How The Hell To Price Your Awesomeness!
When it comes to pricing your services, it can be a minefield all of its own. We’ve always been conditioned to have a ‘salary’ set for us, in a corporate job for example, so having to put a monetary value on your work can be brand new scary territory, right?
This was definitely one of my biggest challenges when I first started out in my business, and I actually began by hugely underselling myself and being crippled by fear around money. (i.e I wrote 10 new pages of a website and a 5-page sales brochure for under £100, and it took me about 3 weeks).
You live and you learn, huh?
I wish I’d had somebody share these kind of guidelines and money wisdom nuggets with me back then.
And so, the first thing for you to think about in order to create more freedom for your life is...stop charging by the hour or day.
Eek - I know. It’s what you’ve been conditioned to do even this far, right?
But look at it this way: if you only want to work a certain amount of hours a week (i.e. Fridays off!) and you set your prices at an hourly rate, that puts a big fat cap on your earning potential and keeps you really limited.
"But I’m contracted to work a certain amount of hours."
"It doesn’t take me long to produce X so I can fit lots in."
"But the more hours I work the more I get paid!"
I hear ya! But here’s the thing…
Your clients don’t care how long something takes you. (Unless you’re charging by the hour and it takes you a long time, of course. Then they really care!)
The only thing they care about is the RESULT they get.
Let’s look at a little example…
Let’s say you’re a copywriter, and it takes you a day or two to write website copy, or a sales funnel, or a sales page, for your client, and you’re charging by the hour or on a day rate.
Then think about the RESULT your client might gain for your one or two days of work?
They could potentially be reaping in sales for weeks and months to come thanks to your handy work! Not only that, but you’ve also given them the time and energy back so they can focus on their strengths: i.e. more money making activity.
Phew - that’s a lot of awesome you’re bringing to the table for your client. Can you see how by charging by the hour or at a day rate is really underselling your value?
Not just that, but you’re also doing your work AND your client a disservice through charging by the hour. Say what?! Well, there’s nothing that stunts creativity quite like watching the clock and counting how long it takes you to create something, right?
So what do you do instead?
Create an all-singing all-dancing package that focuses on your clients needs AND the results!
Because as a copywriter for example, you’re never JUST writing a sales page. You’re studying your client’s competitors, running research on their company, checking out their client language, having conversations with your client, brainstorming ideas, then actually doing the writing, perhaps coming back to it with fresh eyes, presenting a rationale on why you’ve made certain decisions, and adding client edits and revisions, too!
And the result for your client? A product / service that practically sells itself. Words that do the work for them. A 24/7 sales team.
Hello huge incredible value-packed service.
In the same way, as a photographer, you’re never just taking your client’s photograph. You’re giving their brand a facelift, filling them with confidence to put themselves out there, helping them to feel like a professional. And that means for them? More confidence, more sales, personal and business growth!
As a graphic designer, you’re never just making your client’s brand look pretty. You’re helping them hook eyeballs. You’re supporting them to step up their game. You’re enabling them to share their brand with the world with pride. And that means? More confidence, more sales, personal and business growth!
As a coach, you’re never just coaching. You’re allowing your client to feel seen and heard. You’re holding them accountable for what they say they’ll do. You’re helping them see a different perspective and the brilliance in themselves. You’re giving them permission to grow, dream and take action. And that means? More confidence, more sales, personal and business growth!
As a VA, you’re never just posting to social media or scheduling emails. You’re giving your client space to breathe. You’re helping a solopreneur feel supported and less alone. You’ve got your eye on the ball so your client can put their eye somewhere else. And that means? More confidence, more sales, personal and business growth!
As a videographer, you’re never just creating a video. You’re giving your client’s brand a personality. You’re helping them share their real, true selves with the world. You’re supporting them to tap into the quickest way for their clients to get to know them. And that means? More confidence, more sales, personal and business growth!
Action Step: Think about the service you really provide for your client. Then, focus on the RESULT your client receives through your work - more time, more energy, more confidence, more money, more time to hang out with their kids while their sales page / website / design does the work for them? And talk about THAT. What does that look like? How does it serve them?
What is that WORTH to them? And then, what price might you put on it?
I’d love to hear from you! How do you feel about pricing your services?