3 Tips for Pricing Yourself - rootedwrkshp.com

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Are you afraid to raise your prices, even though you know you need to?

Are you afraid to stick by your prices even after you just raised them, for fear of more rejection and not enough bookings?

Are you not even sure what’s a fair price to ask based on your experience, offerings, and package extras?

Well, we’re going to go over that today.

But first, I want to talk about the heart of the matter. 

I think a lot of us struggle and work about getting the bookings we need to for the year. As a freelancer and someone running their own business, we don’t have a “guaranteed” number of projects that we are going to hit every year – but we can do our best to hit that number. 

However, it’s still scary to not have that “set” number that we know we will book – and the uncertainty can scare us when we get rejected after sharing our pricing.

SO, what’s the best way to price ourselves  so as to not come up short with what we need to make for the year as business owners (and considering the amount of time we put in to each project), as well as a fair price to ask our clients based on our experience and offerings?

There are 3 main tips I want to share with you today that have really impacted the way that I structure and go about booking my prices.

  1. Price yourself fairly based on what you need to make.
    1. Every year, you should sit down and figure out what your expenses are going to look like for that year, and how much you need to make to cover that and more. 
    2. In some of my previous financial episodes, I talk about what I plan out for financially in my year – and that mostly includes expenses (personal and business), what I need for savings that year, and how much taxes will be taken out of my revenue. Once you have that final number with everything included, the amount of money that you need to make should influence how much you charge per project. 
    3. Here’s an example: If you want to book 20 weddings for 2022, and you need to make $60k at the end of the day, divide that 60k by 20, and your average price for each project should come to $3k per project.
  2. Show them the value and WHY you are worth that price.
    1. But more than just asking for the price – the higher you go, the more VALUE you’re going to need to show to your clients. You need to prove to them that you are worth that price – and that they HAVE to hire you, no matter what you charge.
    2. A great way to do this is to align with them on their passions and values. And to do this first, you need to figure out who your ideal client is and what their passions truly look like. If you can align with them there and speak DIRECTLY to their heart and “gut feeling”, they will be more inclined to book you, no matter what you’re asking.
    3. Ways you can do this are by optimizing your marketing channels to explain YOUR why (which should be similar to your ideal client’s). Show it all over your website, tell them YOUR passions and what YOU believe. And hopefully, what you believe will strike a cord with them and they won’t hesitate to put down that first deposit.
  3. Don’t be afraid to stick by your prices!!
    1. I know it can be scary raising your prices and getting rejected after you do so. But! Stick to your pricing! There’s a reason you are charing what you are – and it can go even further than what you need to make financially.
    2. Think about this: How many hours does it take you to complete a project? If you’re not sure, try and calculate that with your next one. I can almost guarantee you it’s more than you’re expecting. Now, since you’re not making a salary or getting paid per hour you work, the price that you charge HAS to be fair for the amount of work and TIME that you put in to each project. So while $1,000 may seem like a lot for a wedding day when you’re starting out, if you’re putting in well over 40 hours per project, that’s only $25/per hour – which I think is pretty low for someone running their own business. 

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