Pricing my services felt like a guessing game.

By: A Staff Writer

Updated on: Jul 29, 2024

The Pricing Procrastinator: PriceGuess, Chicago, IL

Pricing my services felt like a guessing game.

Hi, I’m PriceGuess from Chicago, IL. As a new consultant, I agonized over setting my rates. I was terrified of charging too much and scaring away clients, but I also worried about undervaluing my expertise.

How I Found My Pricing Sweet Spot:

• Researched the market: I surveyed competitors, talked to other consultants, and looked up industry benchmarks to get a sense of average rates.
• Calculated my costs: I meticulously tracked my expenses and determined my hourly rate based on my desired income and overhead costs.
• Experimented with different models: I tried hourly billing, project-based pricing, and value-based pricing to see which worked best for my business and clients.
• Got comfortable with negotiation: I learned to have open conversations with clients about my rates, explaining the value I brought to the table.
• Regularly reviewed my pricing: I reassessed my rates as I gained experience and expertise, ensuring my pricing stayed aligned with my value.

Pricing your services doesn’t have to be a guessing game. By researching the market, calculating your costs, and experimenting with different models, you can find a pricing strategy that works for you. Don’t be afraid to charge what you’re worth – your pricing reflects the value you bring to your clients.