Ep. 220 - How To Create The Career You Want Part 2
Oct 14, 2022
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Learn how to create the career you want with tips on entrepreneurship, freelancing, and running a business. Get insights on pricing, valuing your products/services, and navigating client relationships. Discover the legal side of starting a business with advice on LLCs, contracts, trademarks, and copyrights. Find out the importance of delegating tasks, gaining experience in your field, and setting professional boundaries. Explore the power of saying no, dealing with burnout, and utilizing online platforms/resources for starting your entrepreneurial journey.
Consider the perceived value from the customer's perspective when pricing your services or products.
Start with a price that covers your baseline needs, and gradually increase rates as you gain confidence and experience.
Delegate tasks that don't align with your core skills and set professional boundaries to avoid burnout and attract higher-paying clients.
Deep dives
Understanding the value of your skill
When pricing your services or products, it is crucial to consider the realistic compensation for the value of your skill. Determine what else you bring to the table that makes you a valuable player worth paying more for. Look at your competitors, analyze the market, and see how you can make your offer unique and different within the marketplace. By going beyond just being a service provider, you can negotiate price points, package options, and position your product in a way that stands out. Remember, it's important to assess the perceived value from the customer's perspective and ensure that your pricing accurately matches the value you provide.
Finding the right pricing
When starting a business or freelancing, it is essential to find the right pricing strategy. Begin by determining your baseline needs and calculating how much you need to cover your expenses. Consider different pricing scenarios, analyze the number of sessions or sales required to achieve your financial goals, and adjust your pricing accordingly. Start with a price that allows you to meet your baseline needs and then gradually increase your rates as you gain confidence and demonstrate mastery over your service. Don't be afraid to raise your rates as you provide more value and become more experienced in your field.
Managing burnout and setting professional boundaries
To avoid burnout and maintain a healthy work-life balance, it's crucial to identify what tasks or responsibilities contribute to burnout and find ways to delegate or change your approach. Recognize your core value skills and focus primarily on delivering your highest value work. Delegate tasks that take up time and energy but don't align with your core skills. Additionally, learn to set professional boundaries. If a client relationship is no longer fulfilling or aligned with your goals, wrap up the project gracefully, refer them to someone else if possible, and focus on clients and projects that truly excite you. Taking care of yourself and prioritizing your well-being will ultimately benefit your business in the long run.
Setting Prices and Considering Value
When setting your prices, it's important to consider factors such as the number of clients, their ability to pay, and the value you provide. Tailoring prices to different clients based on their resources and expectations can help you maximize your earnings. Additionally, valuing your time and expertise is crucial. Consider the additional hours and experience that go into each session or service you offer. Charging too little may convey a lack of confidence or skill, while charging a reasonable price reflects your worth and attracts clients who value your services.
Saying No and Trusting Your Instincts
As a business owner, it's important to say no to clients or opportunities that are not aligned with your goals or values. Recognizing the red flags early on can help you avoid burnout and protect your business. Trusting your instincts and setting clear boundaries is key to building trust with clients and attracting higher-paying, respectful clients in the long run. Taking the time to assess the relationship, evaluate past experiences, and consider the longevity of the collaboration can guide your decision-making process and help you make aligned choices.
“People pay for my ten years of experience, they don’t just pay for an hour of my time.” It’s time for Part 2 of “How to Create the Career You Want” with Grace & Jessica! Strap in for tips on entrepreneurship, freelancing and running a business. We discuss pricing, properly valuing your products and services, how to get the experience needed in your field, tips on navigating client relationships– and more! We are also joined by lawyer Grant Atkinson, who shares about the legal side of starting a business–LLC’s, contracts, trademarks, copyrights and beyond. This episode is so actionable, you’ll want to grab a pen and paper.