Determining worth for going independent

I’ve done some searching and gotten some good info but also have a somewhat unique situation and want some input.

Work in operations/implementation consulting for a small firm about 2 years. Have been presented with an opportunity to go independent and join an upcoming project with some previous colleagues who I like/respect. Normally wouldn’t be considering doing this at this point but it’s a year long project which would time well with my plan to leave my firm and go back to school starting fall 2020. Basically if the compensation difference is enough for me to save more and quit to travel a little further ahead of school than staying with my firm I’d consider it along with the added risk etc. Additionally a big part of the project is in my home city so I’d go from 5 nights/week on the road to 50% travel max.

Looking for advice trying to determine my worth and what I should ask for. Based on backtracking my current projects fee I believe I’m billed around $225-250/hr. Dividing out my salary+best bonus scenario I know my current rate. I’ve seen 2-3x that is standard for independent? Is there anything I’m missing that I should consider? Realistically if they gave me 2x that’d be a number I’d go for but don’t want to leave money on the table, how transparent should I be about my current pay and/or wants?

submitted by /u/lanzaro1992
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