Lifestyle and Marketing: Notes on Setting and Raising Prices

Lifestyle and Marketing

Lifestyle and Marketing

On the off chance that you think you have to live substantial to pull in business, reconsider. What draws in business is a significant offer conveyed to the correct prospect with certainty, trustworthiness, and consistency. Then again, it is practically difficult to draw in business when you are frantic for work.

Your way of life decisions can underscore your responsibility to genuine and associated life, one lived in mindfulness and regard of the prosperity of others and of the planet. Living these decisions and giving them a chance to advise how you appear on the planet can be a convincing part of your own showcasing equation. They can recognize the offer you are in your picked market specialty.

Insurance, Taxes, Retirement, and More

Different contemplations for the independently employed are medicinal, dental, life, and incapacity protection. Also, you may require proficient obligation protection, protection on your hardware and records, and protection to secure you in case of mishaps on your premises.

Independent work charges can shock the unwary. Check with your bookkeeper (you do have one, don’t you?) and discover what your assessment liabilities are probably going to be.

How would you intend to support your retirement? There might be charge advantaged plans accessible to you as an entrepreneur. Once more, check with your bookkeeper. (Have you seen that one of the costs you should get ready for is bookkeeping?)

It is not entirely obvious concealed costs, for example, devaluation. Consider the decorations and gear you use and how regularly you should fix or supplant them. Where will you get the cash for these costs? By what method will you pay for programming redesigns or for a specialist to investigate your PC?

The accompanying framework can enable you to see how to set your very own rates and why there is no “one size fits all” recipe.

How Much Do You Want to Take Home? Net Income Versus Gross Income

Here’s a partial list of expenses you may incur in your business.

  • Taxes
  • Benefits
  • Medical insurance
  • Disability insurance
  • Dental insurance
  • Retirement
  • Overhead
  • Replacing equipment
  • Upgrading software
  • Administrative overhead

Where Does the Time Go?

Hint: Keep a running list of everything you do for thirty days. Not a “to do” list, but an “I did” list. This will help you to understand where your time goes.

Sales and marketing
Service (email, phone, troubleshooting)
Email
Phone Calls
Meetings

Variables Affecting Prices

Geography
Niche
Experience
Skills
Cost of delivering services

Is It Time to Raise Your Fees?

Full calendar
Reputation as a leader or expert
Turning away work
Advanced training/certification
Improved services
Increased costs

Strategies for Raising Prices

Annual incremental increases
Business cycle increases
“Going rate” increases
Keep clients informed of how great you are
Training and skill development
Improvements in service and capacity
How you saved them time or money
How you made them money
How you solved problems for them or for others
How much you are in demand

What Clients Want to Know When You Raise Prices

What are the new rates?
When do they go into effect?
Give reasonable notice
Consider giving current clients a grace period to adjust
Why are they going up?

Adjust Prices to Manage Work Type and Work Flow

Projects you don’t really want
Rush work
Difficult clients
Profit is commensurate with risk (and distaste!)

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