Tuesday, December 9, 2008

more money bussines

Charging more for your services can increase your bottom line, but if your market can’t bear the higher fees, you may not be able to take advantage of this option. Call around and find out what other professionals are charging for similar services in your area. Are you charging too little? If so, raise your fees. If not, consider increasing the perceived value of your services through a publicity campaign, rewarding clients for referrals, and/or offering something no one else in your area offers. Service-based businesses always try to close the deal by lowering the price of their services. That’s a very bad idea. From experience, if you lower your price once, your client will never want to pay retail again. You’ll have to constantly fight and negotiate a better deal with an existing client, or you’ll lose that client to a cheaper, and possibly less qualified, competitor. Instead of lowering your fee, or including extra perks, why not remind your client how valuable your services have been in the past? If it’s a new client, show customer testimonies, give case studies, and if appropriate and cost-effective, give away a small sample of your work.

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