Last year, one of my most popular articles revealed the real numbers from my freelance business. So I’m going to post another update for this year.
I have two objectives for my business in 2022:
#1) Make $200,000 in revenue.
#2) Work no more than 1,100 hours.
Also, for context, last year I made around $211,000 and worked roughly 1,200 hours…
So another way to look at my goals for this year is that I want to roughly match my income from last year — while working 100 fewer hours.
See, I’m getting married at the end of the year. Plus my fiancé and I may also be moving, too.
Which is why I’m looking to cut my hours more than grow my income. Since I want to have that time available for my wedding, honeymoon, and moving.
And it means I’ll need to hit an effective hourly rate of roughly $182. That’s a modest $6-per-hour boost over last year, when I made an effective hourly rate of $176.
So how am I doing? Take a look…
Update After Q1 of 2022
Revenue Projection After Q1
When it comes to my Q1 revenue, I’ve actually had a pretty slow start to the year.
I wound up taking on a number of side projects that I hope will pay dividends long-term. But it means that I will need to make up some pretty significant ground in the remainder of the year to hit my goal.
The good news is that I’m on track to do that.
As I write this in April 2022, I just got a $10,000 performance bonus for a project I finished in January.
Plus I also got verbal approval on my biggest project to date. And at $50,000, closing that project would get me back on track to reach my goal for the end of the year.
So I’m still projecting that I can bring in $200,286 this year right now…
Work Hours Projection After Q1
One of the benefits of working on so many side projects during Q1 is that the work hours in my freelance business were way down.
Right now I’m projecting to work only 1,044 hours this year. And my goal is to stay under 1,100.
So I have a substantial buffer to put in the work I need to close the gap on my revenue goal. (And I expect my hours-worked projection will climb back up as I put in that time.)
Effective Hourly Rate Projection After Q1
My effective hourly rate projection is looking good right now at roughly $192.
But that assumes I’m able to hit my income goal — while also keeping my hours down to the current projection of 1,044.
And I don’t think that’s going to happen.
Like I said above, I have a feeling that my hours will go up as I work to close the gap in my revenue. And that will also bring my effective hourly rate down some.
At the same time though, my current effective hourly rate is only $177. Which is below my goal. So I do think that will come up to the point where I hit my objective of $182 or more.
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