If they are your first beginnings as an independent professional, surely you will be wondering what price to put on your services. But even if you have been in the market for a while, many times you have doubts about whether your price is correct, if that is the reason why customers do not want to pay your fees or ask you for discounts, or simply the fact that you have been around for a long time. without encouraging you to update your rates (especially for fear of losing customers), it becomes a snowball that leaves you hyper insecure regarding your professional fees.
Is this your case? So this that I am going to teach you today you will love because I will take you step by step through these keys so that you can put a price on your fees yourself. I am not going to tell you if you have to charge 1 dollar, 50 dollars or 1000 euros. But I am going to give you the most important keys so that you can find the right price for your services yourself. Here you have:
3 keys that will help you put the right price on your professional services
Key 1 - The price of your services should comfort and satisfy you
It seems obvious, and unfortunately it is not. It will not be the first time that you hear that because of the crisis, or because the market is exhausted or resentful, you must accept "low prices" or "whatever". Although there may be exceptions (I will discuss them below), in general this should not be the case. You need to set rates that allow you to be at your maximum potential and give everything to your client. And for this, you need to be comfortable with your prices.
And what happens if you don't meet this requirement? What if you accept a client at a price that does not satisfy you at all just because of "having one more client"? Imagine working side by side with a person, resenting every day what you are charging them. If you have a professional business where you sell your knowledge, where the greatest capital you offer is the help you can provide to your client, you should be comfortable with him and with what you are charging him. Otherwise, you will feel bad, your energy will drop and I assure you that sooner or later, the quality of your service will also be affected.
Attention: no one is exempt from ever having received a customer at low rates or having made “an exception” based on a particular situation. If this has happened to you, it is not to scourge or judge yourself. But the exception is not the rule, and as long as it has been an isolated case, nothing happens. Now, if those cases are more than those that have fees that please you, that's where you should start reading this key again and reflect on what you will do next.
Key 2 - The price of your services should allow you to commit yourself to the maximum and work tirelessly for that person
Here are several theories and I will tell you which one I like the most and actually apply it in my professional practice. Some people may tell you that it is better to charge a regular price for a standard or delimited service, and then if the customer needs more, you offer to deliver (or charge) the additional ones, or transfer it to a higher program, etc. It is totally valid, you can do it. Just remember to be very clear when offering your services to your client, and set the limits where appropriate. Otherwise… and well, you may feel a little disappointed not to use a worse word.
In my case, the model I use is full commitment. I read it a while ago in an article by one of the mentors I follow (Robert Middleton of actionplan.com, I have already told you about him on other occasions) and it made perfect sense to me. He explained perfectly that there are clients who are going to demand less, and others are going to demand more. And your services (and therefore your fees) must allow you to have full availability, maximum commitment and tireless help to that customer who needs you today. And yet you should be able to keep a smile on your mouth, not out of kindness, but because you agree with what you are delivering.
This is what I recommend and what I use with my clients. When one of them starts a private mentoring program with me, they know exactly what they will receive and how much they will have to pay, and that is the only thing they will pay in this entire program. I spare no information for my clients. I teach him all the strategies I use, how I do it, what I get and what I don't. I have total openness and clarity with that person and, for the agreed time of hiring, they have any additional free (online class, book, etc). Also, if this person requires more of me, if I have to make changes in the program (as long as they are within the limits of what my services include, of course), if I have to dedicate myself more, if I have to offer them extra resources, everything is included in the total commitment model.
What is your compensation, then? High-level fees and programs. Will this leave many out of the possibility of hiring you? Yes it's correct. But it also leaves your customers much more satisfied. Make the equation.
Key 3 - The price of your services must be according to the results you offer
Another obvious thing that is not so obvious when it comes to applying it. You have already read me in many articles saying that one of the first things that you must define in your services (even before the price) is about the results that your client will get working with you. Based on those results, it is that you will be able to then put a corresponding rate.
Let's look at a numerical example to make it easier for you to understand (and apply). If you are proposed to invest $ 50 in a business, and get double in the first year, it seems a credible business. What if they offer you the same business and you have to invest $ 100, to receive $ 50,000 for a year? It sounds tempting? Or does it sound… mmm at least a little strange? Remember, no one believes in magic formulas and “get rich overnight” models. If you are going to hire a mentor or coach who is going to help you make $ 50,000 a year, I assure you that you will look unprofessional if you don't have at least 4 figures in your fees.
Can't your results be measured in money? Do not get scared. Everything has a value in life, even when it cannot be measured in money. One of my clients is a self-esteem specialist coach. She could tell me that her services are difficult to translate into money, right? Now, a person whose personal security is totally shattered, her self-esteem on the floor, and her faith in herself more than absent, when was the last time she asked for and got a salary increase? Or that you started a personal project or business successfully? Isn't that measurably measured? What value does it have for this person we mentioned, to change her life and recover her personal value? Find out so you can put your fees at the correct level.
Remember, then, to put the price of your fees on the exact step that allows your clients to stretch a little and access them, but also to show you as a professional committed to their results.
