We get this question a lot. Sometimes people really don’t know where to start and others are not sure how much profit is fair, etc. so they ask us, “How Much Should I Charge?”
Always keep in mind that a business exists to solve a problem. As you solve problems for people and organizations you are sharing your knowledge with them. Sometimes this knowledge comes from:
- A class that you took in school
- The school of hard knocks.
- An experience that you had.
- A situation that you were in and figured out the right way to handle it.
- Wisdom from a mentor.
- Wisdom from experience.
- Many other situations.
No matter how you learned it, you are sharing information that you paid a price to get and now you are sharing it with others to help solve their problem(s).
When you purchase a book on a particular subject you are potentially getting a lifetime worth of experience for a few dollars – what a bargain! If you can learn what you need in a few hours of reading rather than spending your life getting kicked around in order to learn the important information that you could, isn’t that one of life’s special treats?
How much you charge for your product and/or services will require that you do some research. How much are others charging (this doesn’t mean you have to match them), how big of a problem is it that you are solving, etc.
For instance, if someone is need of someone to mop a floor, that is a service that you could provide and you would charge accordingly. If someone is in need of an organ transplant, that may be a service that you could provide because you went through medical school, residency, etc. However, one is worth a great deal more than the other because of the problem they solve.
In coming up with your pricing, keep this in mind:
“Pigs get fat, hogs get slaughtered.”
Never forget this! It is okay to make large sums of money for the service that you are providing, just don’t take advantage of people and gouge them because eventually you will “get slaughtered.”
Do your research, be fair and honest but also, don’t sell yourself short, you and your knowledge are valuable to the world. You are a unique individual, created to fill a need that no one else on earth can fill, now go out and fulfill your destiny to the good of your fellow man.
If you would like help with this or any other business, sales, marketing, social media issues and more, contact us at:
Until our next post – we wish you all success!