A comprehensive guide to curing your indecision
If you’ve recently gone into business for yourself, you might be wondering what that magic number is. What should you charge your clients? The answer is: It depends. This question can often be met with both frustration and indecision but here are a few helpful things to consider as you try to decide:
EXPERIENCE & SKILL SET
Your experience dictates just how well you know your subject. Do you have a standard knowledge of your field or is it specialized? How long have you been in the profession or how long have you studied it? More often than not, someone who has been doing what they do for five years, would request more pay than someone who has been doing it for one.
What are other people in your profession charging? This question is and isn’t a good way to gauge what you should charge your clients so don’t let this be the only factor you consider, as it will vary depending on industry. For instance, if you’re a therapist, there is no limit to what you can charge a client. If you’re a yoga teacher, you can only charge so much for a yoga class, as people offering these types of standard services usually try to match the price of others. However, if you’re a yoga teacher that is offering private classes, yoga teacher training, and/or a yoga retreat, then the spectrum of price changes entirely and can vary greatly.
Building a client base can take time and it also takes time to find your own groove, in anything that you pursue. While numbers may not be everyone’s forte, don’t let them scare you. With some some simple math and a handy calculator, you can easily reduce your anxiety regarding what to charge your clients by considering all your expenses.
What will it cost to operate your business? Will you be the only employee? Do you require an assistant or will you be hiring other professionals to offer the same services that you do under one roof? When you understand your costs, you will realize what rate is and isn’t worth settling for. You can’t consider a rate that will make you lose money otherwise the business won’t persevere. Sure, you could consider a rate where you break even, as in being able to cover all your expenses void of a profit, however you want to strategize on how you can scale your business over time. By doing so, you will be able to build a reputable business you can be both proud of and comfortable with.