I get this question all the time:
“What should I charge for my services?”
It’s one of the most common questions an entrepreneur wrestles with, and for some, it can be a tricky process.
From my years of experience building my own Dream Businesses, and from coaching thousands of entrepreneurs to build theirs, I believe many people’s profit-problem is two-fold.
It often starts at the beginning when entrepreneurs are cash-starved and offer their products and services for lower prices than they should.
Following that, even if they raise their prices over time, when these entrepreneurs work within their areas of expertise for so long, their talents and skills become commonplace to them.
So let’s take a look at two ways you can command and get higher fees for your services… almost immediately.
Raise Your Rates
This profit-boosting strategy is the first one for a very important reason: It works incredibly well and you can implement it right away.
Here’s the strategy: Raise your prices and charge what you’re worth!
Frankly, the most difficult part of this strategy is having the guts to do it!
This involves changing your mindset, and this can be more difficult than getting someone to implement a new marketing strategy.
You see, it’s all about the total value that you provide to your customers and clients.
You have to keep in mind that your knowledge and expertise are worth something beyond the amount of time it takes you to complete a task.
So if you find yourself struggling with prices and worrying that you are charging too much, get over it.
You are not your customer.
Provide incredible value and charge what you want to charge. Charge what you’re worth.
Remember that your expertise and skill are not as commonplace as you may think, especially if you market them correctly.
The more expert you become, the easier your job is, which leads you to devalue your worth.
Do not fall into that trap.
Instead, the more expert you become, the more you should charge.
Establish Yourself as the Authority in Your Niche
When it comes to encouraging entrepreneurs to start commanding higher fees, there’s an expression I hear a lot of people say in response.
“How am I going to do that, I’m in a commodity-driven business.”
But here’s the truth… everybody is, no matter what you do!
You could be an accountant, a lawyer, a doctor, or you could be a copywriter…you could be anything at all, and I guarantee you there is any number of people who also do what you do.
So the way that you are going to command higher fees is to spend a little bit of time to build your brand and to do some really, really good marketing.
You want to be the one people recommend when asked who to hire.
So when somebody says, “Hey do you have an accountant?” or “who’s a good copywriter?” you want your name to be the one coming out of their mouth. Whatever it is you do, you want to be known as the go-to resource.
That doesn’t happen by accident, and it doesn’t happen simply by being good at what you do, or even being the best.
It happens because you actually take the time and effort to create your celebrity expertise.
As a personal example, I created the Newsletter Guru and I spent years doing it. I have a wonderful program at No Hassle Newsletters and when people in the entrepreneurial space are asked, “Who does newsletters?” the response is, “Oh you gotta go to Jim, he’s actually the Newsletter Guru!”
So you want to be known and perceived as the best at what you do in your niche.
Creating celebrity expertise makes you able to charge more money, work with less people, and build your Dream Business.
There are plenty of strategies to help you do this, which you can learn all about through my website at GetJimPalmer.com.
And if you want to get your business buzzing, it’s time to charge what you’re worth & work just 3 days a week!