Home Latest News Data Analysis 5 Surprising Truths About Charging — and Getting — What You're Worth

5 Surprising Truths About Charging — and Getting — What You’re Worth

After years of assisting freelancers of all levels in raising their rates and charging what they are worth, here is what we’ve discovered about why we charge so little in the first place:

We don’t know how to raise our prices.

That is all there is to it.

We may talk about psychology, mindsets, and so on, but the bottom line is that we don’t know how to do it.

After years of assisting freelancers of all levels in raising their rates and charging what they are worth, here is what I’ve discovered about why we charge so little in the first place:

We don’t know how to raise our prices.

That is all there is to it.

We may talk about psychology, mindsets, and so on, but the bottom line is that we don’t know how to do it.

If the $15-per-hour freelancer knew how to charge $30-per-hour, he’d do it.

If the $30-per-hour freelancer knew how to charge $60-per-hour, she’d be doing it.

And, you got it, if the $75/hr freelancer understood how to charge $150/hr, they would already be doing it.

We’d like to demonstrate how to do it.

Let’s talk about some shocking truths we’ve discovered after years of assisting folks like you in charging what they’re truly worth…

SURPRISING TRUTH #1: Setting a “competitive” price for yourself is a self-fulfilling prophecy.

It operates as follows:

You believe that in order to attract clients, you must price yourself “affordably” or “competitively.”

However, the good clients, the ones you want — the ones who are willing to pay handsomely and offer you the flexibility and respect you deserve — aren’t primarily concerned with obtaining a good bargain.

They’re primarily looking for a freelancer who produces fantastic work, makes their life easier, and is committed to helping them win. In comparison, the amount you charge is almost unimportant to them.

By pricing yourself “competitively,” you are accidentally signaling to them that you are “average” – and exceptional clients, by definition, are not searching for average.

As a result, they ignore you.

And who is still alive? Only the “cheapskates” are allowed.

Even they will not be interested in you until you are far less expensive than all of your competitors. (A cheap client’s major worry is finding a cheap freelancer, just as a good client’s main issue is finding a good freelancer.)

They’re primarily looking for a freelancer who produces fantastic work, makes their life easier, and is committed to helping them win. In comparison, the amount you charging is almost unimportant to them.

By pricing yourself “competitively,” you are accidentally signaling to them that you are “average” – and exceptional clients, by definition, are not searching for average.

As a result, they ignore you.

And who is still alive? Only the “cheapskates” are allowed.

Even they will not be interested in you until you are far less expensive than all of your competitors. (A cheap client’s major worry is finding a cheap freelancer, just as a good client’s main issue is finding a good freelancer.)

This is referred to as the race to the bottom. It is, without a doubt, one method to play the game. Or, starting next week, I can teach you how to play a different game.

SURPRISING TRUTH #2: Everyone loses when you charge too little.

Of course, when you price too little, you lose money. Clients, on the other hand, suffer.

When you’re not enthused about the amount you’re getting paid, it’s exceedingly difficult — and often impossible — to provide them your absolute best work. Consider how you would feel if you woke up today to do a job that paid $20 per hour instead of $150 per hour!

Even if you’re technically performing the same thing, the experience will be as dissimilar as night and day.

You would be more excited, energetic, and happy if you were making much more. Many people in this camp plan a brief (but productive) stretch of work, followed by spending the rest of the day resting, spending time with people they care about, or simply watching Netflix.

All of this is impossible if you charge too little. You may (emphasis on may) become aroused, but this swiftly fades and eventually dies.

SURPRISING TRUTH #3: Charging greater fees is about more than just “earning more.”

Over the years, I’ve noticed a significant difference in how high-paid freelancers think about pricing against their lower-paid competitors.

It’s fascinating, really: freelancers who charge typical rates regard money as something they have to fight for, and potentially don’t deserve — almost like a “tug of war” where they are pitted against the customer, each attempting to get a bigger slice of the pie.

Top-paid freelancers perceive and even discuss their high rates in quite different ways. In what way? They talk about their high rate in terms of how much value they GIVE to clients, not how much they want to GET!

Isn’t that fascinating? Far from being greedy, higher-paid freelancers are more charitable, even as they fully expect to be paid well for their job.

SURPRISING TRUTH #4: The higher your price, the less competition you will face.

It may appear paradoxical, but it is true.

There are much more $10-per-hour freelancers than $50-per-hour freelancers.

And there are considerably more $50-per-hour freelancers than $100-per-hour freelancers.

Every rung (or half-rung, quarter-rung, etc.) up the ladder, you encounter less and less opposition from your opponents.

The bottom of the pricing pyramid is the busiest and least enjoyable area to play.

SURPRISING TRUTH #5: A “cheap client” does not exist.

When a freelancer is having difficulty finding clients ready to pay them well, it’s simple to blame “those cheap clients.” But is that actually what’s going on?

Let us examine the facts: Do you assume that clients charging are all working on $200 computers purchased at Walmart? (Or, even better, secondhand at a pawn shop?)

Do you suppose they get their lunch from Burger King’s Dollar Menu every day?

Do you believe they sit on the floor because they cannot afford a desk or a chair?

Obviously, if you followed most clients around, you’d notice that they use iPhones, sit on extremely comfy chairs, and eat properly.

Of course, these people are willing to pay a premium for skilled freelancers who charge a fair wage.

However, it is up to YOU to figure out how to get it from them.

***

PS: Another Surprising Fact: I’ve discovered that the freelancers who can charging the highest prices for themselves are also the ones who are the most connected to other successful freelancers! You may do the same right now by writing a remark below for me and FTW readers. You can share your opinions on this post, ask a question, express your emotions, or even respond to someone else’s comment and make a new friend. I always stop by to join in on the conversation, and we all grow more successful together.

Source: freelancetowin

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About Skyhigh.Vip  

Skyhigh.Vip is a global institutional investor with a vast interest in Arts / Construction / Education / Business Services / E-Sports and various other growth industries.  

Several of its popular portfolios include GO Chambers which is the world’s largest business chamber listing provider with over 30,000 active chambers as its members.  

Flexgigzz is the Asia leading marketplace for freelancers service and together with SOHO Learning Hub which is an online platform for short courses and both of them aims to be the number one provider in Asia. For growth industries such as E-Sport Authority which is dedicated to providing independent media coverage to all E-Sport News related from around the world and for the art world, there is Atelier Auction which is an investable art auctioneer and being in the art scene for decades.

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