so we'll save four then we add in her expenses and a 15.3 buffer for that taxable income she's going to have to pay later on and this brings her package total to 1168 dollars per month and with staying in her pocket her net profit is a thousand dollars which makes her hourly income 25 an hour which is a much more livable wage as her experience and skill set increased she's able to then increase her rates and have larger packages and fewer clients now let's say she gets a bit faster at creating content where it's now six hours she's spending to create all of this instead of the 10 hours if she were charging her clients hourly that would cut down her profit every month because she's getting better at her job which doesn't make a whole lot of sense instead we charge the monthly rate and that covers everything so then when she starts getting faster and better at her business she still has that reliable sustainable monthly income that she can expect and she's not having to track her hours and what she's spending on each client monthly is much easier and cleaner as long as you know how long it takes you to complete these tasks ahead of time she's going to keep her hourly rate to herself and use it as a behind the scenes way to calculate how much she should be charging for her packages and a monthly retainer if you have questions or want me to go in detail on any topic let me know comment below hope you found that helpful you can subscribe here on YouTube to make sure you catch all of my videos it really helps me out a lot and you can also catch my behind the scenes in my day-to-day Life as a social media manager over on my Instagram feed I update that pretty regularly you can find all of my free resources paid mentorship programs digital template shop and private Community created exclusively for social media managers on my website at sugarpunchmarketing.com thanks so much I'll see you soon [Music] foreign [Music]