Own Your Worth, Own Your Price
“I just don’t know if people would pay ME this price for doing this kind of thing”.
This is something I hear from my clients and other freelancers all the time. ALL. THE. TIME.
One topic that I work with my coaching clients on is setting their prices. How do I price my course, service, product, or package? There’s a myriad of reasons why each client struggles. It could be they are givers at heart and don’t know how to ask, some of them shy away from marking and selling - they aren’t sales people, and some simply don’t know where to start.
Do you hear what I hear? That’s not a pricing issue. That’s a worth and confidence issue. The question isn’t about your skill set, it’s about YOU. Sound like you?
There is a lot of information to help you set your price but this is the 3-step process and formula I use to set my price.
Step 1. Own My Personal Worth and Value
Before I look at anyone else, what they are doing and the prices they’ve set, I look at myself. What do I have to offer intrinsically as person and what do I have to offer people regarding my services and products? I consider the cost of running my business with my systems, softwares and tools.
I consider my experience, qualifications and expertise. I get REALLY clear on all of that. I write it down. I articulate it in a list. On a separate paper I consider the cost of materials/service and cost of my labor.
Step 2. Consider the Competion
It would be unwise not to look around and see what the competition is doing. But so many just stop there. It leads to several pitfalls because ultimately comparison IMPAIRS if you stay there.
- Dissatisfaction with your own business
- Drained energy
- Feeling that you are left behind
- Analysis paralysis
- The inability to stay in your own lane
How to avoid them
- Set a timer for market research.
- Find the best people doing what you do.
- See what they are doing right and take note.
- See what they could be doing better and take note.
- Consider the price for what they are offering.
Then decide if BASED ON YOUR STRENGTHS AND EXPERTISE you could do it better or if you could make your offer unique by adding a distinct focus or strengths-based niche.
Step 3. Use the Easy Equation
Want to see this equation in action? Sign up for the pricing tutorial webinar!
First, Determine how much you want to make per year.
I want to make $__________________ this year. That’s $___________________per month
I want to make $42,000 this year. That’s $3,500 per month, or about $840/week.
Then, price your package/service/product
Divide the amount you want to make by the number of packages you think you can sell. This answer will guide your price.
Example: $3500 / 5 packages = $700 or $ 3500/35 products = $100 ea
After applying the easy equation and considering your competitions prices, adjust YOUR price based on your level of experience and expertise. This will help you gauge if you need to sell more or if you can increase your price.
NOW OWN IT.
Want to learn how to apply this formula to land gigs on Upwork and jumpstart your freelancing career?
Join freelancer and Upwork Expert Stephanie Danforth and I February 24 at 7pm EST for a FREE WEBINAR on Owning Your Worth and Owning Your Price
You should join us if:
You want to get started in freelancing either design work, beta-reading, , copy-editing, event-coordination, or as a virtual assistant but aren’t sure how much you should charge for your services and packages
You are freelancing now but are struggling to raise your prices
You want tips on how to attract better, higher paying clients with a better Upwork profile
You want to know proven strategies for increasing your prices on Upwork and how to get people to pay them!
But you definitely shouldn't if:
- You like spinning your wheels
- You like hustling harder than you have to
- You don't want any Upwork platform specific tips
- You HATE learning from someone who is where you want to be in a few months
- You like licorice. (Just kidding. You can still come but I'll just think you have weird tastes.)