Tips For Going From Mates Rates To Great Rates!
I know it can feel so bum-clenchingly scary to raise your rates, but if you’re going to build a business that pays, buys you dream holidays, and lets you take off Fridays, it’s gotta be done! And today we’re diving into a little insight that’s going to help.
Here’s the thing: I know it’s easy as a freelancer / business owner to get caught in the trap of thinking ‘I ‘just’ do this and it’s really easy for me, so it shouldn’t cost much’. But what comes easy to you, does NOT come easy to someone else. (Hint: that’s why they’re coming to you to do it for them!)
So rather than hindering yourself by charging less just because you do something quickly, or because it comes easily to you, use that to your advantage. It’s your superpower after all, and I’ll bet it’s taken you a lot of learning, training and making mistakes to get to this point, right? So own it!
Your clients are never just paying you to ‘do the work’, they're paying for all the knowledge, skills, training and learning it’s taken for you to get this far.
A little story to illustrate this…
Picasso was once sitting in bar, doodling on a napkin.
A woman came over to him when he’d finished to ask how much it would be for the napkin doodle.
“$20,000,” he said.
“What?! But I just watched you draw it, it only took you five minutes!” The woman replied.
“No madam. It took me my whole life.”
Action Step 1: Add up everything you’ve invested in yourself to get your skills, knowledge and know-how to where it is now. Training, courses, mentoring. Timewise. Energetically. Financially. How much is your badassery WORTH right now? How many years of experience, of reading, of learning have you invested in yourself up to this point?
Because THAT’s what you’re bringing to the table. And that’s what you’re charging for.
Action Step #2: Think about how long it takes energetically and time wise for you to do a project / work / task. List out everything that’s included in your process, sometimes behind the scenes, and work out how much it actually takes. (You can use toggl.com to give you an indicator of how long a project lasts from start to finish.)
Then, begin to price your services from THAT place. Because your years of experience don’t come cheap, lady!
If you have to write this down to remind yourself of it again and again and again, then do it! A lot of the time we can’t see our own value as easily, so having it somewhere you can refer to helps to instil this into your subconscious so you feel just as valuable on the inside as you’re charging for on the outside. (And that’s REALLY the kicker. Your self-worth can often be an indicator of your net worth, is the thing.)
Takeaway Tip For Pricing: Think about it like this: if someone said ‘yes’ to the current price you’re offering - would you feel super excited, or a little resentful? (And think about it honestly - not just the initial glee of getting a yes, but actually allllll the work energetically and timewise that goes into you providing that service. Is it still a YES?) It’s a really good indicator of whether you’re about right in your pricing, or underselling yourself. Your price should feel a little out of your comfort, stretchy, and exciting. As in, you can say the price without laughing straight afterwards, but you also might do a little squeal when someone says YES!
Extra Takeaway Tip For Utilising Your Superpowers: So you’re a total rockstar and you have space to get your client’s project turned around in record speed time. That’s awesome, and yet, it also deserves to be charged more for! That’s a VIP service you’re offering right there, so make it count.
Example script: I can absolutely get this turned around in the quick-fire time you require it for (X days / weeks). In order to boost your project to the top of the priority list, it will be an additional £X, and I have included this in the quote / proposal below.
Remember: you’re a superhero! And you deserve to be paid accordingly.