Quick. How do you feel about the price of your services right now? Are they too high, too low, too much like everyone else’s because you didn’t know where to start? Figuring out how to price your services appropriately might just be the most stressful business decision you’ll ever need to make!

With so many things to consider (your own awesome skill set, the market, your location, etc.), working it out can feel like a hurdle you can’t quite get past.

Of course, there are strategies you can apply to help. One popular method is to use a pricing calculator such as the one found on the EntreLeverage website here. Calculators like the will tell you quickly what you need to be charging to reach your income goals and are an excellent place to start.

But what about all those other questions? Creating a stable pricing structure requires you to do a little more digging. So with your starting number in line, take a look at:

Your Competition

This might take a little detective work since a lot of coaches and service providers don’t publish rates. But if you pay attention to their websites and social media, ask a few strategic questions, and get on their mailing list, you can figure it out.

Be realistic about who, exactly, your competition is, though. Don’t undervalue or over-sell yourself. In other words, make sure you’re comparing yourself to another provider who shares the same skills, market, and track record, rather than simply looking at who you strive to become.

Your Skills

In some fields, this is easy. There are certifications and educational programs that allow you, by virtue of having achieved them, to charge a certain rate. If you’ve followed this path, then pricing will be easy for you. If not, take a solid look at what you can legitimately claim as a skill.

Look, too, at your track record. Have you proven yourself by helping former clients (and do you have the testimonials and case studies to show for it)? Have your former clients moved on to bigger and better coaches after working with you? (That’s a good thing!) These are all reasons to maybe consider a higher price range than you might have first thought.

Your Market

In the game of setting rates, it’s your market that has the final say. As any first year economy student can tell you, the price of anything lies where what the buyer is willing to pay meets what the seller is willing to accept.

If your goal is to give newbies a helping hand and lead them down the path to success, that unfortunately means you can look forward to low paying gigs. That’s not a bad thing, everyone has to begin somewhere, but it does need to be acknowledged. If, on the other hand, your target market is more established and economically stable, then a higher fee isn’t just warranted, it’s a must. They will expect and accept a higher price, and will not find value in the lowest-cost provider of anything, whether it’s coffee beans or business coaching.

Finally, don’t forget that pricing is never set in stone. It’s flexible. If you find you’re attracting the wrong market (or no market at all) you can always change your rates. Working too hard for not enough return? Raise your rates.

It’s your business. You get to call the shots.

 

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