How to Fix Your Freelance Pricing | Elevate Your Business Now

Hi, I'm Evan Carmichael. Welcome to another edition of Ask Evan. In today's video, I'm going to answer a question from one of our readers, Jenna, who is asking me about how to set pricing as a freelance consultant. So her question is, "Hi, yes, as a freelancer, how does one know if they're charging too much?" Jenna. So Jenna, a couple things to help you out here. First off, most entrepreneurs actually underprice themselves. So we could all charge a lot more for our services and usually get it from the client, but we feel like we're charging too much and we're worried, and we're worried we might lose the client, so we typically undercharge for our services. But it can be a really difficult question. How to set your price is a challenge that a lot of entrepreneurs face. So some ideas to help you out. First off, when you're just launching a business, usually what you do is you look at, you know, what are your competitors charging? And also how much time does it actually take you. So we look at what it costs you instead of the value that it necessarily brings a customer. You look more on the cost side of the equation, and you want to make sure you're competitive and that, you know, you're not losing money and you're actually able to earn a living. The next thing I would encourage you to do is when you do get relationships with customers, try to add as much value as you can to that relationship. You want to try to make yourself stand out from all the other freelancers who do the exact same thing as you. Quick example from my experience, one of the things I got hired to do was create content for brands who try to target entrepreneurs. I might write a blog post for them, for example. They'd say, "Can you please write a 300 to 500-word blog post on our site?" That's what I got paid to do. I would do that gladly, but I'd always go way beyond what they expected. I wouldn't write a 500-word post or 300-word post, I'd write a 1,000-word post or 1,500-word post. And then I wouldn't just rely on them to, you know, post it up on their site and promote it. I would also actively market it. So I put it in my newsletter list, I might talk about it on my YouTube channel, I tweet about it, I put it on my Facebook, and drive a lot of interest in it. And what that does is help separate me from every other freelancer who they may have hired to create the same 300 to 500 word article for them. So I'm going to get more referrals, I'm going to get more repeat business, my business is going to grow, and I'm going to be able to increase my price. So same thing for you, look at whatever service you're offering and how can you go just way beyond their expectations, give them way more than they thought they were going to get and you're going to find the next time they have a project they're going to come back to you because they love what you're doing. They're going to refer lots of new business to you and as your schedule gets filled up, as a freelancer you only have so much time in the day because you know that's basically what you're selling is your time. As your time starts to get chewed up, you can start increasing the prices and you know if you lose a client because they can't afford it, that's fine because you're booked up and you're growing growing your company. So once that momentum takes over and people start buying from you again and referring business to you because of the great service you provided, you're going to slowly see that you're able to increase those prices as you go along. So I hope that helps, Jenna. If you guys like the video, please give it a thumbs up below. I'd also love to hear what your experiences are with pricing. If you want to leave a feedback below this video with a comment, and stay tuned for the next episode. [MUSIC] [MUSIC]