Let’s be real. The process to get your prices right can feel like sitting on a seesaw. Lean too far one way and you’re undervalued and underpaid; tip the other way and there’s the fear of clients and customers telling you you’re too expensive!
I can assure you that, as a Solopreneur, Freelancer, or Side-Hustler, it’s natural to feel guilty about asking for the prices you know you deserve. But here’s the truth: getting your pricing right is essential for your business’s health – and your own.
I want to dive into some practical ways for you to start charging what you’re worth without that pang of guilt. And, as an added bonus, I’ll throw in a few tools to help you set and manage your prices with confidence.
1. Shift Your Mindset: Know Your Worth
Before we get into numbers, the first (and biggest) hurdle is often a mental one.
Many of us struggle with the “Am I worth it?” question, especially when working solo. But here’s the thing – pricing isn’t about what you think you’re worth; it’s about the value you bring to the client.
Here are a few things to consider …
Think of Pricing as Value, Not Time
Instead of setting prices on hours worked, think about the outcome and impact of your work. Does it save the client time? Make them more money? Help them solve a major problem?
You have to focus on the benefits.
At a networking event recently I had a chat with a smashing Graphic Designer. He told me that when he started out he priced what he did by the hour. The problem was, as he got better at what he did the amount of time it took him to do something got faster.
The outcome?
A 2-hour job became 30-minutes. £200 became £50. The quality was the same (if not better with more experience) but the income was a quarter of what it was previously.
“Yes, but he’s spending less time” I hear you say, “he can work on two or three other projects”
Apply that logic to things you pay for – do you pay less for a haircut because the stylist can do three in an hour rather then two? Do you pay less for a set of new tyres because the experienced mechanic can get them on faster?
When your prices are based on the TIME FOR MONEY principle you will never achieve profitability alongside a work-life balance.
Set Clear Goals for Your Income
To remove some of the emotion from pricing, start with the end in mind.
What do you need to earn to live comfortably and invest back into your business? Then, break that down by hours and projects to figure out a realistic hourly or project rate.
And don’t forget to put that breathing-space / elbow-room amount on top to allow for the unknown. If you work to break-even on your income you will more frequently be working at a loss than a profit.
2. Research the Market – But Make It Your Own
Knowing what others in your industry charge can give you a solid starting point – but remember, it’s just that: a starting point.
Don’t feel bound by what others charge if your value, experience, and expertise set you apart.
Benchmark Prices in Your Niche
A quick look at platforms like Upwork or industry websites can give you an idea of going rates. You could also ask trusted peers or connect with industry groups to get a more accurate picture.
Differentiate with Unique Offerings
Consider if there’s something extra you offer that competitors don’t – personalised consultations, faster turnaround, or even just a unique style or process. These can all add value and justify a higher price point.
3. Set Your Rates with Confidence – and Communicate Them Clearly
Once you’ve set your prices, it’s all about owning them. Confidence in your pricing can make a huge difference in how clients perceive your value.
Create a Pricing Sheet
Whether it’s a one-page PDF or a section on your website, having a clear, transparent pricing guide can save you from having to justify your rates on the spot. This also creates a sense of professionalism.
Have a Script Ready for Price Conversations
This is one of my favourite tactics because it means you can plan for questions, queries and objections up-front.
So, if you’re worried about awkward “How much?” moments, prepare a script or a few phrases to help. You could say, “This package includes X, Y, and Z, and my clients have found great value in it for £X.” It’s all about framing it positively and reinforcing the benefits.
Top Tip: When you have told them the price, stop talking. The temptation is to attempt to justify why you are charging the amount you are. The outcome? It stops the potential customer from fully taking onboard the charge and gives the impression that there actually is something to justify.
4. Review and Adjust Regularly
The beauty of running your own business is that you have control over your prices, so don’t be afraid to review and adjust at least annually.
Raise Prices for New Clients
If you’re fully booked – raise your prices.
If your prices don’t reflect the value you’re offering – raise your prices.
Taking on new clients? That’s a great time to make price adjustments.
I’m not talking about massive price-hikes. Let’s face it, who is going to notice a 2% or 5% increase? ONLY YOU!
Offer Package or Retainer Options
If you are charging by the hour consider creating value-driven packages or retainers. You can always offer an hourly rate if that’s what a client wants, but a package or retainer will stop the one-off payments and bring you more of a regular income.
5. Handle Pushback with Grace (and Stand Firm)
Every so often, a client may question your rates. That’s normal, but it’s important not to fold under pressure.
Here’s how to handle pricing pushback gracefully.
Be Open to Explaining the Value
If a client is curious about your pricing, explain the value you provide. Give specific results or benefits they can expect.
Collecting customer case studies and in-depth reviews (not just testimonials) really helps with this. They can go into much more depth about what you did, how you helped and the difference it made – not just what a nice person you are.
Most clients appreciate the transparency, and it’s a chance to reinforce what makes you unique.
Offer Alternatives, Not Discounts
I hate discounts!
The only things that should be discounted are goods that are likely to go bad if not sold and used within a certain timeframe.
My mantra? “Never discount. Always add value”
If the cost is a genuine concern for a prospective customer, offer them an alternative product or, if it’s a service, scale back what you can provide so that you can fit within their budget. For example, if a client can’t afford a full package, you could offer a more basic version that still meets their needs.
6. My Own Journey with Pricing Confidence
When I first started, I struggled with pricing. I’d feel so nervous quoting what I knew was a fair price. Sometimes I got so flustered I ‘discounted’ myself before the client had a chance to even think about the price I had quoted.
But after focusing on the experience, knowledge and expertise I bring, as well as the in-depth feedback from my clients, I learned to stand by my rates.
TBH, I’ve found that the people I work with appreciate my support more when I charge appropriately.
One client, for example, originally wanted a lower rate. Instead of giving a discount, I suggested we focus on just one key area to suit their budget. Not only did she agree, but she ended up coming back for more services once she saw the value in what I provided.
That experience taught me the power of holding firm on prices and making sure clients understood the value (not just the cost) of what they’re getting.
7. Price with Confidence to Build a Thriving Business
Getting your prices right isn’t just about covering your costs – it’s about valuing the unique expertise and value you bring to the table.
When you price confidently, customers are more likely to see the value in your work and appreciate the results.
And remember, pricing is an ongoing journey – so don’t be afraid to adjust and refine as you grow.
Next Steps
If you’re ready to dig even deeper into pricing, client relationships, and everything else that’ll help your business thrive, why not check out my Business Growth Programme?
It’s designed for Solopreneurs just like you, with hands-on support to nail the 5Ps – including pricing!