Hey guys, it’s your girl Adrian M White aka Brand with AMW and I’m here today for another weekly Brand & Convert Chat and Chew. This is your chance to take a quick snack or lunch break and learn about all things branding, marketing, and entrepreneurship. Get your notebooks out because I have some juicy content to share.
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Prior to going full-time with my business, I realized that I was going to have to raise my prices if I wanted to earn a salary competitive with what I was making when I was employed in Corporate America, around $90K. At the time I was charging under $1K to design a website and logo, but that did not match the level of experience I had in the space and it surely was not going to be able to finance me going full-time with my business and having a mortgage.
Have you been desiring to become a full-time entrepreneur one day but aren’t sure how financially to make it happen? Well, you’re in luck because that’s our discussion for today. How to Determine Prices for your Services.
So I have two methods that I recommend you follow. The first one is to determine your hourly rate. You can do this by figuring out how much you want to make for the year. Let’s say you want to earn $100K a year and you have little to no business expenses. Think about how many weeks are in a year, 52. How many weeks do you want to vacation, 3 weeks? So that gives 49 weeks left, there’s approx. 40 hours in a workweek. 40 hours x 49 weeks = 1960 hours. $100K divided by 1960 is $51/hour. If you are doing your business on the side and maybe only have 20 hours/week available to work then your hourly should be double that, $102/hour. If you have business expenses like subscriptions, you’ll need to factor that in as well and raise your rates.
The second method is to do competitive research on other pricing. If you haven’t checked out my video on doing competitive research, so you can learn how to differentiate yourself in a saturated market make sure you check out that video as well.
Here are 5 steps on how to research pricing:
1. Open an Excel or Google Sheet document and research 20 Competitors
2. Write down the company or brand name, website, email, phone number, and competing services and prices from their websites
3. Create a fake email address, name, and business concept
4. For the companies that don’t have pricing available on your website, block your number and call them
5. Gather all your data and look at the commonalities at the prices, you can average the prices to get yours, and make sure your service offerings are competitive
When I did this for my business I decided to go with a median price. If you need help with this feel free to book a one-hour marketing strategy session with me at wwwbrandwithamw.com/work-with-me.
That’s it for today. Comment below with any questions. Don’t forget to follow me on Facebook, Twitter, and Instagram at Brandwithamw for more entrepreneur advice and a look into my everyday life.
Wishing you much success and good juju.