Pricing: Don’t Undervalue Yourself!

Entrepreneur, JS

I have always, always, wanted to be a writer.

 

When I was a kid, I filled journals with the ramblings of being a tortured little sister, and then the angsty poetry of my teenage Myspace years. It progressed to song lyrics, poems, book and story ideas, and the occasional update about my life. I have a whole shelf of notebooks, composition books, and journals from over the years.

 

I am now a writer, and in another post, I will go into excruciating detail about how that came to be, the steps I took, and how it all worked to become a success for me.

 

I am a freelance writer. In my process to becoming an entrepreneur, I did a lot of research and asked other entrepreneurs for advice, for help with things like invoicing, portfolios, small business tools, contracts, and the big one: pricing.

 

I have met a lot of young entrepreneurs over the years and they all have one thing in common: big dreams and a bad estimation of their value. Watching Shark Tank is also a great example of people with crazy valuations! They either completely overvalue or undervalue their companies and themselves.

 

The truth is that your time and your skills are valuable. If it were easy to be a writer, everyone would do it. Just because YOU find it relatively easy to write blogs or create a website or make a logo, certainly doesn’t mean it is.

 

When starting freelancing, most people tend to undervalue themselves. They might say it is because they are so new, or are trying to prove themselves, or they don’t have a portfolio. No matter what they say, it is normal to try to undercharge when starting out.

 

I did it, too! For my first couple of clients, I researched average pricing for the specific types of writing projects I was working on, and I put my pricing just below the average.

 

But those prices didn’t account for the actual time it took me to research and put together the writing, the posting, edits, and client communication. In the end, for my first project, I ended up only getting about $7 per hour, even though the overall price for the article was around “average.”

 

As time went on, I made sure to increase my prices to the point where I am able to make a good wage for the work that I’m doing. Even for my longer-term or repeat clients. This is something I see a lot of questions about in online freelance forums. You can increase your prices, you just have to be honest. Try something like “I have enjoyed working with you, and as of XX date, my prices will be increasing to XY price. Because of our prior relationship, I am going to extend your current discounted price for one more project/month/etc.”

 

I had a phone conversation with one of my bigger clients, and we agreed to almost double my price, plus a nominal fee for research time! You really just have to ask. Your clients already like you and see value in your work, and they will understand that you need to be fairly compensated. This is very similar to how you might handle a salary negotiation in a corporate position.

 

Another thing I see a lot of is questions about sites like Upwork.com and Constant Content, which are sites that take a heavy fee to allow you to bid on work from paying clients, but highly encourage very low prices. Be careful when using these sites, especially about severely undervaluing yourself. Do research on these types of sites before jumping on, and manage your expectations reasonably. Some people do extensive filtering and careful proposals and do well on these sites. I tried it briefly and was very frustrated by the low prices and the amount of proposals on things like “write me 5 blog posts for $6.” For me, these types of sites were not worth my time.

 

Side note: no matter how much you want new clients, don’t give your work away for free. Legitimate companies that want you to do trial work will pay you for it.
Your work, your time, and your expertise are all valuable. The worst thing you can do for yourself is to undervalue yourself to potential clients. Research average prices for your specific work and your location, and take a cue from that. Whatever you do, don’t be afraid to raise your prices as you get more experience. You are here to make money. Just because you love it doesn’t mean it shouldn’t be profitable!

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We the Young People

Entrepreneur
www.shanevanderhart.com

I believe that our generations are the ones with the power to change the world. We are large in number, we scream for tolerance and change, and Generations X and Y were the first generations to be raised during the rise and rapid evolution of the internet and technology. We were among the first to be able to access the entire world and the wealth of information on the internet.

Today’s teenagers and young adults may be somewhat spoiled from the ridiculous amount of technology and information at our fingertips. Who needs to remember phone numbers or how to do simple math when we can just use our phones? Who needs to actually read the classics when you can just Wikipedia the summary? But whether we are spoiled, entitled, or just misunderstood in an evolving world, we can change everything, and we already are doing so.

 

In an article on Salon.com, author Alexander Balkin talks about why calling Millennials lazy and entitled is wrong, and discusses how we got here: “Baby boomers came of age in an era of unprecedented prosperity. They were raised by parents who had survived poverty, war and the true sacrifice of a generation burdened with great moral struggles. As a whole, they experienced economic and physical security. Baby boomers received, by today’s standards, inexpensive and widely available education, preparing them for a thriving and open job market. […] So what did they do with all their good fortune? From the time the baby boomers took over, the United States has experienced an economic environment plagued with unfounded asset and real-estate bubbles and collapses.”

 

There may be more people in Generation X and Y than there are Boomers, but the Baby Boomers are the ones currently holding office, holding the high level CEO jobs in a lot of companies, and are a lot of the ones making policies that affect our lives. Around 10,000 baby boomers are turning 65 every day and are retiring, and now it’s our turn.

 

Imagine what we can do. We can literally change the world. Look what we’ve already done.

 

More young people voted in 2008 and 2012 than ever before. We voted, and it just goes to show that your vote does matter. Your vote helped change the direction our country was going in. Generations X and Y have live-tweeted catastrophes, getting information out faster than ever, such as in Egypt and Israel, they have demanded information from governments, they have turned their arguments into petitions, protests, and internet rants.They have leaked information that they believed the people deserved to know.

 

We have built social networks that literally connected the world, we believe in starting something from nothing, and we know that with the right idea, anything is possible. Our generations have created Google and eBay, we have Facebook and Twitter to unite people globally at the touch of a button, we made the Hubble telescope and the biggest strides in space exploration. We are the most entrepreneurial generations so far.

 

Our generations are fighting for LGBT rights, the ones who lobbied the loudest for equal constitutional rights for gays and lesbians to be allowed to marry. We follow in the footsteps of every Civil Rights movement in our history, which proves over and over again that we the people know what we want, and what is right, and are willing to yell and fight and work for it.

 

Jeff Gordinier, author of X Saves the World: How Generation X Got the Shaft But Can Still Keep Everything From Sucking, has a pretty awesome quote from when he was featured in Time magazine.

 

“Shirking the media myth that Xers are slackers, Gordinier argues that Generation X has — to borrow a ‘60s term — changed the world. Citing Gen-X icons like Quentin Tarantino and Jon Stewart, along with Gen-X triumphs like Google, YouTube, and Amazon, among others, Gordinier argues that not only are Xers far from over, they might be the most unsung and influential generation of all time. ‘Gen-X stomping grounds of the past — the espresso bar, the record shop, the thrift store — have been resurrected in digital form. The new bohemia is less a place than it is a headspace. It’s flexible enough to bypass all the old binaries. It encompasses mass and class, mainstream and marginal, yuppie and refusenik, gearhead and Luddite. It’s everywhere and nowhere in particular,’ he writes. [In short,] ‘GenXers are doing the quiet work of keeping America from sucking.’”

 

So, rejoice, young(ish) people. We are changing the world, one step at a time.
Seriously, we have the interconnectedness, the tolerance, and the desire to learn, grow, and change the entire world and how it works. We are, in all terrifying honesty, the future.

This article originally was posted on Huffington Post on 8/23/2016  by me (original content).

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