RateMate allows you to select your hourly rate based on knowledge – of your overhead expenses, desired income, tax situation and personal needs. Once you are charging this way, you will have the confidence of knowing that you are charging the proper amount for your services, and that you are making a fair profit every time you set to work on a new project.
I think calculating the proper hourly rate is so important to small business that I hope this app will bring the concept to a wider audience.
Note: This article is written from the sign shop perspective, but is applicably to any small business where time and materials are the bottom line. The wrong hourly rate (or “shop rate”) can be like a hidden cancer for your business. How do I know? Because I almost killed my sign business this way in [...]