We often agonize over creating a fair price – for our clients.
And while that’s a worthwhile thing to do, that’s not the side I’m worried about.
Granted, I’m writing this to small agencies and solopreneurs, who usually get hired by clients much bigger than them. In those circumstances, the clients are equipped with rules, purchasing departments, and established practices in place to stop them from overpaying.
But us? What exactly stops us from making a price unfair to our value, family, plans, or self-worth?
Usually, little to nothing stops us from playing the fool.
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Here’s what you do if you suspect that could be the case sometimes.
1. Calculate your minimum income based on your cost of living.
2. Create a portfolio pricing system that includes both growth work (lower margin, but fun) and sustaining work (higher margin, but boring).
3. Take into account the client’s cost of living when setting the initial price
4. Set clear caps and milestones for different project stages to manage client expectations and limit the chance of endless revisions.
A “comprehensive pricing model” sounds like a lot of work, but it can start as a single Excel sheet or even a document. It doesn’t have to be complicated at all, it only needs to be a yardstick for the “this is a good deal for me as well” decision. And if you don’t know how some of these steps are done, just reach out and ask.