My biggest struggle. My first real challenge. And, the reason why I started to doubt my business. I’m watching my daughter swim, but I’m remembering thinking about my toughest battle on my 1 year business anniversary. This is the story of my first client, and me, a shy ordinary man from Norway, trying to switch from a (good) job at a University to the life of a solopreneur.
I had no idea what I was doing. Really. I had no clue.
What I was thinking. The reason I got started.
I had been working in marketing for close to 10 years. I had been reading books, and I had attended conferences and I had received helped and support from my online friends, and my online friends are truly amazing when it comes to marketing and providing me with the support I need. I keep hustling every single day, but without the support from my friends, I have no idea what I would have been doing today. I’m sure that I wouldn’t have written a novel, and I am sure that I wouldn’t have been launching a vegetarian festival.
I learn from my friends every single day. And, they kept telling me that even though I don’t have a degree in marketing, I will be successful. I have a lot of experience in marketing, but no degree. I have a masters degree in Political Science, and that degree has helped me stay confident, and it has helped me understand how I should be working to get things done.
I had enough confidence to start my own business, but, I had no idea how to set a price for what I was going to do for my clients.
I thought about imitating what others were doing. But. I wanted so badly to look the other way. I didn’t want to talk to people about money. I wanted to do the job. I wanted to create the strategies, and I wanted to create methods and help my clients to success. But, I had some major issues.
How to set your price
I remember all the details when my first client asked me about my price. I told them to wait. I was sweating. I told them that I had to think about it, and I told them that I was going to get back to them in a few days. I freaked out.
I was alone; nobody could see me, and nobody could hear me. It was just me and my thoughts. It felt like I was a nervous wreck. I couldn’t figure out what to tell my first client. I was counting the seconds, the minutes, the hours, and finally, I was counting the days. I didn’t come up with an answer.
I was asking myself the questions; should I just set a price by the hour, and/or one price for the project, and should the price be based on how many hours I was going to work? And, how much money should they pay me for each hour? I was going to imitate other people and other businesses. I wanted an answer so badly.
I started looking at people similar to me, people working on similar projects. And I ended up setting a price similar to people similar to me. But, what I realized later, was that I should think more about the value I was creating, rather than how many hours I was working.
It’s still hard. But. Understanding that what I do is based upon who I am, and what I do is based upon relationships, and the experience I’ve received throughout my life, makes it a lot easier. Now, I set my price based upon the value I provide, and I don’t compare myself to anybody else.
How do you set your price?
Are you anything like me, did you become really nervous when you told your first client how much money they had to pay you? And, how do you set your price today? Let’s discuss it.