If you’re new to freelancing, it can be a little overwhelming and confusing. There’s so much to think about and so much to set up. You need to ensure you’re doing the right things and not wasting your time and money on the wrong things. You also need to ensure you’re starting as you mean to go on, especially when it comes to business and pricing.

Recently I was chatting with Emma Cossey over on my podcast. She’s the go-to resource for everything when you’re new to freelancing. Emma’s passionate about taking away the fear around being a freelancer and ensuring you have everything you need to build a business that suits you and your personality.

The essentials new freelancers tend to overlook

Two essentials often get overlooked by new freelancers - terms and conditions and business boundaries. Terms and conditions don’t need to be full of legal language. They can be a list of boundaries and expectations between you and a client, simply...

There are loads of pricing myths out there in the online world. From pricing low when starting out right through to only being able to price per hour, these myths only serve to keep you stuck at a money ceiling of your own making. 

So let’s bust 5 of the most popular pricing myths coaches and consultants, in particular, come up against.

Pricing myth #1: Pricing is a one and done thing

Prices change all the time, and it’s never a just once done kind of thing. After my recent podcast chat with Osmaan Sharif, I started putting my prices up after every 5 clients. When it comes down to it, pricing really is just trial and error. 

The only way you know if something is the right price is a) if it earns enough for you, and b) whether somebody’s prepared to pay for it! If it’s perceived to be too expensive or not provide enough value, people won’t buy it.  

You must think about where your products and services fit in your process and how you...

Selling to Corporates is something many shy away from. There’s a worry it’s complex or challenging to sell to Corporates - and in many ways, that’s true. But it’s also a significant way for you to grow and scale your business. Corporates tend to be more expensive, and you can charge more.

I’ve recently been talking with Jessica Lorimer over on my podcast. Jessica specialises in helping entrepreneurs sell into Corporates and can help you see how adding selling to Corporates can become a revenue stream for your business.

What is a Corporate?

A Corporate is an organisation that has multiple permanent employees on its books. They work to provide their end-users and customers with a specific service, product or experience. They aren’t defined by how much they earn. A solo entrepreneur can sometimes earn more than a Corporate! It’s the staff component that makes the difference between a solo entrepreneur and a Corporate.

Why work with Corporates?

Correctly knowing how to price services and packages is something many business owners struggle with. Often, pricing by the hour is the default option for service-based industries and new businesses. But if you want to have financial freedom, this needs to change - and fast!

Why pricing by the hour isn’t a great option

There are so many reasons why pricing by the hour isn’t a good option for you. Primarily, you’re tying yourself into the time for money trap. You’re limiting your earning potential by the number of hours and days you can work.

But also, pricing by the hour punishes efficiency. As you get better at something, you get faster. The faster you get, the quicker you can deliver things - and if you’re charging by the hour, the less you’ll earn. Someone else can produce a lower standard of work over a longer period of time and get paid more!

It isn’t good to limit your earnings according to your available time

You’re the CEO of...

Hourly billing isn’t a good pricing option and it’s something that Jonathan Stark, former software developer and author of ‘Billing is Nuts’, is on a mission to rid the world off. The problem with hourly billing is you’re always putting an artificial ceiling on your income. You’re limiting yourself, based on the hours and days you can work, along with the traditional standard hourly rates associated with your industry. It’s why value-based pricing is so much more effective for you and your clients.

Why hourly billing isn’t a good pricing option

It often allows you to get started, long before you really know what your client wants. But it’s also not designed to build trust either. If a task takes longer than your client thinks it should, they question your efficiency and wonder if you’re padding out the hours. 

The hourly billing model also penalises you for being good at what you do. The slower you work, the more...

Do you price by the hour? Or do you price based on your hourly rate?

Pricing by the hour really undermines how efficient you are and how quickly you can get a result. If you can get the same result in less time, why should you be paid less for it?

You have to work out what the value is to the client of your work. For example, if you are in HR, can you deal with employee disputes quickly and efficiently with minimum stress on each side? That's worth a lot of money to a client.

Are you saving someone time, money, or providing peace of mind? An accountant might save all three, but the main pain is making sure you are paying the right tax and not missing anything.

Think about the problem you solve and what results you get for the client. Why should they hire you and not someone else?

Ask clients different questions when you talk to them. Not about what they want doing but about why they need it - why now? Why you? What are they looking to get?

This is tricky to start with but with...

Black Friday sales have been around since the 1960s. But it wasn’t until Amazon bought it to the UK in 2010, that it really took off. Although Black Friday (and Cyber Monday) sales do lead to an upsurge in sales, many online business owners are asking if they should run Black Friday discounts too.

Because a lot of smaller businesses tend to only take part in Black Friday, through a fear of missing out.

And personally, I don’t think you should run Black Friday discounts.

As a business owner, you’re not going to lose out on anything, by not having a Black Friday discount. And let’s face it, there’s no need to discount for the sake of it. 

Know when Black Friday discounts work for your business

Black Friday discounts can work if you have something specific to promote. Your customers are primed to go shopping during Black Friday, and many will hold off until this day, to ensure they get the best deal.

And this is good news for you if you want to...

When it comes to pricing, everyone wants a deal. But that doesn’t mean you should discount your prices. Pricing is as much about confidence as it is about finances. If you’re confident about your pricing, you’re more likely to appreciate the value you give to your clients and less likely to be hasty over discounts. 

If you’re looking to increase your confidence around pricing, here’s a few things to bear in mind.

Pricing is about confidence

You have to be comfortable with the prices you set. If you’re not, it’ll show in your sales pitch and reflect on how visible you are. A lot of this is down to confidence - confidence in your pricing and your abilities. If you don’t think you can deliver what you’re promising, it doesn’t matter how low or expensive your prices are. 

But it’s also how others perceive your pricing too. Price too low and your ideal clients may worry about the value of service they’ll...

Do you track your hours? Unless you provide an hourly-based service (such as administrative assistance or transcription and editing services, for example), it’s highly probable that you don’t. However, when it comes to improving your working practices and charging your worth, it’s something you really should consider. Here’s why.

Do you need to track your hours?

It’s so easy to get sucked into spending a whole load of time on a project or task that isn’t that important. Maybe you find yourself working too many hours and need to know where to cut down. And just maybe you have no clear idea on how to price your products and services, simply because you don’t know how long they took you to create. 

Tracking your hours is crucial to your business efficiencies, working practices and your working routine. It helps you know several important things about your business and how you work, including:

• Where you’re spending your time.
• How...

As a topic, pricing is one that often leads to the most heated conversations amongst business owners. However, it’s also an area that a lot of people struggle with and have questions about. But if you want your business to grow and earn you a decent wage, pricing is something you need to consider and talk about. And if you’re still looking to price by the hour, it’s a conversation we need to have!

Last week we looked at one of the biggest pricing dilemmas - the importance of putting your prices on your website. Now, we’re going to look at why it’s so essential that you don’t price by the hour and what other options are available to you.

You need to know how much per hour it costs you to run your business

No matter how you price your services and products, It helps to know your hourly rate. Primarily, this is so you can accurately reflect the time spent on something and factor that into your pricing decisions. It isn’t a figure that you share...