Today we are talking about pricing, particularly how much to charge per hour.
So the good news and possibly the bad news is there is no right answer. It depends on a number of factors really.
Essentially you want to charge enough so you are earning the same or more than you would in the same job and covering your business costs but also possibly even making a contribution to your pension!
Chloe, from Pink Flamingo Marketing very kindly sent me this link called
YourRate.co and in about 10 seconds you can work out what you should be charging per hour.
Obviously there are a number of factors, the most important one is clients can afford to pay your fees. There is no point having this fantastic service if you are trying to sell it to people with no money.
So there are a number of factors to take into consideration, obviously how much your clients can afford and you can change your clients or your service if the ones you want to serve can’t afford you.
But also your skills, your level of professionalism and your service in general and what you offer. So you are trying to get a match between you and your customers.
I have a couple of examples, 2 graphic designers. One was doing a minimum wage job and really loved doing logos and wanted to start a business. With no money at all, no investment, she logged on to Fiverr.com and started offering that service.
She had no experience, no specialist equipment and no qualifications. After a while she worked out she was earning £10 per hour doing it in the evenings and weekends and that was more than she was earning during the day so she was very happy and I am sure her customers were too as they were getting cheap logos and that was what they were looking for.
As the other end of the extreme I had a client who was an incredibly experienced graphic designer, with 20 years experience.
Highly qualified, highly technical, had all the right kit and her customers loved her. She worked mainly for technical companies who where making money and wanted to create an image that both explained and made look appealing their technical parts. That takes a bit of skill and they were happy to per her upwards of a £100 per hour to do that.
So as you can see it does depend on lots of factors.
What I would recommend is it is a bit of trial and error, but if you listen to your customers, both to what they do say and what they never say about you, then that would be a good place to start looking at whether you are charging the right price and if there are things you can do with in your business to make yourself more professional and be a better match for your customers.
You will know when you have got it right as customers will love what you do.
Thank you very much for watching and I look forward to seeing you next week, my name is Jenny Bracelin and I am a Business and Money Coach, thank you.