Sunday, April 15, 2007
5 Common Reasons You Don't Get Paid What You're Worth
| Q. I am setting up my business as a web designer. Recently a client paid me less than $300 for a website. I spent hours and hours creating a magnificent, eye-popping site that would cost $1500 at market value. My client just thanked me - she didn't even offer a bonus! I'm too busy with these low-paying jobs to go after the bigger assignments. A. Whether you're a business owner, corporate executive or independent professional, success means putting a value on your time - even when you feel, 'I've got time -- so why not?' Mistake #1: Confusing down time with extra time. The Fix: You finish a project early. Or business is lighter than usual this week. Spend the extra time to market yourself for new projects, not tinker with current clients. If you're working for someone else, use the time to make yourself more marketable. Mistake #2: Donating time to people who can pay. . The Fix: Donate time to nonprofit organizations who can't afford your fees. Before beginning get agreement that you may use this project in your portfolio, along with a signed testimonial on your website. Occasionally you can offer a deal to a high profile client who will publicize your efforts. Submit an invoice with the full price and mark your deduction as a discount. Make sure you'll get more than a vague promise to 'drop your name everywhere.' Mistake #3: Assuming clients understand your business. The Fix: Communicate options. 'Here's what a $250 website looks like. Here's what a $2500 website looks like.' When clients are new to your service, they rarely know the going rates. And they may not realize you'll accept a bonus and rejoice in a testimonial. Mistake #4: Forgetting to set boundaries. The Fix: Explain exactly what's included in your basic fees. Changes? Questions? Setting up the web hosting and domain name? Scanning and uploading photos? Fixing a spelling error? Mistake #5: Thinking small. The Fix: Learn what would it take to move from $250 to $2500 jobs. Maybe your own website screams, 'I'm cheap!' Maybe you need to pitch larger accounts with bigger budgets. Practice saying aloud, 'That will cost $500.' Then work your way up to saying, 'nine hundred dollars' without choking on your own words. In the end, it’s about priorities. What’s the best use of your time at this hour, this day and this week? More: See my Time Manangement Makeover Learn more. |
Labels: entrepreneurship, getting paid what you're worth, pricing, setting priorities, time management
# posted by Cathy Goodwin @ 4:19 PM 
