One of the star issues for people who charge for our services is how much to charge for our work. It is something of a headache for almost everyone, because both the money issue and having that are associated with many limiting beliefs. Beliefs like being a bad person putting a price on something that you make yourself a person, or greedy or unspiritual, for example. And I have said many times that it is very important to work those beliefs or you will be stuck in your business.
There are many theories on how to set your prices. One option that I found interesting at the time is to find out what your colleagues charge and subtract or add 20% based on your experience, so you would be in a safe range. Not a bad idea, especially to start with.
Other mentors suggest finding the price that makes you feel good, without relying on the price of others. For two reasons:
- Because the price of your competitors may not make you feel good, because you allow yourself to be limited by the limits of others. For example, if your colleagues charge forty euros an hour because they are afraid or insecure to collect, do you also have to collect that even if you do not cover expenses? Of course not.
So this option of choosing the price with which you feel good is also interesting (not easy). Another option, as Naomi Dunford mentions on her IttyBiz blog, is not to focus on any type of professional but only on those whom you would like to resemble. They are probably not taking a pittance…
Another important thing to keep in mind is who you are addressing. Addressing students is not the same as addressing billionaires. The former will be frustrated if they cannot access you and the latter will not look at you if you become ridiculous. Because we are not fooled, by all it is known that we associate value with price (and I do not mean what you are worth as a person. I emphasize again what I said the other day, there is no price that can pay what you are worth. We are talking about something else.) In general, if you seek the help of a professional (coach, doctor, lawyer, etc.) and one charges forty-two hundred euros or dollars an hour, a priori, who would you think is a better professional? ? If you had the money, who would you hire? Be honest.
The reality is that a very large percentage would not doubt it, the one that charges more and may be better or it may not. The question is that if something is worth more to you, it seems better to you and vice versa, when we see a very low price you may be happy because you can afford it or you may think “why will it be? That is very good, it is not, some failure must have. ” So the price is going to say A LOT of your brand. And what you don't want your business to think about is that last part.
Or if? There is the issue, it depends on your business. If you have a product and want to sell thousands of units at a low or very affordable price as a business strategy, perfect. Then you will have to make an effort to make yourself known because your goal is for many people to come to your website or store to buy the product. If you see it as a strategy, perfect. Another very different thing is to put low prices because you think you are not up to it or you feel insecure. That is not strategy. And that happens to many people. I will be honest with you, if your work depends on conversations with clients (coach, psychologist, etc.), how you earn little or do not earn much and you do not make ends meet, or you cannot even breathe from the number of clients you have to to have.
On the other hand you can choose to put high prices, that also requires their effort, that your work is very good and your attention and follow-up as well; and that your appearance, your brand is up to the task because it will be more difficult for you to have credibility. If you have high prices, you have more committed customers, because when you pay a high price for something, you treat it like gold cloth, you make the most of it. However, if it has cost you two hard, as who says, it is easier for you to falter, to skip sessions or not to do the work. And when your client does not do the work it does not have results, and you do not like it neither you.
Here I want to mention a phrase I read the other day: "Just because you can do something does not necessarily mean you have to do it." Just because you can triple your prices doesn't mean you have to. It's not that I want to mess with you anymore, it's that what really matters is that you know your strategy. Who are you addressing? What do you offer You are good? Do you have experience and followers? Just started
Each case is different. If you have just started, the important thing is to have your first clients, testimonials and increase your security in the value of what you offer. You can start with a more affordable price in a LIMITED way (in time or in number of clients) or, if you are clear that you want to charge a lot from the beginning, then be aware that you will have to wait more. They will spend more months almost without income because high prices require a good positioning and a lot of security in what you offer (and that is not usually had at first).
What do you say? Which of the options do you find more interesting or in accordance with your style?
