{"id":31967,"date":"2021-02-01T08:00:00","date_gmt":"2021-02-01T13:00:00","guid":{"rendered":"https:\/\/honeybook.site.strattic.io\/?p=31967"},"modified":"2023-11-28T00:38:07","modified_gmt":"2023-11-28T08:38:07","slug":"what-your-freelance-pricing-reveals","status":"publish","type":"post","link":"https:\/\/hbb.dev.reliablepenguin.com\/blog\/what-your-freelance-pricing-reveals","title":{"rendered":"What Your Freelance Pricing Reveals about You"},"content":{"rendered":"\n
\"what<\/figure>\n\n\n\n

Your freelance pricing reveals a lot about you. When you\u2019re running your own freelancing business, your image is critical. That\u2019s because you most likely don\u2019t have millions to spend on marketing, so your branding and image have to do a lot of the heavy lifting when it comes to getting new clients<\/a>.<\/p>\n

But there\u2019s one aspect of your brand, I\u2019m willing to bet you haven\u2019t given enough thought to\u2014particularly in regards to how it impacts your business.<\/p>\n

That\u2019s your pricing<\/a>.<\/p>\n

The truth is, your freelance pricing reveals A LOT about the kind of freelancer you are, the types of clients you want to attract, and the kind of business you\u2019re building.<\/p>\n

What Your Freelance Pricing Reveals about You<\/h2>\n

When you talk about your pricing or send out a brochure with your pricing listed on it<\/a>, you’re broadcasting more than just numbers to the world.<\/p>\n

Without even meaning to, you\u2019re sending messages to future and current clients about your brand simply by talking about pricing.<\/p>\n

Below, I\u2019d like to unpack some of the unspoken messages you send with your freelance pricing.<\/p>\n

None of these is necessarily good or bad, right or wrong (unless, of course, you\u2019re sending a message you don\u2019t intend to), but instead offer an outsider\u2019s view into what your pricing reveals<\/a> about you and your business.<\/p>\n

If Your Pricing Is Low<\/h2>\n

First, if your rates tend to be lower than most of your competition, you might be saying:<\/p>\n

\u201cI\u2019m a good option if you care most about your budget.\u201d<\/strong><\/p>\n

This isn\u2019t necessarily a bad thing. There is plenty of room for plenty of business and revenue at every price point.<\/p>\n

In fact, you might enjoy working with clients who are more budget-conscious\u2014there are certainly a few perks that come with that territory.<\/p>\n

The risk you run when competing on price alone<\/a> is you might also inadvertently be saying:<\/p>\n

\u201cI\u2019m not good enough to compete on talent or skill, so I compete on price.\u201d<\/strong><\/p>\n

Self-awareness is good. And maybe you aren\u2019t<\/em> the best at what you do (yet). Low prices are great for making a break into a new market, getting started as a young freelancer, or making some extra money<\/a>.<\/p>\n

There\u2019s nothing inherently wrong with competing on price. If it\u2019s what you\u2019ve got to work with now, leverage it. There may come a time when you consider raising your rates<\/a>.<\/p>\n

If Your Pricing is Average<\/h2>\n

Of course, you could raise your rates up a bit if you find you charge less than your competition. Here\u2019s what you might be saying to potential clients if your pricing is on-par with the rest of the freelancers in your space:<\/p>\n

\u201cI\u2019ll do good work for a fair price.\u201d<\/strong> <\/strong><\/p>\n

And, honestly, there\u2019s nothing wrong with doing good work for clients at a fair price. The only risk you really run here is being a bit too\u2026. Vanilla. A bit too\u2026 plain.<\/p>\n

You could get lost in the crowd.<\/p>\n

Without an outlier price (high or low) to draw attention, you may find yourself only getting 1 of every 12 slices of the proverbial pie if your freelance pricing reveals this.<\/p>\n

If Your Pricing is High<\/h2>\n

Of course, you can charge premium rates for the work you do as a freelancer\u2014an action that also speaks loudly in its own way.<\/p>\n

If you have rates that are higher than many of the other freelancers in your industry, you should probably be prepared to back up those prices because one thing you\u2019re inadvertently saying is:<\/p>\n

\u201cI\u2019m the highest quality option (or at least I believe I am).\u201d<\/strong><\/p>\n

Of course, if your portfolio isn\u2019t mind-blowing, you run the risk of accidentally saying:<\/p>\n

\u201cI\u2019m cocky.\u201d <\/strong><\/p>\n

It\u2019s safe to say you probably don\u2019t want that. While cockiness works for some people, it\u2019s a turnoff for most business relationships.<\/p>\n

