You can cost out an hourly rate, more or less, based on what you would need, if you did this full time for a living. Figure on a 250 day work year. Figure out what you would like (need) to net out on an annual basis (as a reasonable, obtainable amount!) Gross it out to a daily or hourly wage. This is your minimum rate. Factor a reasonable gross profit for yourself. Add a percentage slush for contingencies, if you have high daily "maintenance" expenses . This is your personal "working rate". Your business rate may be several times this, if you have real business expenses, and not including the cost of production. You can (and should) sit down and estimate your actual working expenses (film, process, rental, labour, etc) it will get you thinking as how you're actually going to do the job. Walk through it step by step (create a storyboard!). Add what you might expect the cost of delays would be.
At the end - you'll probably sit there and say "holy crap!" Ask yourself if its in anybody's best interest to low-ball - the answer may be yes, if for you, the learning curve is highly desirable. In which case bill it at a mutually acceptable "working rate" for your time, plus expenses. Make sure the client understands "plus expenses", and if you've low-balled it significantly, I'd suggest you make sure the client understands you've discounted the work for your own benefit, and that this price isn't your norm. If he's any kind of businessman he'll understand that. There's a reason why the area pros have walked away from it
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