Overhead Costs

 Calculating my hourly rate 

In this task, I needed to add up all of my overhead costs to calculate my hourly rate. For this I started with annual overheads. 

Studio Space: £216.70 a month, £2600.40 a year 

Utility Bills: £108 a month, £1296 a year 

Phone Contract: £36 a month, £432 a year 

Tools and various consumables: £60 a month, £720 a year 

Accountant fees: £1000 annually 

Bank charges and overdraft: £72 

Insurance (car): £607 

Main equipment (computer/ipad): £450 

Total Cost = £7117.40

Per week = £138.03

Per hour= £3.45 

Annual salary I'd aim for = £20,000

Labour rate per week based of 24 hours = £384.62 

Labour Rate per hour = £9.61 

Total Hourly Rate (over head per hour + labour rate) = £13.06 (£13.50) 

This was an eye opening experience, as I never thought to take in to account all of these fees when charging someone a commission. I would usually charge the national living wage. However as I go forward I will understand my worth as an artist more.