Last lecture as a group we worked out our time as a designer is worth £25 per hour. This week we worked out that over the year the maximum we can earn is £44,000. But then after considering the fact that our workloads is not going to be constant and taking away factors such as tax and national insurance our £44,000 income soon become £24,000. This is why its been brought to my attention that account management is extremely important if you want to be a successful designer. Wanting to be a successful designer myself I’ve never really considered any other factors to my practise but the quality of my work but now this lecture has opened my eyes to other aspects of my profession. If i want to be successful in design I need to break down everything I do within the design process to make sure I’m charging enough for my time. Taxi is something we all have to pay if we are earning over £7000 therefore to reduce the tax bracket we fall into we should pay ourselves more money as you can only be taxed on profit.
Being a designer you should always be looking at your cash flow balancing your incomings and outgoings. Project sheets are a great way of managing your money. To help us understand this more we was made to take take part in a task were we sat and worked out how much we would charge for a new logo for the Manchester museum. This was a useful exercise as it made me realise time really is money! When asked to do this task at the start of the lecture I probably would of thought “oh I could do that in a day just give me £100” but now after the lecture its made me take so much more consideration. I would need to charge for my time researching, materials, travel, mock ups and then finalising the design. Its much more more than I initially thought.