Does the question ‘how much do you charge?’ fill you with dread?
You’re not alone! Many of us find pricing our services a challenge, especially when we’re working on different projects that come in all shapes and sizes and there’s no ‘1 price fits all’.
Female entrepreneurs have a habit of underselling themselves. Yep, I’ve been guilty of that in the past too. But we aren’t doing ourselves, or clients, any favours for not charging our worth.
Here are some tips to charge your worth as a business owner or freelancer….
What are the actual costs?
Always start by working out what your actual costs would be to deliver the work or project. Everything from travel costs to supplies to technology and everything in between. The biggest thing you don’t want to forget to include? Your TIME…..
Work out how long it will take you to deliver
And then add some more time on. Because I’ve never known a project or service not to overrun even if just by a little! Give yourself a good buffer.
Price in your skills and expertise
People are coming to you because you are an expert in what you do. You have the skills and the expertise that they need to make their project come to life – be it web design, accounting knowledge or coaching skills…or whatever area you work in! You have what they need. To get to where you are right now didn’t happen overnight right? I’m guessing you had to study and invest in your education. You had to practise. You probably took on lower paid jobs in the early days to get experience. You need to take this into account when pricing your services – people aren’t just paying for your time, but also your knowledge.
Look (and be) the part
If you’re a web designer charging premium prices but your own website is outdated, has broken links and doesn’t reflect a quality brand, why would anyone think you’ll do differently for them? Your brand needs to reflect the price you’re charging. You want to charge a premium price? No problem. Just be sure you’re practising what you preach first.
Taxes and extra costs
Ah yes the word we all love – tax! Don’t forget to include and work in the cost of any taxes to your pricing and don’t forget that you will be taxed on the profits. 1 of the things I always do when changing prices in my other businesses is to work out how much profit I will make from a piece of work using all the techniques above, and then work out what the profit will be once I’m taxed on it. You’re figures might need be 100% accurate but it will give you a clearer understanding of what you’ll actually walk away with at the end….and you may be surprised!
Have confidence in yourself and your abilities
The fact that you’re here on A League of Her Own shows you’re passionate about what you do, so have confidence and trust in yourself that you can deliver a great job.
Got any other pricing techniques to help you feel more confident charging your worth as a business owner or freelancer? We would love to hear them! Share your tips with us below…
Until next time