Adventures of an SBO
Look at me -I’m already using the lingo!! SBO= Small Business Owner
Oh wait – according to wikipedia it could also mean Small Bowel Obstruction. Hmm… for this blog post I’m going to write about the Small Business Owner meaning, but maybe I’ll save the small bowel obstruction topic for a later post…
So, this process is so overwhelming and confusing and exciting at the same time. I’ve received lots of tips and support from friends that have taken the plunge…My girl LoveStats has been awesome with sending me lots of much needed help! Plus I’ve been chatting with a bunch of people working out some strategies on partnering up our services and networking even more.
But now I’m in a tough spot. Its time for me to finalize my pricing structure and this is scary! It’s like I officially have to take a stand and say I am worth THIS MANY DOLLARS. If I price too high no one will want me, if I price too low I’ll be devaluing myself. So what do I do?I feel kind of sleazy telling people that I will give them custom quotes based on their needs and their requirements but this is essentially what I have to do.
When I meet with a potential client, its kind of like Rich Bride, Poor Bride where they meet with the wedding planner and discuss what their vision is…So based on what comes out of this meeting, I write up a list of what resources (people, places or things) are needed and cost that out.
Then, I estimate how much of my time will be needed. Now – we have two options:
- charge per project
- charge per hour
Ideally, I’ll give the client the option to choose which they prefer. But I still have that problem with what to charge hourly… I’ve been chatting with friends/colleagues/strangers on the street asking them WHAT AM I WORTH? Aside from some strange looks, $1.25 in Canadian Tire Money, I still don’t have any concrete answers.
I went on LinkedIn and surprisingly enough someone had recently posted that same question – what is the average hourly rate for (insert specialization) media professionals? My problem is – do I trust this? Also, keeping in mind how markets differ and supply/demand how do I come up with a rate that is both fair and competitive?
Oh media and pricing gods – please help!!