Have you ever quoted your client a low rate to get them to hire you, but later felt frustrated or resentful? How did that affect your work and your relationship with the client? You may be struggling to set prices that are sustainable.
My first attempts at pricing my services felt like I was groping around in the dark. I had no idea what to charge.
I had two methods:
#1. Searching the internet for what other bookkeepers in my area were charging so I could charge the same...or less. It didn’t matter that I didn’t know anything about them, or how they decided their prices.
#2. Trying to guess what my potential client would be willing to pay. And making imaginary assumptions about what they would think was too much.
Both of these terrible strategies are common for new business owners, and it’s understandable. Without much experience, it’s very hard to understand your clients, and the amount of time and effort you’ll need to invest in them. And when you’re just starting out, you’re hungry for clients. It’s so easy to find yourself setting your prices to get them to say YES. But what happens after the ‘Yes’?
By basing your pricing on someone else’s numbers, or guessing what your clients will be willing to pay, you’re ignoring the most important thing in your business...YOU!
I started out quoting the lowest price I could hoping it would entice potential clients to hire me. And many did. But when it came time to do the work each month, I felt drained. I wanted to avoid it. I felt uninspired, unmotivated, and even resentful. Yuck!! Surely my clients could feel the yucky energy around this too!
I soon realized that this is not the energy I wanted to bring into my work, my life or my client relationships.
I want to feel eager and motivated to do the work and deliver tons of value for my terrific clients. They’ve said yes to me and they deserve my best work.
So now when it’s time to quote a price, I start with me. I think about what I need to feel supported when it’s time to sit down to do the work, and how I want to feel during my contact with the client. Sometimes the amount that feels good to me is similar to what I would have landed on using my old desperation methods. But sometimes it’s not.
Pricing this way helps me deliver a much better experience for my clients. It ensures they’re getting value that’s even more than the fee. It’s a win win, and that’s the only way I want to work.
I’m no longer pricing to get an initial Yes from any and every client. I’m pricing to get a long-term YES for everyone involved, which is a much more valuable thing.
If you’ve been pricing to get a Yes, but not thinking about long-term sustainability, try starting with what you need next time. Need support? I can help you work through resistance to raising your rates, and understand how your pricing will affect your business numbers. Schedule a free call to talk about it.