Have you ever been asked to discount your services? I have and generally it just doesn’t feel good or right.
Client Requests For Discounted Services:
On occasion I will offer a reduced fee for a non-profit or even donate my services; however, when a prospective client requests a discounted rate, I think that perhaps he or she does not value my experience and what I offer. I’ve found that men are less often asked to discount their services. Why is that? And how do we counter?
Before starting my consulting business, I researched similar businesses to identify their services and applicable fee structures.
Next, I wrote out my strengths and determined what my experiences would be worth, and what I would feel comfortable with when advising clients what my fees would be.
Build Your Reputation:
Lately, I’ve run across young entrepreneurs who are struggling with their pricing structure. I suggest they start comparable to what their competitors are charging or even a bit less. This is especially applicable if they have less experience and/or want to grow their business quickly.
“asking your current client base for referrals is a great way to build or expand your business”
As an aside, asking your current client base for referrals is a great way to build or expand your business. When one client is happy and shares their experience with others they trust, you begin to build your reputation. I coach new entrepreneurs to slowly raise their pricing structure once they have gained more knowledge and grown their foundational business base.
As 2021 comes to an end, it’s a good time to review where your revenue has come from, especially if you provide a subset of services or products under your umbrella. Identify when you last increased your fees (if you have even done so). You, your time, knowledge and experience are all worth more than you readily acknowledge.