Today, we are excited to welcome Markey Read, one of our Premier Success Coaches, to the eWomenNetwork blog as our guest writer. In the article below, Markey shares a formula we can use to ensure our pricing reflects our true value. Welcome, Markey!
Profitable pricing is more than guessing a number or matching market standards; it's about reflecting the true worth of your expertise and attracting clients who value the solutions you provide. Undercharging leaves money on the table and undermines your professional credibility.
Step 1: Establish Your Baseline with Cost of Services Sold (COSS)
What does it cost you to deliver your high-quality services? Understanding your baseline costs is an important first step in elevating your pricing strategy. This includes hard costs like software and professional fees. It’s also important to factor in intangible costs such as your time and education.
Add Up Your Professional Expenses:
Certification or license renewal fees
Memberships, subscriptions, or industry journals
Continuing education and conferences
Tools, software, and other essentials
Value of your Services: To find your Value of Services, add up your professional expenses to get the basis of your COSS. Understanding your COSS is the first step to truly embodying the value of your time and expertise.
Consider Your Experience Investment: Remember to factor in the intangible value of your education, training, and real-world application when calculating your value.
Marley’s Wise Words: The more expertise and wisdom you can share, the more value you bring to your clients.
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