“How did you charge for your services when you got started?”
When they’re starting out, a lot of entrepreneurs just guess how much to charge.
This method usually doesn’t turn out well for them.
Don’t make these pricing mistakes! If you’re charging too little, you’re undervaluing your services in the eyes of your clients. On the other hand, an entrepreneur who’s charging too much won’t have any business because their target market won’t be able to afford them.
To put it simply, knowing how to price yourself can be complicated. Use these tips to get started:
1.) Test out a few price points! If you’re trying to establish your price on the market, find what works for you. You shouldn’t budge on these prices for people who can’t afford your services, either. If someone can’t pay your price, don’t go lower and lower to accommodate them. You’re an entrepreneur, not an auctioneer.
2.) Be flexible! If someone can’t afford your package, it’s not too late to turn them into a client! Some of your prospects might need a special package. If you’re sure they’ll be a great client, make a special offer for them, but do this sparingly. If things aren’t working, don’t drop them. Always to your guns with client contracts.
3.) Check out your competition! Look at business owners in your field that are one or two steps ahead of you to base your prices on.
Remember not to be unrealistic. If you’re just starting out, you can’t compare yourself to businesses with 10 years of experience. Subscribe to their email lists and study what the pros are doing to market themselves and enroll more clients.
Pricing yourself doesn’t need to be scary. Just be willing to play around with firm price points, create special packages, and be aware of what’s going on in your field. If you do those strategies you’ll hit your revenue goals in no time.