You’ve Just Started Your Own Business
You’re tweeting, you’ve got a logo professionally done, you know who your target market is and what makes them tick.
Just one thing… You haven’t quite figured out what to charge. Maybe you’re still thinking that you don’t even want to charge; you love what you are doing so much that you’d do it for free! And who wants to talk about money anyway.
First off, loving what you do is a great place to start. It would be nice if we were all that fortunate, but as long as there are public toilets that need washing, that just isn’t going to happen. But just because you are one of the lucky ones, that does not mean that you shouldn’t be paid. That just means that you had a passion and goals and made it happen. So, keep loving what you do, but, unless you are one of the very fortunate few (in which case, feel free to stop reading), you still need to get paid.
Rate vs. Worth
Now, coming up with a rate and deciding what your time is worth are two different things. To come up with an hourly rate for your services, you will need to look at what your competitors are charging and evaluate what the market will pay.
You might take into consideration any overhead that you have and create a cool mathematical equation involving percentages, net and gross, and other important sounding accounting terms.
But that’s not the same as calculating what you are worth. The money that you are being paid is an exchange for your time, your knowledge, your experience, and your gifts. You are being paid,and your clients are benefiting in other ways.
It doesn’t matter if you are a coach or do colon cleansing, you are offering your talents to the world, and those talents will benefit others. Think about what your potential client will receive from buying what you offer: a new outlook on life with tools on how to achieve goals; a relaxed body free of stress and strain; a new website with social media integration without headache and hassle.
What are you offering your client? Is it just yard work or is it landscape design that creates harmony and flow? Is it just childcare or is it loving care that’s second only to mum and dad? Is it just bookkeeping or is it peace of mind that not one single thing will be lost or forgotten?
In the above examples, I know which I would be willing to pay money for. I can also see which small business owner has thought about what they are offering and what they are worth.
You are not worth as much if, for example, you are just a life coach. Take me, for example: I don’t just help clients with issues; I help people regain control of their financial lives so that they can live a life of abundance. As such, I know that I have a lot to offer to my clients and they can feel confident that I am going to give them exactly what they came for.
Once you’ve got a clear idea of what you are offering to your potential client, think about how much that time and energy would be worth. Remember, your client is getting more than just your service, they are getting peace of mind, abundance, harmony, etc.
Be true to yourself. Pick a number that feels good to you. Honor yourself. I’m not suggesting that you go hog wild here, but being modest isn’t being true to yourself either.
Don’t think small. You are not a small person. You are someone with a gift that you need to share with the world, and the world will be better off for it.
Talk it Up! Once you’ve gone through this process and come up with a number that truly resonates with you and what you offer, you will find that it is much easier to then share that number with the world. You should no longer feel shy or embarrassed about your rates, but offer them proudly, knowing that, if anything, your client is getting a great deal because you are offering them not just a product but an experience.
I know that you have a great offer for the world. Now you just have to get out there and talk about it, and feel good about what you are offering and what you are charging.