Undervaluing yourself? How to set the right price

Are you undervaluing your service? How should you set the right price? One of the things I work on with my clients is looking at how much they should charge for their services.

People often start off with the mind-set that their time is what they’re charging for. But what they’re charging for is the level of income they want to receive.

Don't value your time, value your knowledge

Don’t value your time, value your knowledge

What they don’t realise is they may be undervaluing their service because what they’re offering isn’t their time; it’s their knowledge, their expertise and the time they save their customer by taking on that role or job.

How much would it have cost your customer if they were to spend the time doing what you’re doing?

What’s involved in setting the right price?

For example, researching and pulling together quotes, putting a picture behind them, it may take you five or ten minutes but for someone like me, doing the research, finding the quote, thinking outside the box to find a picture, putting it all together so that it works all channels and devices. That would take me an hour for what took you five minutes. It isn’t my strength. Don’t value yourself on your time. Value yourself on what you’re saving your customer.

However working with a Virtual Business Assistant is really rewarding here’s what one VIP Support Group member said:

As a Virtual Business Assistant, my terms are specific to the services I perform.  I didn’t want my terms to come across as highly restrictive but I needed them to be precise, thorough and to cover all eventualities.

It felt like a huge piece of work and I dreaded getting started.  I was tempted to do a cut and paste job but decided it was the wrong thing to do.

I believe in plain English too so I wanted by terms to be short, concise and written in a way that’s easy to understand.

I also wanted them to be published on my website.  My business philosophy is about making it easier for my clients to work with me.

Rachel’s done a cracking job with my terms and conditions and I’m proud to have them out there.  ”

If you look at it that way, how much more could you charge? How much value do you add to your customers?

Until next time, when you speak to your customers remember you’re speaking to a person, not a purse.

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2 Comments

  1. Rachael Chiverton Ltd | Credit Control

    […] Consider your hourly rate; the time it’s taken you to check the cheque, go to the bank, pay it in and to get back to your office again. How much time will that take? If you were doing this as a billable project, how much would you charge for that time? […]

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