Wedding Favors
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Creative People - The Industry Standard for Fee Setting is Hurting You
   
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Today sketchandtravel.com and bookpleasures.com is pleased to have as our guest Shelley Jiang, editor of LETS GO CHINA, 6th Edition, .....
Today sketchandtravel.com and bookpleasures.com is pleased to have as our guest Shelley Jiang, editor of LETS GO CHINA, 6th Edition, .....
If you are having difficulty knowing what to charge, then check
out your competition and find out what theyre doing. Find out
if they post prices or fees on their website or if they have
"packages" or deals. Do they have payment options?
While you are researching, keep in mind just because your
competition is charging one way it is not necessarily how you
should be charging.
One of my clients is a business and life coach. Most coaches
charge for a set number of scheduled phone meetings, which seems
to be a standard for "the coaching industry," but that doesnt
mean its the best way.
I encourage my clients to charge fees that match who their
clients are and what they are trying to accomplish. Its very
refreshing to do what works for you and not necessarily follow
the "industry standard." If you dont feel comfortable with the
way your industry charges, by all means change it. Just because
the industrys doing it doesnt mean that its right.
Another client of mine, Shelly, is a wedding planner. When we
first began working together she had three "wedding packages"
because thats what "everyone else does." She ran into problems
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with pricing because most of her potential clients didnt fitLouis Vuitton is a name recognized throughout the world. Known for their fabulous design and quality product. One must ask how did Louis Vuitton .....
into the standard package and therefore Shelly had a long list
of "upgrades" and additional items. She also had to charge more
for weddings above a certain number of guests and weddings with
over a specific number of attendants in the wedding party.
Potential clients became fixated on the package fees and felt
ripped off when Shelly began adding additional charges all over
the place. The packages were supposed to make things easier for
Shellys, but they actually created more problems than they
solved.
Shelly was so relieved when she realized she didnt have to use
the standard pricing packages most wedding planners used. She
never felt good about them, but didnt trust her own instincts
on how to charge. We worked on making a pricing structure that
wasnt based on hours or packages but on the value to the
client. She was able to quickly raise her fees and increase her
client base simply based on her fee changes.
Are you charging your clients based on the value you are
providing them or based on the "industry standard"? Is the
industry standard an effective way to charge or is just what
everyone else is doing? Take a good look at the way you set your
fees and handle client charges. Is it right for you?
About the author:
Kirstin Carey is the author of "Starving Artist No More: Hearty
Business Strategies for Creative Folks." Since most creative
people hate sales, contracts, and discussing money Kirstin
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consults them on the business side of creativity so they makeA few years ago, Bruce Smith experienced a slowdown in his Salt Lake City-based travel agency. Airlines had eliminated his sales commissions. The recession .....
more money, get better clients, and still love what they do. She
put together a resource of proven strategies to help creative
types get the business help they need. Go to
http://www.MyCreativeBiz.com.