How to Price Your Services
Today what we're talking about, "How do I price my services?" I have system that includes three steps so you can do this with service in your business.
We're going to go through those steps and then I'm going to give you an example.
#1 Set your rate.
#2 List everything included in your package.
#3 Based on your package how long does it take to complete the task?
#4 Multiply your rate by the number of hours it takes and you have your magic number!
In private Facebook Groups that I manage I see this question a lot: "How much should I charge for XYZ service?"
What this post is really telling me is they've never gone through the process to know how long it takes them to complete that service.
Let's go through a quick example.
You are a social media manager. Specifically, you work as Facebook Page scheduler to increase engagement.
First, set your salary rate.
I want you to start at $30 an hour.
The reason why I want you to start at $30 an hour is because there are all these hidden costs that we don't take into account when we set our rate. For example taxes, software, and other tools that we use to complete the task.
Next, we are going to list all the parts of the package we are going to offer.
When I think of Facebook engagement strategy I would include graphics, research other pages in your client's niche, posting schedule, analyzing Google analytics, and reporting.
Let's breakdown my time:
Graphics and Research 1 hour a week x 4 weeks
Posting 3x a day 2 hours a week x 4 weeks
Google Analytics 30 minutes x 1 month
Report 30 minutes x 1 month
Total Hours Invested in the project: 13 hours
So to determine my package rate I would take $30 x 13 hours = $390
I would round the package to $397
In the beginning, just know it is going to take longer to get through the workflow. The key is repeating the workflow which will help you streamline and get faster. Once you are comfortable with the workflow you will save time and make more money!
Stop wondering if you have missed a step when you are ready to onboard a new client and grab my new client printable below.