Pricing

expenses pricing Apr 29, 2020

When was the last time you reviewed your pricing? And how much do you give away for free?

So many people I come across give everything away for free. I'm not saying you shouldn't give stuff away for free and make it some of your best content, but too many people, especially women, don't sell after the free stuff comes out. And then we are back to it being a very expensive hobby.

It's important to check that your prices are competitive in your market place, especially if you are in a price driven market, but also make sure you are charging what you are worth, plus having enough to live.

When did you last sit down and work out how much you need to charge to cover your overheads? Do you know how much your overheads are, including paying yourself? What about how many hours you work? Do you take off holidays or have quiet or busy periods in your business? Do you work full time even? And how many of the hours you work do you actually do client facing work? What about the time spent doing your accounts, emails, social media and marketing?

When you actually start to think about it, there are a lot of hours that you can't bill to a client, including travelling to and from said client (not an issue currently!). All this needs to be taken into account when you are pricing your time.

I also always recommend that you offer packages and not hourly rates for your time. For example a price for posting social media x times a day or week plus a blog etc, rather than x number of hours of time. This puts you in control and can mean you can make efficiencies as people are then paying for results and not a specific amount of time. Early on, this can mean you seriously underestimate how long things take, but you will get better with practice (and mistakes!).

This is an area we cover on my course "Becoming a Numbers Ninja". Sign up to get on the waiting list now and I'll email you when we are going live again in mid May. Sign up here

 

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