What should I charge for my services? 

Recently a couple of people have asked me about pricing themselves—what should they charge for their services?

Like a lot of other things that happen when you’re an entrepreneur, it seems like a simple question but it becomes more complicated the more you delve into it.

This month, in part one of two, we’re going to look at where to start when it comes to pricing yourself and your services.

I’ve always believed in stretching the envelope when it comes to pricing for a few reasons:

  • First, as women, we tend to undervalue ourselves. Do you pay yourself? Do you pay yourself enough? Why or why not?
  • Clients want to feel that they’re dealing with a professional. Often if you charge a premium price for a service, customers feel that they’re getting a superior product or service. In the case of the people who have asked me about pricing, this is an important marketing point to their businesses.
  • If you need to, it’s easier to drop a price than it is to increase it (and it lets clients think they’re getting a deal).

However…

You have to know who your ideal client is.

Once you’re armed with this information, everything becomes clear. Pricing, marketing, even your elevator pitch.

My friend Betsy Kent has an awesome approach which simplifies the whole process.

One of Betsy’s criteria for creating your ideal client is “who will or has willingly paid for your services?”

In other words, who has just written a check–no questions asked?

If you’re a start-up and haven’t gotten that first check yet, who do you envision writing you that check?

Once you figure that out, pricing yourself becomes much simpler because your ideal client is going to pay you what you want. Otherwise they’re not your ideal client.

When I was working with one of my clients about pricing, she started talking about a new client who was incredibly grateful for what she had done for him.

Using Betsy’s ideas, fresh in my mind from a recent blog post, we started to drill down.

What were the easy parts about working with him?

What did that say about who she wanted to work with in the future?

We used that information to build her pricing structure and she left the meeting with a big grin on her face, confident in her value to her ideal clients!

What about you? If you’d like to work on your pricing, I can help you leave the meeting with a big smile on your face!

Next month we’ll look at some of the other variables that go into pricing your services.

Any questions? Call me 917-825-4499 or email: anne@amaxfield.com

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