How do you know what your professional services are worth?
Does the market decide?
Do you decide?
Are the fees you are charging consistent with growing your business the way you want it to grow?

1. Know the Universal Rule of Value:

Your customer will always pay your price as long as (s)he is convinced it will provide more value than it costs.

2. Know your Unique Selling Proposition.

This is what differentiates you from the competition, the essence of your business. It's your unique value that has the customer willing to pay your fee.

3. Develop your comparables.

Know what others doing similar work are charging and why.

4. Manage your customers.

Take them "behind the scenes" and educate them about the efforts you make via investment of time, money and people to offer them the best product or service available.

5. Get clients to focus on results, not dollars.

When potential clients ask about your rates, tell them "My fees are based on the outcome I am going to produce. I need to know more about your needs before I can give you a price, but I can tell you that my fees are a real value based on the results you will get."

6. Give away a little to get a lot.

Offer a free introductory consultation, free sample of product, free advice on how to hire the best person, whether or not it is you.

7. Pay attention to the price/volume tradeoff.

If you are working very hard and not making lots of money, you may be charging too little. Raise your prices and let it be OK to lose some customers.

8. Know when to cut your losses.

Fire the clients who consume too much of your time, energy or resources.

9. Experiment with variable pricing.

You expect to pay more to see a movie on Saturday night than you do on Wednesday afternoon. What are the variables in your business for which some people will pay more? Differential pricing will allow you to add customers and spread your work load more evenly over the day/week/year.

10. To be paid top rates, be top rate.

Continually invest in yourself, the most important asset in your business. Decide right now what you will do to enhance your professional development this year; what books to read, what seminars to attend, which coaches to hire.

Written by Susan Wallace, Coach with inspiration from Tom Jackson, Shale Paul, Hilton Johnson, Sandy Vilas and Jeff Wallace.. Susan Wallace wants you to know: "I am a coach who works with entrepreneurs, business owners and professionals to design and deliver the life, business and future the client wants. Together, my clients and I strengthen the areas where they are naturally strong and provide the support they need to ensure a balanced life. I help entrepreneurs and business owners shorten their learning curve and avoid costly mistakes. Email: Starcoach@aol.com