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Helpful Tips for Pricing Your Services
It is true that pricing services is not easy and this is a challenge that every service provider must encounter at some point. That is if you are in it for keeps. No matter what you’ve heard, being the best at what you offer will not be the only deciding factor when it comes to retaining clients. Once you have learnt how to set prices, it will make a major difference for your business. Once you have mastered this, you are able to remain competitive in the market yet still get your worth, while at it. See below some powerful strategies you can use to price your services.
Setting up an hourly rate is critical and should be the first that that you do. You cannot go about this blindly and shall need to embark on a fact finding mission to ensure that you have set a suitable hourly rate. It is how you can then set a charge per project once you have looked at all the details of every project. It would be wise to keep these rates to yourself and use them for calculations. It would be wise to understand the needs of the client clearly first. See if you can establish if the project will be an ongoing project or a one-time thing. Has the client set up a budget for it? You get to know very quickly if you shall be getting your worth when you work on any project by looking at these parameters. You are on your way to setting up the best recurrent payment system for your clients while at it too.
Add padding too as that is yet another great strategy. Calculate your service rate once you know how many hours you shall spend on a certain service. After you have worked out that total rate, you will need to add padding by marking up the total rate. Here you will need to mark up the total rate by about 25-50{26d28cabc9b729fd1037b555462a72a61d3202ba35dcf7755dc441d9f2428190}. This padding is what will ensure that you are getting paid what you deserve even when there may be some unexpected extra overheads and additional expenses. It is not unheard of to underestimate some figures after all. To help this run smoother, ensure that you set up the best recurring payment system for the client.
Endeavour to find out more about your clients. Learn more about your customers so that you can figure out the best rates for them and the best recurring payment system for them. This information will help you to identify the best ways to get paid frequently by the client and the best recurring payment system that suits them best.
Track the hours too because every second that is unaccounted for is money lost. When working out the best recurrent payment system for your client, look at how track the hours too.