Are You Charging Your Worth? — Tips To Growing Your Income and Online Strategy.
Do you want to know the number one question I get in my coaching practice?
“How do I know what to charge for my services?”
Most of us are undercharging for our time. By undercharging you are essentially ruining it for everyone in the creative industry. It’s time to get clear on what it is you want to do and how you can make a comfortable living doing what it is you love.
There has never been a better time to do what you truly love as a career.
The creative industry is blooming with Social Media Managers, Graphic Designers, Content Creators, Coaches, PR, Bloggers, Photographers etc.. There is a huge need for us creatives in this online world so here are my top tips for growing your income.
Work backwards : My favorite tip is to work backwards. Start with your desired yearly income dividing that into a more realistic number with months or quarterly. Once it becomes more tangible you can start designing your packages so you can see what you need to sell to equal that monthly/quarterly revenue. Also seeing how many clients you can take on without feeling overloaded.
Ex. Desired yearly revenue $90,000 divided by 12 months equals $7,500. If I want 3 clients/projects I need to make $2,500 on each client. Or two clients/projects at $3,750 a month.
What is the industry standard : Get to know the industry you work in, see what people are making at the top of the ladder and at the bottom. See where you fit in. Look at people who are crushing it and what they are offering, could you incorporate some of these services in your packages? I think research is key, you want to stay at the top of your game! Also look to see if there are programs that you can invest in to maybe learn some more tips for experts that will help you charge more.
Don’t barter : Don’t let others set your prices for you. Sometimes it’s just not a good fit if they are trying to take advantage of you. I am all about giving a 10% discount here and there but don’t barter your services out of despairing. I always offer a good, better and best option for my clients so if they want to drop the price they will also be losing different options.
When to say no : I am a big advocate of collaborating and working together on projects to benefit each other. But I want you to be smart about it. Here is what I have come up with to make sure you are spending your time in the right places. First come up with a quarterly “advertising budget” that you feel comfortable with. Next look at your rates and pricing and see how you can use your time as the budget to work with others. Once you have given away your time aka money you will have to wait until the next quarter to work with others. Play around with that budget and see the ROI.
Ex. If I am a photographer and I am looking to have an “advertising budget” of $5000 a quarter I know I normally charge $550 a session so my budget would be 9 collaborative sessions a quarter. Or if a big project came up that I normally charged $3,000 for I would take that on and have a remaining budget of $2000 for other smaller projects.
If you still have questions about pricing or your business make sure to schedule a complementary call with me here : go.jenniferjaden.com/schedulingpage