Me: "Yooooo... I'm not about to argue with you about my price. Period."
(photo by Kamron Khan Photography)
One of the hottest topics creatives, freelancers, entrepreneurs and especially solopreneurs face is how much to charge for their product or service. In a world where capitalism is at its peak, creating a strong pricing model has become one of the most stressful decisions professionals face. It is directly impacted by not only our ability to provide a quality service to our client, but also a quality of life for ourselves. But consider this for a sec, what if your pricing model was a reflection of your insecurities at their core? I see way too many professionals constantly ask themselves, "Am I actually worth that amount?" Our fear; "What if people start complaining that I'm overpriced?" — or worse, "What if clients walk away from a contract because I'm too high?"
Let me help you, the antidote isn’t lowering your price Sis'. You do that and you'll ultimately resent the project and maybe even your business as a whole.
We live in a world where price has become an indicator of quality. So when you place your product and/or service at the low end of the spectrum, you'll shoot off red flags to a potential client that you’re either not confident in your skill set — or the value of your product or service just isn’t there. Either way, you're creating a foundation for a skewed business relationship from jump.
My business model: "Your going rate should be fear plus 10%."
What's the "going rate" in your field? In order for you to find out the going rate for your product or service, you must do the market research. Find a group of professionals that are in the same field as you. Ask around... create a peer network... find out what the professionals in your industry charge. Once you've done the research and are confident in the value and skills you'll bring to the table, set your price and live your freaking life. Trust me, if they are coming to you it’s because they want what they KNOW you can offer.
Frechic Burton-Austin is the Brand Strategist and co-owner of CoCreativeCle.com and sole owner of C7Branding.com, an award winning small business company specializing in digital business identity solutions. Frechic creates marketing and branding strategies that allow business owners to reach their ideal clients everyday.