1. You Are Worth It .
As entrepreneurs or small business owners it can become tempting to under value yourself and what you have to offer. Do not, I REPEAT, do not do that to yourself. Not charging what you are worth will only lead to frustration and struggle in so many areas. Take inventory and examine what your products, services, and your time are truly worth.
- Are you a professional in your industry?
- Do you have ample experience?
- Are customer or client testimonials available?
- What value do others gain from working with you?
After taking a self assessment, determine what your time and effort are worth. Be sensible. Don’t be unrealistic by charging too little or too much. Find your price point. Then charge it! Stick to your guns especially when family and friends expect any thing from you to be free. Unless your business prides itself on being free or the cheapest in comparison to competitors stay away from “free” customers. The people looking for “free” get products/services for no cost and in exchange you get the expense of maintaining a relationship where only one side benefits. That is a lot of work for someone who does not value what you offer enough to pay. Please understand that money doesn’t have to be the only currency. Partnering with a related business and bartering services is another way to establish your worth and gain a partner. If you have put in the hours, gone to school or received professional training, and have work to show for it then you are ready to charge. Know your worth and share that with people interested in working with you. It may be difficult initially when you just want to sell products or gain that client no matter what but by staying true to your value you’ll work with people who agree with you in what you are worth.
2. It Cost To Be The Boss.
Running a business cost. Average expenses of most businesses include
- Website Domain/Hosting
- Office Supplies
This list is minimum and even when you are bootstrapping the cost to start, run, and maintain a business are real. If you don’t make money you have no means to run a business or support yourself. Yes, support yourself. Don’t forget that you need essentials like shelter, food, and the ability to bathe. All those things require funds. So when setting your value take into account all that you need in order to provide the product or service you offer. Have a seat, determine your business expenses and your own salary. What do you have to make in order to maintain? Count the cost.
3. If You Go The Extra Mile
I make every effort to offer excellence. Recently I revamped FORWARD Designs drastically. I was able to work with some awesome people and learn from them. When talking to individuals who are in an advance place always listen and apply the wisdom that they give. Make it a habit to sit at the feet of the wise and you will gain a wealth of knowledge if you position yourself to receive it. Business savvy individuals have shown me how to work smarter in certain areas and harder in other.
All the feedback given from clients were taken and thoroughly examined. So far I have
- Improved workflow and design process
- Made meetings available via Skype
- Offer e-contracts
- Offer multiple payment methods PayPal & Stripe
- Implemented CRM (still looking for the perfect one but it is in the works)
- Updated services and pricing so that they are easier to understand
- Updated website
- Blogging consistently
- Offer Business Consulting
- Creating client portal so client can retrieve file (in progress)
Believe it or not there is so much more that I am still figuring out how to implement. I go the extra mile to learn more about my industry, master my craft, serve and exceed clients expectations. Being stagnant is not an option. Daily the work ethic and effort must match what you demand to get paid. There is no reason to expect an $8000 gig if you have a $500 work ethic. Go that extra mile to be the professional that deserves a higher pay rate. Create that product that is so valuable that people are willing to pay $800 for it. The iPhone is a great example of a product that people will pay highly for. The latest iPhone easily cost $600. Yet people will stand in lines for days to be one of the first to pay? It seems crazy but the reason why is because Apple has established trust and value through the products that they sell. Go the extra mile and people will be more than happy to pay the rate you ask for.
The focus should be your business/passion. But keep in mind it takes money to make that business/passion flourish. So be firm when it comes to charging money. Use discretion. Typically if a person does not value you enough to pay your rate then they are not the right client or customer for you. Money is not everything but it does matter, and it is a needed currency to run a business, take care of yourself/family, and enjoy certain aspects of life.