Pricing your design services as a brand and web designer can feel confusing AF. And if you’re struggling to identify how much to charge for each service, I’m here to help. Today, I’m sharing 5 key concepts that’ll help you price your offers with ease.
Competitor analysis.
First things first, let’s do some market research! Write down a list of your industry’s competitors and start researching their strengths and weaknesses in the market. Investigate what others are charging to get an idea of a baseline, but don’t feel like you need to limit yourself to stay in the same price range.
Once you’ve completed your research, let’s assess your findings. Are there any gaps in the market? What can your business do differently? How can you position yourself as the go-to authority figure to your potential clients?
Value assessment.
Now that you’ve taken an external look at the competition and your position in the market, let’s move on to an internal assessment. Specifically, the problem you solve for your clients. What value do you provide for them? Write down all of the benefits.
What is the end result that you produce worth to them? For instance, has a past client experienced an increase in engagement, impressions, or sales? Write down the specific end results your clients have experienced after working with you and assess the value your service delivers.
Financial goals.
Let’s pinpoint those big picture goals! Answer the following questions. What is your ideal yearly income? What is the total number of projects you’d like to take on each month? To identify your ideal monthly income, divide your ideal yearly income number with the monthly project number.
Work schedule.
Sure you could work 7 days a week and make 6 figures in sales, but let’s create a plan that allows you to keep your mental health intact while you reach your forecasted annual revenue. Time yourself when working on design projects. How long does it take you from start to finish? From there, assess how much you want to work in a week. How many client projects are you able to work on every week?
Profit & loss.
Let’s look at your financial statements to evaluate what’s coming in and out. Once you assess your profit and loss statements, you can create a plan to optimize your rates.
Analyzing your competitors, assessing the values your services deliver, mapping out your financial goals, developing a work schedule that works for you, and looking at your profit and loss statements are 5 ways to tackle pricing.
But if you’re looking for a way to help you implement this system in less than a day, then we have a free resource just for you.
Meet the Price Your Services Checklist! This is the ultimate guide to help you price your services like a pro. Not only will this checklist help you reach your ideal monthly income goals, it will also provide a framework for raising your rates. Did we mention this checklist is free? Click here to download the Price Your Services Checklist!
