Not sure what your products and services are worth? Even if you can get an idea from competitors, pricing your products and services can be tricky. As a solopreneur, knowing and charging your worth may change over time. If you are not sure whether you are under or overpricing, here's how I determine my rates and fees...
Recently, I received an email from an entrepreneur requesting free marketing consultations. We've known each other for almost a year, mainly while I was still working in Corporate and running Pinterest marketing services as a side hustle.
I've helped her on various marketing efforts, free of charge. I've conducted several free workshops and even audited her Pinterest business account several times. Since going full-time in my business, I set boundaries for myself.
These days, I don't do any more work for free. No free initial consults either. This includes saying "no" to people who want to barter or grab coffee to "get to know more about my business". It's a hard pass when people try to pull the "you'll get more exposure" card.
Nevertheless, she persisted with asking if I had time for a "quick call to catch up." Well, first off, we were never friends to begin with so what is there to catch up on?
Second, I've already said no to other variations of her "let's catch up" requests so this was just a different form of asking for free consultations.
While ghosting her emails would have been the easiest thing to do, I could tell she wouldn't take the hint. Afterall, she didn't take the previous "no's" at face value. For some reason, every "no" was interpreted as a "maybe".
Instead, I point blank told her my rates and that I did not have the bandwidth to take on any more accounts. While I did have plenty of bandwidth, I knew it would just not be a good fit working with her.
She simply did not have the self-awareness needed to collaborate together. More importantly, by consistently asking for free services (and later on discounted rates) she did not respect my time and did not see the value I had to offer.
Having experienced so many "brain pickers" and people who simply just wanted free services, here is how I determine my rates and fees:
1. Do I want to or need to work with the person?
Sometimes beggars can't be choosers, I get it. But if you are at a point in your business where you don't have to take on every client that comes your way, then ask yourself if money wasn't an issue, would you work with that particular person.
2. Does this person value my time and services?
If not, many times the lack of respect for your time and services leads to an incompatible business partnership, falling out, bad reviews and so forth. So rather than going with whatever project comes your way, it's important to think long term.
3. Can I truly help this person meet or exceed their goals?
While I don't guarantee specific results on Pinterest, I am very confident that I can help all types of businesses reach their target market with my Pinterest strategies.
However, some businesses are just not a good fit for Pinterest marketing. That's when I need to act in integrity and say "no" to providing my services.
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