A software developer with a keen interest in writing about technology, finance, and entrepreneurship. I've written for businesses in a variety of fields, including new technology, healthcare, programming, consumer applications, corporate computing, UI/UX, outsourcing, and education.
The risks of overpricing your work are pretty clear: you risk losing the contract and spooking away customers. Low prices, on the other hand, can signify low quality, making clients fearful of working with you. Establish a network of trustworthy peers that can provide honest information about going prices to ensure you aren’t underselling yourself. Practice saying the price out loud until you’ve figured out what it should be. It can be nerve-racking to quote a fee to a customer, particularly if it is a rate increase, but practice will make you more confident. Then, test the consumer demand for your new rate and make any necessary adjustments. Increase the price gradually and incrementally until you believe you are earning what you are worth.
We all do work we enjoy, put in the time and energy, and have the skills and we get it wrong when it comes to questioning how much we think we should be paid for it.
This occurs for a variety of causes, including:
- When we measure ourselves to the big companies, we believe we are still nowhere near their quality of work and popularity, and we charge much times less.
- You haven’t changed your rates since years.
- We’re still not sure we’ll be able to do it on our own;
- We don’t have as much trust in our services as we should.
- Don’t feeling comfortable accepting other people’s money.
- We believe that a higher price would lift consumers’ expectations so much that we will be unable to meet them with our current offerings.
- You don’t set your service pricings.
Now, let’s look at things you can do to improve your pricing skills and avoid underpricing your services:
Acknowledge Your Worth
The pricing structures that the majority of freelancers and independent contractors use today are faulty because they are based on something other than true worth.
However, you can charge based on the value you have, which is pure math and a variation of statistics and numbers
There will be no more underpricing, just value-based pricing.
Be Flexible in Your Pricing
When you decide on your offer, don’t just take a “one rate for everyone.” One client may be willing to pay $800 to complete the project, but another client will only pay $350 for the same project. All depends on the importance you give them at the time.
Say NO lower prices
As a Freelance professional you won’t even do it to the next level. if you say “yes” to the customers who’re on a tight budget or just don’t want to pay more because cheaper are out there. If you want to scale, you should let go of the mentality that makes you compromise for less.
Underpricing not only endangers your financial stability, but it can also discourage potential clients from working with you. Your charges can be viewed as an indication of the quality of the work. If you charge too little, clients will believe you won’t do a good job.