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HOW TO SET YOUR PRICES AS A SERVICE BASED BUSINESS

Updated: May 30, 2023





HOW TO KNOW WHAT TO CHARGE & WHEN

IF YOU ARE A SERVICE BASED BUSINESS, YOU PROBABLY AREN'T OVERCHARGING FOR YOUR SERVICES. MORE THAN LIKELY YOU ARE UNDER-CHARGING, JUST LIKE I WAS DOING FOR SO LONG!


WE ALL HAVE TO START SOMEWHERE, SO YOU WILL HAVE TO CHARGE LESS IN THE BEGINNING, HOWEVER I WOULDN'T RECOMMEND CHARGING LESS THAN 30% OF INDUSTRY STANDARD. AS YOU GAIN SKILLS AND AS YOUR CLIENT LIST GROWS, ALWAYS EVALUATE IF IT IS TIME TO RAISE YOUR PRICES. I WOULD RECOMMEND NOT RAISING YOUR PRICES ALL AT ONCE WITH EVERY CLIENT AND I WOULD NOT RECOMMEND RAISING YOUR PRICING MORE THAN 20% AT A TIME.



WHAT ARE OTHERS IN YOUR INDUSTRY CHARGING?

PRICING WILL VARY FROM BUSINESS TO BUSINESS, BUT YOU CAN GET AN AVERAGE OF WHAT OTHERS CHARGE TO HELP YOU KNOW WHAT RANGE YOU SHOULD BE IN. IF THEY DON'T LIST THEIR PRICING, JUST REACH OUT AND ASK.


IF YOU HAVE SOME MAJOR BRAGGING RIGHTS, YOU MAY GET AWAY WITH CHARGING MORE FOR YOUR SERVICE. HOWEVER, DON'T GET TOO HAUTY WITH YOUR PRICING, BECAUSE YOU MAY NOT BE ABLE TO BOOK YOUR IDEAL CLIENTS IF YOU'RE TOO HIGH.


KEEPING YOUR PRICING ON THE LOWER END HELPS TO KEEP YOU COMPETITIVE. HOWEVER MAKE SURE YOU ARE NOT UNDERVALUING YOURSELF AND YOU ARE ABLE TO PAY YOURSELF AND YOUR EMPLOYEES A COMFORTABLE LIVABLE WAGE. FIND THE HAPPY MEDIUM.



ARE YOU IN HIGH DEMAND?

IF YOU ARE JUST STARTING OUT YOU DO HAVE SOMETHING TO PROVE, NO ONE KNOWS WHAT YOU HAVE TO OFFER. YOU WILL NEED TO SHOW THEM. DURING THIS TIME, WORK YOUR ASS OFF AND SHOW THEM WHAT YOU'VE GOT! BUILD YOUR PORTFOLIO. MAKE YOUR SERVICES AND NAME KNOWN AND TRUST-WORTHY!


AFTER SOME HUSTLING (COULD TAKE MONTHS - BUT PLAN ON YEARS) YOU WILL HAVE A SWEET PORTFOLIO. YOU WILL FIND YOURSELF IN A PLACE WHERE YOU ARE IN HIGH DEMAND! YOUR CLIENTS WILL REFER YOUR SERVICES TO OTHERS. A PERSONAL REFERRAL FROM SOMEONE PEOPLE TRUST, IS THE BEST WAY TO BUILD YOUR BUSINESS.


YOU CAN RUN ADS AND POST ON SOCIAL MEDIA, 100% RECOMMEND, BUT IF YOU CAN GET REFERRALS FROM YOUR CLIENTS, THAT WILL BE THE BEST WAY TO GROW YOUR BUSINESS. SO ALWAYS TAKE CARE OF YOUR CLIENTS AND MAKE SURE YOU ARE GIVING 100% TO THEM.



GET THE REVIEWS!

AFTER YOU HAVE DONE YOUR RESEARCH ON WHAT OTHERS CHARGE AND YOU SET YOUR PRICING ON THE LOWER END (IF YOU ARE JUST STARTING OUT) AND YOU HAVE YOUR CLIENTS THAT YOU ARE WORKING HARD FOR, ASK THEM FOR A GOOGLE REVIEW.

LET THEM KNOW YOU ARE EXPANDING AND TAKING ON NEW CLIENTS AND WOULD LOVE FOR THEM TO TELL OTHERS HOW THEIR EXPERIENCE HAS BEEN WITH YOU WORKING WITH THEM. (PEOPLE ARE BUSY AND EVEN THOUGH THEY LOVE YOU, THEY MAY FORGET, BUT DON'T HESITATE TO REMIND THEM).


THESE REVIEWS WILL HELP OTHERS KNOW THEY CAN TRUST YOU AS A SERVICE PROVIDER. THESE REVIEWS AND YOUR PORTFOLIO WILL SPEAK VOLUMES FOR YOUR BUSINESS!














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Cheering you on!

Kendra
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