Another unspoken message you\u2019re saying when you charge higher-than-averages prices is:<\/p>\n

\u201cI\u2019m in high demand and only take clients I want.\u201d<\/strong><\/p>\n

When your prices are higher, your desperation level appears to go down. This can actually be a great psychological tool to use when booking new clients. If you truly can live without their business, it makes some clients want to work with you even more.<\/p>\n

If Your Pricing is One-Time<\/h2>\n

Of course, the amount you charge isn\u2019t the only pricing detail you\u2019ll want to pay attention to.<\/p>\n

How you bill your clients can also speak volumes about your brand, your business, your services and you.<\/p>\n

If you primarily offer one-time pricing, you might be saying:<\/p>\n

\u201cI solve one-time problems.\u201d<\/strong><\/p>\n

This particular model works well for certain people. After all, a wedding photographer (hopefully) doesn\u2019t get hired on a repeat basis.<\/p>\n

If you\u2019re not careful, though, you might accidentally be saying something like:<\/p>\n

\u201cI\u2019m not committed to helping you succeed in the long-term.\u201d<\/strong><\/p>\n

While that may or may not be true, freelancers who do \u201cone-off\u201d jobs for clients instead of working with them on a more medium- or long-term basis are simply more expendable.<\/p>\n

If Your Pricing is Recurring<\/h2>\n

On the other hand, if you offer recurring pricing (a monthly subscription to your services, for example) you\u2019re showing your clients that you\u2019re interested in supporting them over a longer period of time.<\/p>\n

In essence, you\u2019re saying:<\/p>\n

\u201cMy service is so valuable, it\u2019s worth paying for every month.\u201d<\/strong><\/p>\n

Of course, it could backfire. There are plenty of shady service providers out there who just send a freelance invoice on autopilot<\/a> every month whether they\u2019ve done any work or not.<\/p>\n

Not cool.<\/p>\n

That means that some clients who see recurring pricing may think you\u2019re saying:<\/p>\n

\u201cI\u2019m going to bill you every month because I care most about money.\u201d<\/strong><\/p>\n

While, of course, that\u2019s not true in your case, it\u2019s important to recognize how your recurring pricing could be interpreted.<\/p>\n

If you\u2019re concerned recurring revenue could turn off a potential client, you may want to start with traditional one-time pricing and then convert your one-time clients into recurring revenue<\/a> down the road.<\/p>\n

If Your Pricing is Non-Negotiable<\/h2>\n

Many freelancers are willing to negotiate with potential clients on their rates. In fact, most clients almost expect to be able to haggle after sending a proposal.<\/p>\n

But if your pricing is non-negotiable, here\u2019s what you\u2019re really saying:<\/p>\n

\u201cI know what I\u2019m worth and if you\u2019re not willing to pay it, that\u2019s ok with me.\u201d<\/strong><\/p>\n

Of course, this pricing strategy<\/a> only works if you truly can<\/em> live without the extra business. If you\u2019re firm on your price, you will lose some business\u2014no doubt about it.<\/p>\n

But you\u2019ll also gain back all the extra time, headache, and stress that comes along with haggling, negotiating, or remembering each client\u2019s unique pricing structure.<\/p>\n

If Your Pricing is Flexible<\/h2>\n

If you choose to go with a more flexible pricing plan there are also unspoken things you might be saying. For example, your client might think you\u2019re really saying:<\/p>\n

\u201cI\u2019m willing to work with you on price because I need your business right now.\u201d<\/strong><\/p>\n

This can be particularly true when you\u2019re just getting started as a freelancer<\/a> and need clients in order to build a solid portfolio.<\/p>\n

However, if you\u2019re not careful, you might accidentally be saying:<\/p>\n

\u201cYou can talk me down and don\u2019t have to pay full price for quality work.\u201d<\/strong> <\/strong><\/p>\n

You definitely don\u2019t want that. It\u2019s a fine line and you may choose to adjust your strategy as your business grows.<\/p>\n

What does YOUR pricing say about YOU?<\/h2>\n

Now that I\u2019ve given you a few ideas on what your pricing might actually be saying about you and your business, it\u2019s your turn.<\/p>\n

Take a moment this week to reflect on your freelance pricing and if it\u2019s really saying what you want it to say about your business.<\/p>\n

If it is, great. Continue on.<\/p>\n

If, like many freelancers, you\u2019re sending the wrong message, it may be time for an adjustment in your freelance pricing.<\/p>\n

Once you’ve figured that out, get paid quickly with HoneyBook’s online invoices<\/a> and online contracts<\/a>.<\/p>\n\n\n\n