What is your Net Worth?
Time is money. We have to accept this fact of life as a basis on how most service-based businesses measure their pricing and rates.
On the other hand, self-worth and your rates of services are two entirely different things – however, we should take your pricing into great consideration.
According to Create Hype, “Effective pricing strategies are built upon knowledge, confidence, practice, and intimately understanding the needs and interests of your target customer.
When you’re new to the idea of working for yourself, it’s very easy to believe that your prices should directly reflect the years in which you’ve been out and operating on your own as a business.”
Here are some few guidelines that we believe every new business owners can apply on how they should be charging their potential clients:
1. Set a desirable value to your expertise, speed and effectiveness. Time to rate your skills. Make a considerable list of all of your qualifications, the trainings you’ve attended, the programs you’ve invested in, the formal education you have, the clients you’ve worked with, the job experience you have, and tell yourself “Compared to an apprentice with zero experience, how much more is my worth?”
The more skilled you are, the faster you’ll work on your projects. With a few moments to think, you can probably figure out your compensation based on your skills, education and experience.
2. Work on your financial and wealth consciousness every day. Ask yourself if you are undercharging your services. It’s time to feel your value in your bones. As an entrepreneur or a freelancer, believe that you have an expandable income and there is a zero limit on how much money you can make.
Be the Expert. It’s your job to communicate your value & educate yourself.
3. Strut that CONFIDENCE. If you truly believe in your product or service and value that you’re bringing to your clients and the transformation that you are providing then you should be able to realize to stand behind whatever price you feel matches that value.
You don’t need to compare yourself to others or get to the notion of “cheaper price, more clients”. Cut that out. You just have to believe in yourself and in your work and once you do, your customers will eventually love it, too. You are worth it, so start charging for that worth and build that wealth without limits!