The Ultimate Guide to

Powerful Strategies You Can Use to Price Your Services
It is true that pricing services is not easy and this is a challenge that every service provider must encounter at some point. That is if you are in it for keeps. Being the best at what you do may not necessarily be all that it takes. Knowing how to set your prices will be a major contributor when it comes to keeping your business afloat. Once you have mastered this, you are able to remain competitive in the market yet still get your worth, while at it. Here are some top winning strategies on pricing your services.
Well, you will need to figure out an hourly rate. You cannot go about this blindly and shall need to embark on a fact finding mission to ensure that you have set a suitable hourly rate. Charging any project then becomes so much easier as you can be able to determine the price based on how long the project shall take. Use these rates internally to calculate how much a client owes you at a time and do not broadcast the same to them. Ensure that you have fully understood what the client wants first before talking to them about the charges. Is this an ongoing project or a one-time thing? What is the budget that the client has set aside for this project? It becomes easy to know when you are getting the short hand of the stick in the equation because you can determine this with the figures and the hours you shall spend on the project. You are on your way to setting up the best recurrent payment system for your clients while at it too.
The other winning strategy that you can apply is to add padding. Calculate your service rate once you know how many hours you shall spend on a certain service. It is by adding some padding to the total rate that you can truly get your worth. This is a markup of about 25-50% extra. You will still get paid your worth when you do this even when there may be some unexpected overheads and extra expenses. You may not get everything right at the first go and underestimation may occur. To make sure that you get paid on time and as agreed, work out the best recurring payment system for your client.
You should also know your clients well. You shall need to know what your clients are willing to pay and the best recurring payment system for them. After you have learned all this, set up ways that ensure that you get paid as frequent as per the contract you have by setting up the best recurring payment system that suits each client accordingly.
You lose money when a second goes unaccounted for, so track the hours religiously. Consider the best recurring payment system with this in mind.