How To Set A Freelance Income Goal

 
 How to set a freelance income goal by Nesha Woolery. Freelance web, graphic and print designers, click through to learn how to set an income goal for 2018

Have you ever asked yourself, “how much money should I be making as a freelance web or graphic designer?"

Maybe you’ve seen income reports from other freelance web designers and you’re worried your business isn’t doing so well compared to theirs.

Stop comparing your income to theirs.

In this video, I’m going to show you exactly how much money your web or graphic design business should be making.


Before you dive in to this article, you may want to download my free income goal planner and fill it in as you go along!

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To calculate your perfect income goal, you need to answer a few questions...

What are your monthly personal expenses?

This includes expenses like…

  • Food shopping

  • Clothing

  • Rent/mortgage

  • Gas/water/electricity bill

  • Car fuel

  • Insurance

  • Netflix

  • Magazine subscriptions

  • Medical expenses

What are your monthly business expenses?

This includes expenses like…

  • Phone bill

  • Internet bill

  • Business insurance

  • Spotify

  • Adobe Creative Cloud subscription

  • Other subscriptions (Squarespace / Wordpress / Dropbox etc)

  • Subcontracted services

  • Employees

How much money do you like to save per month?

Saving is a MUST, no matter how much or little you earn. I won’t tell you how much you should be saving, just save whatever you can afford to save.


When you add it all up, that’s your baseline income. This income would cover your bills and put food on the table but you won’t be able to do much else.

Let’s change that...

How much money do you spend on vacations each year?

This would include things like:

  • Flights

  • Hotels

  • Travel insurance

  • Spending money

How much money do you like to spend per month on non-necessities?

This would include things like:

  • Coffee

  • Dates

  • Home decor

  • Day trips

  • Hair/nail salon

  • Sports games

  • Concerts


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Psst! Don't just create an income goal. Create an income plan to help you reach your goal!

My favourite membership club, The Profit Planner Lounge, has an amazing 90-day plan you can use.


Is there anything particular that you want to start saving for?

Maybe you’d like to buy your own house.

Maybe you want to travel the world.

Maybe you’re getting married.

All of these things require more money than you’d usually put aside so remember to give serious thought to your goals and think about how much money you’d need to achieve them.

Now add it all up!

Got your total? Good!

Now here’s the important bit: You actually need to make more than that sum because you’ll be paying taxes on it. *Womp womp*

So you need to set your income goal higher to make up for this. The percentage of tax you pay is different depending on what country you’re in and what kind of business entity you are, so I recommend asking your accountant for advice before you finalize your income goal.

However, you can use a tax calculator to work out how much higher you need to set your income goal to accommodate for taxes and go home with the sum you just worked out.

If you’re a UK business owner like me, you can use this tax calculator!


Free Income Goal Planner

With 2018 right around the corner, it’s super important that you figure out how much money you need to make! Especially if you didn’t make the money you thought you would this year.

It’s time to have your most profitable year yet. Sign up below and you’ll immediately receive my FREE Income Goal Worksheet in your inbox!

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Nesha Woolery

I build beautiful brands & websites for passionate entrepreneurs!