When you set up as self-employed deciding what to charge for your services is critical for the success of your business. But how do you go about deciding your rate? Like so many things it isn’t as straight forward as it might seem so today we’re chatting with The Pricing Queen, Sally Farrant – she loves a spreadsheet! Surprisingly a lot of our conversation is not about money, because pricing is actually about clarity, boundaries and confidence. Want to know more?
Here are some of our key insights:
- “Don’t be the cheapest just because you’re new” and “People don’t value what’s free”
- Pitching and pricing is often about the mental blocks and awkwardness we feel about money.
- Always ask for feedback when someone doesn’t buy from you, it’s rarely about the price
- Know the difference between giving a general view and business-specific advice, the latter is consultancy and should be paid for
- Talk about the transformation to the client and how they will get what they want by choosing your services
We chat about fixed price packages, project specific costs, invoice timing, payment terms, and hidden costs. It is essential that all of you business costs are factored into your pricing, so check out Sally’s pricing calculator (link below) to make sure you don’t miss anything. Also, it’s worth being mindful of what activities you are spending your time on, so that you are consciously deciding what you are doing in terms of profit generation.
In short, this episode is jam-packed full of practical advice and tips!
About Sally Farrant
Sally is a pricing expert. Coming from 25 years of corporate accounting, she now helps small businesses get to grips with their numbers and pricing. She is on a mission to get you to understand your numbers and how to have a successful business on your terms. Instagram is the main social media place to find Sally, link below:
Pricing calculator is here
The Pricing Queen podcast is here