3 Mindset shifts that will 10X your monthly revenue & allow you to charge premium prices

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Being a freelancer is tough in so many respects.

Yet, you have the awesome skill set that is valuable to someone, which sparked the urge to strike out on your own in the first place.

With freelancing, there’s so much to consider. You’re in charge of everything from marketing and sales to administrative tasks and networking.

Some of these tasks you may be a rockstar at and some you may not be as good with.

Sidenote: Once you finish, read how 4 freelancers built recurring revenue models that changed their business. You'll love it.

Chances are, you have a lot of questions about freelancing.

Regardless of all those questions there are two questions that I hear most and that’s “How do I get clients?” and “How do I price my services?”

My response to both is often the same, especially if we haven’t spoken before: “Who is your client and what benefits are you giving them?”

I’m a firm believer in building your business around providing extreme value to a certain type of client by providing them the solution to their biggest pain point.

However, as my grandma used to tell me, answering a question with a question is rude.

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Let’s talk about how to price your services, since I have a 5-part email course that can help with getting clients.

I’m sure that you have looked at many different types of rate calculators to figure out how much you should charge.

Maybe you’ve tried hourly vs fixed project pricing and or maybe you’ve raised your rates.

I’ve done all of these in the past as well, but I want to share with you a different way to price your services.

A simple mindset shift that allowed me to make 10X my monthly recurring revenue in just 6 months.

This is not theory, this is fact, because I’ve done it.

1. Let your clients tell you your price

If you want to be compared to everyone else, then look to everyone else and base your business off their business.

I know, because you are reading this blog, that you want to stand out from the crowd.

Instead of looking to other freelancers for your rate, let’s look to your clients and figure out your rate.

Price is an arbitrary number that someone puts on a service or product.

From your point of view, you want the price as high as possible. From your client’s point of view, they want it as low as possible.

Driving the conversation away from the price and on to the value of the return on investment for the client is the key to closing this gap and being able to charge a premium price.

Every single client will have their biggest pain point fall into 1 of 3 buckets: saving time, making money, or making money faster.

By digging deep into a client’s initial request, you will uncover which bucket they fall into.

If it’s not crystal clear, then the default bucket would be time. Because time often translates into money.

So for example, if a client comes to you asking for a redesign of their website, don’t take that at face value. Remember they are the ones hiring you as the expert to help them.

Start by asking them why they think the site needs to be redesigned and follow up with more questions echoing their responses. You may uncover that the client wants to increase their sales by 20% from the previous year.

For the sake of the argument, that 20% is $7,000 and a redesign is $15,000 and takes 6-8 weeks.

So if you go ahead and just do the redesign it means that the client’s ROI is actually in the red with -$8,000 (plus about 2 months of time).

Yikes!

Plus, chances are that you didn’t dig deep and find out that they wanted to increase sales. Even though they may be happy with the new site, they still may not have reached their goal.

You are putting the client in a position where the investment made into the project needs to be as low as possible. In this scenario it is impossible for the client to say “yes.”

2. Make your client a raving fan of you

By digging into your client’s need and knowing that you can make effective changes to the current design in creative ways, you can reach that number, and in much less time.

If you were to take 10 hours over the next week or so and charge $2,500 for it, it would be a no-brainer for the client to sign up.

Here’s why.

First, you saved them $12,500 from doing a redesign, but you also hit their goal of $7,000 because you got their changes done in a fraction of time that the re-design would’ve taken.

Consequently making them more money over the course of time.

You saved the client time and made them money.

You’ve now anchored your price against their budget and their ROI, making it impossible for them not to pay your premium price.

3. Discover you’ve made more money

Not only are you making the client money, but you are lowering the risk on both your end and the client’s end.

It’s a lower amount to invest for them and a lower time commitment on your end.

You now can do this job for close to 10 more clients in the same time it would’ve taken you to do one re-design, if you wanted to.

But if not, the effective hourly rate, just by anchoring your price to the value the client has for the project, is much higher. Redesign is about $83 per hour and the design tweaks are $250 per hour.

In this scenario, this is a repeatable process that you can do and implement for multiple clients.

And each time you perform it, you optimize the task and lower how long it takes to do, which raises your effective hourly rate even higher.

You want to make it an easy decision for the client to hire you.

Conclusion

You can stand out from among the crowd by performing this exercise with your clients.

This isn’t easy, and it does require some work.

However, as you can see, when you look to the client instead of your market, the client is put into a position where they actually say to themselves “why wouldn’t I sign up?”

The client isn’t comparing your price to every other freelancer out there; they are comparing the investment into you and the value of their return.

Go ahead and give it a go in your next sales call. Then I would encourage you to share how it went in the comments.

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About Jason Resnick

Jason has been a freelance web developer for over a decade and helps established e-commerce businesses, built on WooCommerce and WordPress. He also helps freelancers achieve their lifestyle goals by helping them build a sustainable business and stay in the feast. If you are looking for better clients, start with this 5-part email course.

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