It’s an interesting concept right? Here’s how I used it when I went freelance full time…
When I first launched into full time freelance, I ran these numbers for myself and my own business.
I had just come out of a short contract working for Rolex and we were renting a little apartment in Kensington. I also had a small studio space and a few clients I had gained along the way. At that point, I felt scared that I would never make enough to make going freelance worth it.
So I took my expenses, my rent, my studio costs, the bills that come in, and I think it was around $600 a week.
So that gave me my Ramen Profitability Number and peace of mind.
I just needed to make $600 a week to live.
This is the sentence I kept repeating to myself day in day out to calm my mind and help me reframe and kill overwhelm. From there, I was able to work out how many hours or how many projects I needed to fill with billable client work. My hourly rate at that point was I think $75/hr…
To cover expenses, I needed to either:
- Bill 8 hours worth of design work to clients
- Book 2x $300 jobs per week.
- Book one big, delicious $600 job.
Totally doable when you break it down, and there are so many ways you can slice the numbers.
This mentality of “I only need to do this and the rest is gravy” really helped handle the pressure I put on myself.
A pressure that I guarantee you’re so damn good at putting on yourself like I am.
For most businesses, it takes 2-3 years to get profitable.
That’s because they have high overheads, set up costs and production. As a freelancer, you have the potential for lower costs and you can work with just a laptop.
So give yourself time, set up your structure, and remember, you DON’T have to be the best, most profitable designer in 2 minutes.
There are no microwaveable results in building a profitable creative business. But, using Ramen Profitability is a great way to get started!