How do I price myself?!
If you saw my latest post on Instagram, you’ll see that I’m ALL about pricing yourself to reflect your value.
It’s something that is so important as it will set the benchmark for your business and how you are valued by your audience and your industry peers.
But I’m going to let you in on a little secret….
It’s ok not to know how to price yourself.
Yep, you read that right. And you know why…. Because so often when you start a business, you are in it on your own and don’t really know what you’re doing. I certainly didn’t!
I didn’t have a mentor to guide me, I hadn’t studied business at uni, and I didn’t come from a family of entrepreneurs. It was me, on my own, head just above water learning as I went. So today, I’m going to share how I figured out how to price myself, and how to make sure my business is profitable & successful.
So, let’s go!
Cost of Business
Please don’t roll your eyes at me…
This is the first thing you’ll be told by most people when you start your biz (especially your accountant!) and honestly, I ignored it when I started, because money was a scary thing. I had no idea what it would cost to run a biz, I figured, I’ve got my camera, what else do I need?
But, my friends, there are SO many things to consider. Insurance, subscriptions, marketing costs, website costs, education, training, gear upgrades…. It can be a lot.
So, sit down, write out all the things you are paying for in your biz and figure out how much this comes to per year/per month.
Next, you need to figure out how much you want to be earning. Don’t forget to include tax here too! If you want an easy way to figure this all out, download my free CODB template here.
Industry Standard
One of the most important things when looking at your rates is to look at what your industry charge and use this as a guide. The last thing you want to do is undercharge yourself to what your peers are charging, as this will not only cause your clients to wonder why you’re so much cheaper but it will undervalue your industry as a whole. And when this happens, no one can grow and you’ll be working for pennies for far too long. So please, consider your industry peers when pricing yourself.
Offer options
Depending on what you do, chances are, you won’t have just one offering or service. And so, to ensure you have something available for all your clients, make sure you have a range of options available for them to select from.
What I mean by this, is have an entry-level option, your ‘cream’ offering then your top of the line, ‘dream client’ offering. Your clients will all have different needs so put yourself in their shoes, think about what they will most need from you and create your offerings and pricing accordingly.
And so, there you have it! My tips on how to price yourself. Put them out there, see how your clients react and review them yearly. It’s the best way to grow both financially and professionally. Remember to download my free CODB template here.
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