One of the most challenging decisions freelancers, solopreneurs, and independent consultants face is how much to charge for their time and expertise. What if people complain that you’re overpriced — or, even worse, walk away from a deal with you entirely? But the answer isn’t swinging to the other extreme and asking a fee so modest you’ll ultimately resent it.
Why You Should Charge Clients More Than You Think You’re Worth
Setting your rates is one of the most stressful decisions professionals face. While you might worry about scaring off customers by overcharging, undervaluing yourself is equally problematic. Price is often a proxy for quality, and when you put yourself at the low end, it signals that you’re unsure of your value — or the value just isn’t there. To learn about going rates and terms, develop a trusted peer network. Michael Bungay Stanier, author of The Coaching Habit, suggests you price yourself at “fear plus 10%,” or 10% more than the amount you’re comfortable requesting. Once you’ve decided a price, practice asking for that amount in front of a mirror. And if you work with multiple clients, experiment with pricing, steadily and incrementally increasing your rates until you feel you’re earning what you deserve.