How to set your fees correctly

A newsletter reader, Donna, asked me if I’d share some ideas on how to set your fees correctly . Today, I not only answer Donna’s question. I also show you how to earn more than you’ve ever earned before, from prospects who eagerly want to hire you.



Let’s start with a few questions.




Do your clients pay you what you’re worth?



Do your clients give you the freedom to produce your best work?



Do your clients respect you?




Even if you found yourself answering ‘no’ to all three of those questions, you don’t have three challenges to overcome.



You only have one.



The news gets better, my friend. Because it’s an easy challenge to solve and the rewards are far, far greater than you might think.



Overcome the fee setting challenge



Here’s why this is an easy challenge to solve.




You don’t need to figure out how to know in advance if a client will respect you.



You don’t need to be able to tell ahead of time, if they will allow you the freedom to do your best work, either.




All you need to know is that you’ve set your fee correctly and they’re happy to pay you what you know you’re worth.



Here’s why.



When a client pays you what you’re worth , you don’t have to rush. Your time is being rewarded correctly, so you’re free to consistently provide your very best work , on schedule.



And clients who pay you what you’re worth , who rely on you for this consistently high-quality service, also respect your contribution.



They rely on the value you bring. They respect you for all that you do, to enrich them or their business.




All this was built on the fee you quoted and their decision to agree to your fee.




Why setting your fees correctly is so important



When you set your fee, you set more than the financial return for your services. You set the whole framework for your relationship with the client.



And in turn, you set the profitability, on every level, of your business.



Here’s what happens.




You create a positive cycle. It’s a cycle where:




You’re free to produce your best work.



You’re regularly recommended by your delighted clients.



You’re respected in your marketplace, because of what your clients say about you.



You’re paid accordingly by new clients, who know about your excellent reputation.



These new clients then start that cycle all over again.





Not sure how to set your fee? It’s really easy.



Decide exactly what your fees need to be, in order for you to provide your very best work, and smash your financial targets. Then, make your services so good that they’re worth at least twice as much as your fees. This makes your fees extremely attractive to prospective clients, as you’re charging them just half of what your services are worth.
How to set your fees correctly was written by Jim Connolly and originally published on Jim's Marketing Blog