Pricing Your Services as a New Business and a Cautionary Tale

Transcript of my newsletter from 15th February

Hey there,

Once I knew what my one-person business was going to be, one of the things I really struggled with was knowing how to price my services.

I was talking to some friends on a Zoom call earlier today and we touched upon ‘Imposter syndrome’ – that feeling when you’re starting something new that you’re somehow not qualified to do this, let alone charge for it.

The fact is: if you have some knowledge that you have learnt or gained through experience, there are always other people out there who can benefit from that. And who would be willing to pay for it.

So you’re not an imposter.

Then the question becomes: how much?

And to answer that, you will need to do some research to find out what people who are offering similar services in your area are charging.

You may decide to offer an ‘early bird’ discount to the market rate to get your first few customers, but you need to know what that market rate is so you can decide how to position yourself within it.

A benefit of the ‘early bird’ discount is that you gain experience with finding customers and delivering your service while not being perceived as expensive.

And that will help as you decide where you’re going to position your prices.

In addition to three articles on starting your business this week, I’ve also covered a cautionary tale: it covers what happened when a social media marketing post went wrong, and some advice on how to protect yourself should something similar happen to you.

Interview: how to build a 7-figure business with meaning

After losing his dog in 2013 and then fostering lots of others, Kenric Hwang wanted to do something to help support pet rescue centres.

So he sold his clothing business and set up a matching donation pet supplies business where every time someone bought a product he gave a matching product to a pet rescue organisation.

Today that is a $4.5 million business.

In this article he offers 4 detailed ways to combine purpose, passion and profit into a successful one-person business.

How to combine passion, purpose and profit in a one-person business

How to start a side hustle without quitting your day job

I’ve mentioned the benefit before of testing the waters for your business idea by starting a side hustle that you can build up alongside your day job.

It takes some of the risk out of going solo.

In addition to discussing three ways you can build an income on the side, this article includes some great advice on one of the areas I really struggled with when I started: how much to charge for my services.

Three ways to make money on the side without quitting your day job

Some different ways to monetise your blog

There’s a lot of advice online about how you can make money blogging. But beware: some of it is bad advice.

I linked to an article that gives a lot of good advice back here (scroll down to the third article).

None-the-less, if you like writing about stuff, you can develop a blog on a subject about which you’re knowledgeable, and to which people with a similar interest can turn for tips and information.

This article goes through three ways you can earn money from doing that. Just be sure to read that earlier article I linked to if you want to earn a serious crust from your blog!

How to monetise your blog in 2021

A cautionary tale: how Internet trolls destroyed this person’s business

I’ve often mentioned social media as an effective marketing channel for your business. It is, but that’s not to say it’s without its dangers.

Sometimes things can go badly wrong as they did for Sara Christensen.

Read her own story about what happened to her, and her advice on how to protect yourself from something similar.

How Internet trolls destroyed this person’s business and home

Fun flashback

David Gates and Bread were popular in the early 70’s, during my student days.

This is a live performance of ‘Diary’ – just Gates and his acoustic guitar. It’s a beautiful but sad song:

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Cheers,

Martin Malden

Martin Malden
Owner – WealthyDragon

Website owner: Martin has been working online since 2006 and focuses on two areas: 1) affiliate marketing and 2) designing and building websites based on WordPress. He has his own WordPress agency, and serves clients in Hong Kong, Australia and the UK.