How can you set your own pricing?
Step 1: Calculate the overheads [your expenses]
- These expenses could be software needed for you to do your work
- Your Internet expense
- Your coffee allowance
- Medical Insurance allowance
- Emergency reserve allowance
Be reasonable and add only what you actually spend on
> To make yourself worthy of your pay, keep upskilling.
>
Know your worth by constantly seeking feedback from time to time
- Peers
- People in the same domain but ahead of you
- Mentors
- Experts [who conduct workshops and sessions]
This will help you make the money needed for your livelihood.
Now coming to the time = money equation
To calculate the amount of money that you can charge for your time, ask the questions below
To your prospects/clients:
- Who is the target audience?
- Where do these target audience hang out? [which channel?]
- What are the current problems faced by this clients and what is stopping them from achieving the best solution?
Ask yourself after getting answers to the above questions:
- What are the results I can promise to bring to this client?
- How long do I need to bring about the results I am promising?
- What is the difficulty level of this work?
- How much time I took to earn and hone this skill to solve the problem?
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