Hello Shingle People!
I’m so excited about this post! This is a workbook I’ve been working on for the last month! It’s a 12-page workbook that goes through a few exercises to help you come up with a sound and systematic pricing system that incorporates your value and the costs of running your business.
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I was inspired to create this workbook because I was once at a place where I had no method of valuing my skills and my services. When I first opened my law firm, I had no idea what I was doing when it came to the price of my services. I found myself constantly reducing my price with every client because I had no way of explaining to them why I had charged what I did.
So one day, after going to a practice management seminar for solo practitioners, the presenter briefly touched on budgeting and price. It was a light bulb moment and I came home, did the calculations and things have been smooth ever since.
That is not to say I haven’t been turned down when I give my price – that happens more times than I get a client. However, I’m no longer afraid to stick to my price. I’m no longer negotiating my price down. It just means I understand my value and how much it costs for me to perform my services and the minimum I need to earn to make that job worth my time.
I won’t go into too much detail here – I’m actually planning an EPIC blog post that will compliment the workbook and the podcast. Here are some of the exercises you’ll learn:
Value yourself – this is where it has to begin. You need to understand your own value before you can communicate it to someone else. There are a few questions you need to ask yourself to help you get a clearer picture of the value you offer your clients.
Embrace your cost – an important part of your price is determining how much it costs you to do business. This is important because you don’t want to run a business just to break even. If you don’t have a comprehensive view of your costs, what you charge will not be enough to cover your expenses and for you to make a profit.
Price yourself! – pulling a price “out of the air” as a starting point is tempting, but a set-up for failure. Here’s why: that price has nothing to do with your time, your value, and your financial goals. That’s not to say you can’t use it as a guide, but as long as you adjust it to your goals, it could work. I take the guess-work out of determining a price by providing you with two calculation methods to help you confidently price your services.
Let me know what you think. I would like to hear your feedback. I also want to know what methods you have used and what has increased your confidence about your price.
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