How To Price Yourself In The World Of Contracting
Determining your service offerings and fee structure can be a daunting task, particularly if you’re new to freelancing or contract work. However, some valuable tips can help navigate this process.
To start, it’s crucial to pinpoint your unique selling point, often referred to as your “silver nugget.” This represents what you excel at and what sets you apart in your field. What problem can you solve exceptionally well? How can you ease your clients’ stress, save them time, or conserve their energy? Identify that special skill or service that you perform effortlessly. This may require introspection, but it’s essential to recognize the core strengths you possess.
identify your silver nugget
For example, if you’re a coach, your silver nugget might be your ability to serve as a trusted sounding board for your clients. While it’s not a complex concept, it depends on the right synergy between you and your client to be effective.
Once you’ve identified your silver nugget, you can craft your service offerings in a way that simplifies the onboarding process for your ideal clients. Make it effortless for them to get started and sample your services. Offer substantial value in your initial offering, and don’t hold back on your expertise. This generosity will increase the likelihood of repeat business.
Lastly, you should determine the specific individuals or businesses that truly require your services and identify when in their development they need them. I call this the reasoning and timeliness. (TIP: there should be some type of sense of urgency on their part to want to opt in immediately) This targeted approach will allow you to focus your marketing efforts effectively and discover the optimal timing for your services.
DO YOUR RESEARCH TO UNDERSTAND THE MARKETPLACE AND COMPETITIVE PRICING.
However this comes with a warning: Don’t underestinate your value, playing the pricing game is never worth it. Years ago before the days of online buy-and-sell platforms, I started a business called the Bargain Hunter. Clients had the opportunity to post items for sale – anything under $100 was free and other items were only $5 for a five week period. Reasonable right? Well, you wouldn’t believe it but when someone sold their car in a week (because the paper was very popular, they called to get their 4 Bucks back. Drove me nuts!
In summary, crafting your service offerings and fee structure may demand time and dedication, but it’s a crucial aspect of success in the world of freelancing and contract work. By recognizing your silver nugget, packaging your services thoughtfully, and pinpointing your ideal clients and their needs, you can establish a thriving freelance or contract business.
More tips about contracting here: https://thinkpartner.ca/first-steps-to-becoming-a-coach-consultant-or-contactor/
If you need some help with your offering – Check out our 2 part strategy-focused coaching program so you can nail it and help clients opt-in!