I freelanced as a computer consultant and project manager for ten years. I was in-demand and charged clients a lot for my services. I worked over thirty hours each week which, when you account for driving between appointments, is about as close to full-time as a freelancer will get.
So why do I say accounting is uncommon?
Frequently, I struggled to find the time to bill my clients! I hired a friend to help me with my billing once per month. Out of ethical concerns, if I couldn’t remember why I’d worked for a client for four hours, 26 days ago, I didn’t bill them. So while I worked over thirty billable hours each week, I averaged billings of 25 hours.
At $150 per hour, those ten hours cost me $1500/week. That’s in the neighborhood of $75,000 per year because I sucked at accounting.
I got better, but…