Let's talk about – Value of Your Time
Here’s a question: how do you set your prices? Is it fixed or flexible? What about for creatives who make products?
I got asked about my prices for the first time recently and it caught me off guard. If you didn’t know, my main creative outlet is this magazine. It is my baby and it has given me experience in being a young creative running a business. It’s not very conventional, however, and I always felt like I was a bit of an imposter.
I focused the magazine towards young creatives and the journey of monetizing their skills. But I had never been on that journey myself. I haven’t designed for a client or conducted a photo session. I have very little knowledge of how to price my time and services.
“Name your price,” was what I was told. My mind scrambled, wanting to ask for a price that was reflective of my value but not too high to scare my first social media client off. My mind defaulted to what I knew and the second I said a number, I knew I undercut myself.
It was lower than what I felt was right, but how do I know what’s right? This is my first official client and I had no past to reference. My negotiations class at the time taught me semester that preparation makes the difference. So, I decided to try doing some math and coming up with a concrete number. I found many different ways to approach coming up with a price:
One – How many hours am I going to be working on this? How much would I like earn per hour?
Two – How much would the client gain with my work? How much was that gain worth to the client in $$?
Three – How much were other social media managers charging? What is the industry standard?
These aren’t the easiest questions, but it prompted a lot of thought into how I value my time and my skills too. It also reminded me to start talking about money more, especially with other young creatives.
“If we keep our prices to ourselves, all young creatives suffer. Transparency brings everyone up and helps to even the playing field. ”
It was too late to change the price I quoted (Or is it? You tell me.) but having this number would help me keep a level head the next time I’m asked for my prices. I know that my confidence in the future will not only allow me to charge more, but also demonstrate to potential clients that I truly believe in the value of my time.
