A number of factors go into setting rates and pricing specific projects. Working for yourself is quite a different ball game than being on staff for a company knowing you have a paycheck coming in every 2 weeks. You will need to estimate your business expenses, living expenses and savings in order to set minimum required revenue goals. You will probably find yourself managing your finances much more closely than when you worked for someone else.
In another section of this site, you may have budgeted your start up costs. From an accounting perspective, you may recognize (deduct on your taxes) the expense for some of those items immediately; some may be amortized (partially deducted) over time; others were the first installment of ongoing expenses.
From a cash standpoint, estimating what ongoing expenses you will have each month will give you a clear understanding of how much revenue you will need to generate to stay afloat.
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