Post Title: Finding hourly rate when working on fixed fee project
Your Question/Topic: I work on a lot of projects that have fixed project rate. The amount of time I spend differs, so I’d like to easily see what my hourly rate is on each project. I know it’s as simple as taking the total project rate divided by hours worked, but I can’t find a way to see that info easily in Toggl without calculating it myself. Has anyone figured this out?
Heya Angie! If I understand correctly you have a set fee charged to a project, and you’d like to see how much time has gone into earning that fee, or do you have an hourly rate you charge, and want to see your earnings based on that hourly rate?
Here’s an example:
I have a client that I charge $250 for each poster design I create for them. Sometimes it might take me 2 hours, sometimes they have revisions or I take extra time and it takes me 5 hours (the times are just examples). So I’d like to go back and evaluate after a few months to see if these projects are worth my time. So I’d like to see what my hypothetical hourly rate is based on what I’m getting paid for the project. So based on my example, I’d like a way for it to show me that based on my flat fee (250) and the hours I spent (2 hrs), my hourly rate was around $125/hr. (Or for the 5 hr example, my hourly rate was closer to $50/hr).
Does this make sense?