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Stop Charging
by the Hour and Make More Money
One of the biggest challenges
with a creative business is getting paid what you are worth.
The root of the problem isn't that the client doesn't have the
money and it isn't that the client isn't willing to pay you what
you are worth. The root of the problem is how you are
charging and how you are creating value in the mind of the
client.
First, you must
create
a business based on value pricing and not hourly pricing.
The number one worst way to charge (and most
creative businesses are charging this way)
is by the hour.
Frankly,
it shouldn’t matter how long it takes you to solve the
client’s problems or provide your service,
it should matter that the client is getting
what he needs
and what he wants. If you’re creating value and
you’re giving them value, they’ll pay you for that value.
They shouldn’t be paying you for your time. If you’re
being paid for your time you’re essentially setting the ceiling
to how much money you can make because you
can only work so many hours.
Therefore, you must determine, specifically what
your value is to the customer, not how many hours you will work
for that customer.
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To do this, ask yourself the
following questions: |
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How do you
impact that customer or potential client?
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What do you
provide to them that will help them and helps solve
their problems? How will solving these problems
impact the customer? Is it a problem with high
impact or low impact? |
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What is
important to the customer? Why
is it important to the customer? How important is
it? |
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Have they had experiences working
with someone in your type of business before? If
so, was it a good or back experience? Why?
Exactly what happened? |
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Why is the client coming to you for
this issue? |
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What is the client's definition of
success with this project? Ask him to describe
specific ways he will know he made the right choice in
hiring you. |
By getting the answers to these questions - not guessing what
the client will say, but actually getting the client to answer
these questions - you will have the information you need to
create VALUE in the mind of the client. If they perceive
your work to be valuable, they will be thrilled to pay you.
If they do not perceive your work to be of value, they won't pay
you no matter how low you go on the pricing scale.
It's all in the mind of the client. Get in their head and
understand specifically what they want and, even more
specifically, why they want it. Once you do that, getting
paid what you are worth is a piece of cake!
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