One of the less pleasant parts of any client meeting is when it’s time to talk money. It’s never an easy topic to have and some entrepreneurs actually stress just thinking about it. However, it’s a crucial part of a business. In fact, it’s what determines your profits and income. You want to make sure your prices are competitive but at the same time, you want to ensure you’re charging enough to get by and run your business. We’ve prepared a list of helpful tools to help you approach this topic with your clients so you can feel like a true #GirlBoss
Know Your Worth
When you’re just starting out, you want to know what the going rates are for similar services you will be providing. So it’s important to do some research. Check online and visit websites that offer those services. As your group of networks how much they charge. Get an average idea of what the starting rate is and how much it can go up to. From there, value your worth. Do you have a lot of experience in this domain or are you still in the learning curve? Once you have that figured out, set your starting rate. As time goes by and you gain more experience and build a portfolio, feel free to increase your rate.
Don’t forget, this is something that you’re hoping to make a living out of. So, you don’t want to be charging too low. But at the same time, you don’t want to charge too high that you won’t get clients.
Be Confident About Your Rates
Clients know when you’re not confident about your rates. They sense it in your body language and in the words you use. So be confident! Even if you’re stressed, don’t let them see it. You know your rates. You’ve done your research, you’ve analyzed how long it will take to complete said task and you’ve prepared an estimate. So it’s time to let them know your rates. Be confident and communicate your rates with a strong confident voice. Don’t give them a reason to doubt you and your services. Confidence is key.
Have an Estimate Ready
Usually when clients contact you, they don’t expect to get a quote right away. They ask questions and set-up a meeting or tell you that they will send you further information so you can estimate how long it will take and if you’re the right person for the task. Once you have a general idea of what the task is, you can start calculating how long it will take to complete it. From there, you can already have an estimate. Make sure you are giving them an estimate that includes some wiggle room in case it ends up taking more time then you initially thought. For example, it will be between 400$ and 500$ depending on how long it takes. This will give your clients an idea of what to expect.
Be Clear About What Your Rates Include
It’s important to let your clients know what they are getting out of you. This avoids confusions in costs and extras. You also don’t want to just say “Well I will do what you asked and that’s it”. You want to make them feel that by paying you for your services, they are getting the full experience of your brand. Yes your rates cover what they are asking from you. But it’s important to let them know that you’re offering more than just those services. You want them to choose you instead of someone else so you really want to sell yourself. It could be something as simple as free edits because you want to make sure your clients are satisfied. Or a free mention on your social media platform to promote them and at the same time you.
Think about the small things that make your brand and let your customers know that by doing business with you, they are also becoming a part of your brand.
Have a Payment Plan
It’s important to put in place a payment plan that not only guarantees you will get paid, but also that will not put pressure on your clients. Most common payment plans require a deposit up front and balance to be paid upon delivery. The deposit is a somewhat safety net to guarantee you will be paid at the end. Once you’ve estimated how much the whole project will cost, you can already let them know of your payment plan. For example, you require 50% up front and 50% upon delivery. Be comfortable with your payment plan and confident enough to let your clients know.