Let’s Talk About the Math (Yes, That Math)
If you're avoiding doing the math, you're probably losing out.
“I just want to help people. I don’t want to think about spreadsheets.”
That’s what a friend said over coffee last week — she’s a brilliant strategist, finally ready to launch her freelance consulting business.
I laughed and said, “Same. But we still have to open the spreadsheet.”
The conversation
Her: I know I should figure out my rates and all that, but it feels… gross. Like it’s going to make me less mission-driven.
Me: Math doesn’t cancel your mission. It keeps you in business so you can keep serving it.
Her: (sighs) Okay, but where do you even start?
Me: Start with your life, not your invoice. What do you actually need each month to live — rent, groceries, healthcare, cat food (that one’s for you, Myndi)?
Then add the hidden stuff freelancers forget: taxes, insurance, software, that new laptop you’ll need next year.
When you add it up, you’re not being greedy — you’re being realistic.
Her: So I figure out what I need… then what?
Me: Then you divide by how much you want to work. Do you want to work 40 billable hours a week? Probably not. Most consultants bill 20–25 hours and spend the rest on marketing, admin, recovery time. (Especially if you have chronic pain, a family, or other responsibilities.)
Her: Ohhh, so my hourly rate has to cover both the work and the non-work time.
Me: Exactly. Otherwise you’ll feel like you’re making $150 an hour and then wonder why you’re broke by June.
Why the math matters
This is the part most of us skip — and it’s where so many consulting businesses quietly collapse.
You can be brilliant, well-networked, and deeply experienced… and still struggle if your numbers don’t line up.
Doing the math isn’t about perfection; it’s about visibility. When you know your baseline, you can:
Spot when a project is underpriced before you say yes.
Confidently quote retainers without apologizing.
Choose which work to pursue (and which to release) based on real sustainability, not guilt.
And maybe most importantly — you can take a break without panicking.
The story I tell myself
I used to think spreadsheets were the opposite of creativity. I’d open Excel and immediately want to go draw something or repot a plant.
But over time, I learned that knowing my numbers gave me permission to rest.
When I can see that my retainer clients cover my core expenses, I can take a Friday off to manage a fibro flare without spiraling.
When I can map my income goals to actual client load, I can plan launches, vacations, and quiet seasons with intention.
The math isn’t restrictive; it’s liberating. It turns freelancing from “constant hustle” into a business you can sustain — body, mind, and bank account.
How to do it (lightly)
You don’t need a CFO degree. Open a blank sheet and start with three lines:
Monthly baseline – what you need to live comfortably (include taxes + expenses).
Billable hours per month – be honest about what’s sustainable.
Target rate or project value – baseline ÷ hours = minimum viable rate.
That’s it. You can get fancy later with profit goals, growth margins, or multiple income streams — but this basic clarity will change how you see your work.
If you’re more of a “give me the template” person, that’s exactly what I walk folks through in On-Ramp to Freelance Consulting course. (Because math is kinder when someone’s done the formulas for you.)
Final thought
If your business model doesn’t add up on paper, it won’t add up in practice.
Running the numbers isn’t pessimistic; it’s a vote of confidence in your future self.
So pour another coffee, open that spreadsheet, and look the math straight in the eye.
It’s not your enemy — it’s your safety net.