Rates and Billing

Discuss setting rates and find billing resources and information.

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    #31 (permalink)  
Old 04-30-2012
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Default Re: my rate might be too high
I have found that you need to set a rate that you feel right about. Working for an amount that you don't feel is high enough will not help you be successful in your business. I would recommend reading Book Yourself Solid by Michael Port which is a book that have provided me with helpful information to get the clients that I want . . . not settle for clients because I need the work. Good luck with your business and getting a price that you feel is appropriate for you to be paid!!
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    #32 (permalink)  
Old 04-30-2012
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Default Re: my rate might be too high
Originally Posted by Reynetta View Post
provided me with helpful information to get the clients that I want . . . not settle for clients because I need the work.
Well said. This is important to keep in mind to better our businesses. Don't settle for work, go for what you want.
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    #33 (permalink)  
Old 05-06-2012
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Default Re: my rate might be too high
WoW - there is a lot to take in consideration! Is there a book with all this information? That can be used as a reference?
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    #34 (permalink)  
Old 06-19-2012
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Default Re: my rate might be too high
Hello! When I set my rates (although Iíve not actually launched yet I hasten to add - but know this from previous business), I started by working out what I wanted/needed to earn, added in some basic costs that I need to cover and then adjusted that for the different services Iíll be offering (i.e. I will charge more for some services than others).

When I compared that to what everyone else charges, I found that my charges were at the higher end of the scale. However, I will not reduce my charges, as to do that would mean I wouldnít be earning less than I need / want. Also I believe that my services will be better quality and better suited to my target clients, than my competitors. Therefore I will happily justify why my charges are higher and have already prepared a list of reasons why Iím worth paying a little extra! You should do the same.

Also, donít take anyone elseís word for it, when it comes to money (unless you know them really well Ė and even then only maybe lol)! That might sound a bit hard, but in my experience, many people are not opposed to telling a few porky pies, if they think it will save them a few quid!

So stick to your guns!
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    #35 (permalink)  
Old 06-21-2012
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Default Re: my rate might be too high
I see it like this: sometimes to get quality, you have to cough up a little something. But the results are worth it. Why? Because the results not only pay for themselves, but they speak for themselves. No need to sell yourself short. What happens if another customer wants to whine and complain about your rates being too high?
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Old 07-09-2012
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Default Re: my rate might be too high
I am a newbie and planning to launch my business August 1, 2012. I am also having a challenge with setting my fees as far as retainer/block pricing. If I do hourly for clients that need it I will do a two hour min no more than one time a week for 60 days; after the 60 days they will have to commit to a pricing plan. I have my hourly rate set but not sure how to adjust for hours of 10, 20, etc.

Does anyone use the price per project payment method and how is that working?

I also like the idea of an escrow account until the work is completed.

Any input will be appreciated.
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    #37 (permalink)  
Old 07-09-2012
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Default Re: my rate might be too high
Paul summed it up very well. You definitely have to know your "worth" so to speak and stand your ground. Clients will test you if they get the feeling that you will budge on pricing. It also sends out a signal that you really weren't worth what you were initially charging. I definitely don't want to be known as the "Discount VA." At the end of the day, you know what you're financial needs are and the what it takes to sustain (at bare minimum) the lifestyle that you're accustomed to.
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    #38 (permalink)  
Old 07-17-2012
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Default Re: my rate might be too high
HI I am new here, but would like to offer some input. Based on my carreer and personal experience, one thing I have learned in life is that it is not about what others charge for the service, but about what you offer. that is, you can be selling pizza in a block where there are 10 other pizza stores. however, your pizza is glutten free, non dairy, handmade, and extra services included,etc. You are working in the same service area, but your product and what you offer is unique. therefore, you get to charge according to the real value. like said before here, tell your clients in your website and when hiring on/working on projects how much you have saved them, improved their business, etc. your service has to be unique (the delivery of it, etc)
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    #39 (permalink)  
Old 07-24-2012
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Default Re: my rate might be too high
Like with any business, one would need to see what the competition is charging, and also the quality of the service/product. I'm assuming you already did that, so the figure you came up with is probably competitive. Also, if the PC is already currently working with two other VAs, I would expect that the work you would be doing would be different than what they are doing, and so it would make sense for all three of you to be charging different rates for different services. And, you don't know if the PC negotiated below-average rates with the other two VAs, or if they are only doing this part-time for some extra spending money and don't need to charge competitively. Regardless, this PC doesn't sound like a good fit. You don't get a Porsche for a Pinto price. As long as you know your rates are competitive and commensurate with the quality you offer, stick to your price. If the PC is too cheap to pay it, someone else will recognize your quality and agree with your rate.
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    #40 (permalink)  
Old 01-11-2013
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Default Re: my rate might be too high
Originally Posted by Wordpro Wizard View Post
Although formerly a generalist, with 30 years' experience working in major law firms, I now specialize in legal transcription. One small law firm has been with me for some time and, prepaying for a 30 hour package, gets a pretty low rate. I have recently upped my rates and advised them that it won't apply to them but should they recommend me to others just have them check my website for rates.

I will likely up their rates later in the year but, for now, they're a regular provider of bread and butter and wonderful to work with, which is very important to me as I'm caring for my elderly mother who has a lot of health issues and is rapidly deteriorating. She had a mild stroke again yesterday. At this point in my life I really don't need a lot of money and, with everything else I have on my shoulders, I'm content to jog along for the time being.

It's different for everyone. Only you can decide how much top quality service you can provide and how much income you need.
Wordpro,
I agree with your outlook completely. I, too, come from the world of corporate law firms and these firms, that have offices internationally, are willing to adjust their rates at times either because they want to garner new business, have an understanding of a client's level of income or simply want to turn a good deed (low rate) into further business down the road.

As a legal secretary for 30 years, I know my experience and qualifications are excellent and worth a very high hourly rate, which I can get from some clients. BUT, to be able to build my business and get busy (!) I am open to adjusting my rates. As business picks up and I reach my monthly income goal, then I will stand my ground on the rates. It's rather disheartening to hear from rfp responses that my qualifications and references are wonderful but they found someone at a lower price. I have some clients who can pay a high hourly rate, others that pay on retainer, and others that are really worried about their bottom line.

I have a meeting with a potential new client this afternoon and will be exploring the idea of selling the 'blocks of time,' which I believe other folks are using successfully.
Glad to be on the forum visibly. This is my first post!

Janet
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