Reasons why you need to charge your worth
You need to charge enough to sustain your lifestyle and business
‘What you are worth’, means something totally different to everyone. But you don’t want to pick a random, numerical, dollar value and stick to it. You need to pick your rate, that suits YOUR individual needs.
In the business world and being a Freelancer or business owner, you need to ensure your financial stability and growth. But how do you go about this? Here are some points to consider:-
- Why are you going down this route? Because you want to be your own boss and you want to have a free working lifestyle and business – work when you want to and from wherever you want to work from.
- What is the cost of living, where you currently live?
The cost of living varies worldwide. Each country has different costs and expenses. Take into consideration where are you located, and how much do you have to pay from everything from rent, to a nice night out at a restaurant. Do not compare and contrast yourself to other people. Instead think very carefully about what you need to charge to live comfortably.
- Are there any extra Expenses?
Working from home or a remote location take additional expenses into consideration. Such as your own computer, Wi-Fi, stationery etc.
- What are your long-term income goals?
Each persons income goals are extremely diverse. Think about your values per week, per month, and per year. Plan your long-term goals in advance.
Financial sustainability is key, you need to charge a decent rate in order to balance both your lifestyle and your business.
Charging a low rate does not establish you as an expert
You also need to invest in yourself! Get yourself a mentor or coach and regularly invest in your continued training and expertise. Upskilling is key!
And always remember when you charge low rates, and have short-term goals and expectations, you do yourself a disservice. You do not want your business to run at a loss, and you also need to take that well deserved holiday from time to time.
Your ideal client will not mind paying what you are charging
In closing , no matter what rate you decide on, don’t use how little experience you have to justify how much your clients should pay you. And do not let other people’s opinions determine the right or wrong rate for you. Nobody knows you well enough to judge what is suitable for you.
‘Charge your Worth’ – it makes financial sense to get the best hourly rate that you can. Remember that you are a business owner and not a charity or someone playing at running a business.