Setting fees is always a difficult proposition for service businesses and professional service providers. Pricing an intangible is much harder than pricing a product.
Setting fees that will represent what you are worth, and make money for your business, is based on good judgment, knowing your client, having a good sense of self-worth and also knowing what your options are. If you don’t believe you’re worth what you are asking, your client won’t believe it either.
While all it takes is believing that you’re worth the value you think you deserve, your credibility should also be on par with it.
Raise your value, build your credibility – create a portfolio. Doing so will be a process, but raising your self-confidence and self-worth is the first essential step in boosting your value. It will also serve a reference for your expertise, where your actual value will be based on. Of course, the better value you showcase, the higher it will be worth.
How to do this? Start small but don’t compromise quality. Flaunt your expertise and show your potential clients how much you’re worth. While this may entail that you either do work for free or for lesser pay, do so only until you’ve showcased enough to be considered as credible, or until willing clients come in. The more work you put out, the more people will see it. Some people will like it while some will not, but as long as you believe it’s top-notch, it will serve its purpose.
You’re basically doing this to create credibility and to also attract potential clients. Sooner or later, some people who like your work will reach out to you for getting your service. This time around, you can easily name your price. You’ll have the last say, and you can adjust according to how much your expertise is worth (based on your portfolio).
This time around, when you name your price, you have credentials. It’s a matter of appraising your value according to the level of your expertise. If people can see the greatness in the work that you’ve put out, they will be willing to pay for it.
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