Every entrepreneur has this issue: knowing how much to charge their clients. Questions like “Am I charging too much?” “Should I be getting paid more?” “How do I compare my rate with other people offering the same services?” “What is the right hourly rate I should be charging?” are often going through our heads. Knowing how much to charge is a challenge that everyone goes through. So how do you know how much you should be charging? How do you even compare yourself to other people who are offering similar services? Well, we’ve done some research that we hope should help you find an answer to all these questions!
Do some research!
When you’re just starting out and you want to know how much your rate should be, start doing some research. Whether it’s through Google, asking your network, getting quotes from other businesses who offer the same services then you, it all counts. See what the starting rate is. Get an idea. This should give you a general overview of what price bracket you should be charging.
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Evaluate your experience
This could be a tricky one. Obviously, when you want to evaluate your experience you always want to believe that you’re an expert. But that’s not always the case. And don’t forget, education isn’t everything. Just because you studied something and you have a Ph.D. doesn’t mean that you’re at an expert level. It’s all about the experience. How many clients have you serviced? How many contracts have you completed? Can you say you are 100% comfortable and expert on the services you’re offering? Have all your clients been satisfied with your work? How many edits did you have to do before it was to the client’s satisfaction? These are all important factors to consider. So take the time to really consider each factor and evaluate your work. If you’re unsure, ask a third party to do it who’s objective. From there, you can get an idea at what level you’re at and get a better understanding of how much your rate should be.
It’s important to always stay competitive! You don’t want to be charging a fee that everyone will find expensive and you won’t be getting business. There’s nothing wrong with charging a bit more than the rest if you have the experience and your services/products are considered higher quality for example. However, you do want to remain competitive so you can attract clients. That’s why it’s crucial to really take the time and see how much the competition is charging. From there, you can compare your work and products/services to see how much you should be charging.