Pricing: Setting a Minimum
It is SO VERY TEMPTING when you're a freelancer to take whatever job someone wants to give you or to start up a new client for a very small project.
SOMEBODY WANTS TO PAAAAAYYYYYYY MEEEEEEE! (Oprah voice.)
At the beginning that's cool because you gotta have jobs. I have spent TEN. LONG. YEARS moving the needle on my price gauge.
Over the past couple of months I've been really analyzing my pricing with help from someone who has been doing all of this far longer than I have and who has an amazing grasp on human psychology as it relates to pricing and selling.
Something he has pushed me toward is re-evaluating my minimum price to start work.
What that is and what somebody gets for that price will differ depending on what you do.
Here's what I'm thinking about and what you can think about:
What is the minimum amount of time/effort that you KNOW you need to spend with someone to deliver something that will be useful, move their business forward, and have a positive impact on them? What will make you feel good about the product and service you're delivering?
Chances are that type of delivery corresponds to a minimum amount of work. "Unless I can spend XX amount of time, which costs XXX much, I can't dive as deeply into the project and the circumstances to produce a result we're all happy with."
That minimum could be $200 or $2,000. It's up to you and your business.
Spend some time thinking about projects that went really well and projects that left you (and possibly the client) unfulfilled. Were they quick smash and dash jobs?
Figure out your numbers—the amount of time and the money the corresponds to the time—and use that as your starting point when seeking new work. Make sure you know how to explain why that's your number.
"In order for me to give you the results that you are looking for, I require a minimum of a 5 hour commitment."
What's your number?