Multiply Your Price by 10

How much, on average, do your best clients pay you in a year? If you were to give them a flat rate for all the work you could do for them in the next twelve months, what would you charge? Is it just a bit more than they spent last year? Is it less?

Steve Shapiro, in this post aimed at professional speakers, suggests that your all-inclusive price is probably too low — way too low. Steve suggests we think bigger, and gives an example:

Are you a plumber? Maybe your typical project generates around $2,000. You may be tempted to offer a lower-cost option, perhaps a do-it-yourself kit, for only $200, which is valuable.

But what if, instead of $2,000 being the high-water mark for your services, you created a $200,000 offering? This would certainly get your creative juices flowing. Maybe, instead of selling your services to individuals, you target condominium associations, selling them an all-inclusive deal for every unit. It would challenge you to think bigger than you have thought before.

How could you earn ten (or even a hundred) times more from each of your Ideal Average Clients over the next year? What needs do they have that you’re not addressing? What do they value that you could provide? What would they pay extra for? Speed? Certainty? Convenience?

Take 10 minutes and make a list of everything that comes to mind. Even if you can’t really multiply your fee by ten, you’re certain to uncover things you could do (and charge for) that your clients would value and gladly pay extra for. I’d love to hear what you come up with.

Originally published at www.nonbillablehour.com on March 8, 2012.