I couldn’t believe he said yes to a $5,000 contract
October 19, 2012
"Double Your Freelancing Rate" eBook by Brennan Dunn
The first time I got a decently-paid freelancing gig was when I was in college. I was buying a scooter from a motorcycle dealership and started talking to the owner about how crappy his website was and that he couldn't be easily found in a Google search.
Being an SEO (search engine optimization) nerd at the time, I started blabbing on about how he should consider changing his HTML file names, putting site-wide navigation on pages etc., etc., ... and, immediately, his eyes glazed over.
He wasn't a tech guy, so he butted in to my nerd blabber and said, "Yeah, so how much would you charge to just do everything for me?"
Whoa, he was interested! I told him I'd research his site more and get back to him with a price.
But then I realized I didn't know what the hell to charge this guy!
I literally had NO clue. I'd only done small web design projects for people, but never any real consulting.
It seemed like the project would take about 2 weeks to complete ... so I pulled a number out of my ass: $500 for the whole project.
I then told a mentor of mine that I was going to make $500 from this dude for some simple SEO work.
He fired back at me, "Are you crazy? You need to add a zero to your price and try charging him $5,000."
I thought he was an idiot. No one would pay a college student $5,000 for something that takes only two weeks.
He put it like this: "If you quote the shop owner $5,000 and he says no, you can just reduce the price until he says yes."
I decided to try this crazy idea. I headed back to the shop in a few days and told the guy what I was going to do for him and how long it would take.
He asked what it would cost, and I very-nervously told him, "Everything fully completed will be $5,000 flat."
I fully expected him to laugh in my face or get mad because he thought the price was a rip-off.
Then he said something I'll never forget till this day: "Let's do it. Do I pay you in full now or later?"
I ... was ... shocked.
Instead of $500, I was now getting paid $5,000 simply because I quoted higher. I literally got paid 10x the money because of it, meaning I would've had to do ten gigs like this to make the same money.
I was lucky to have a mentor that forced me to charge more, but in the end, I still was pulling a number out of thin air of what to charge this guy.
I still didn’t know how to actually price my services fairly. In fact, many freelancers don’t know sh** about pricing their services!
Sure, you can go ahead and add a zero to your next invoice and hope you get as lucky as I did. But "Double Your Freelancing Rate" teaches you actual strategies and formulas you can use to price your services and develop a sustainable long-term pricing strategy.
The book says this straight up:
In order to justify an increase in rates, there needs to be an increase in the value that you deliver to your clients.
"Double Your Freelancing Rate" shows you exactly how to:
- Provide value to your clients
- Showcase that value
- Envision yourself not just as a simple coder/designer, but someone who completely transforms businesses.
It even has worksheets that will help you apply the concepts to your own freelancing business.
Of course, we had to reach out and get a killer deal for you sumo-lings. Regularly $49, you can get this valuable book for only $29 here on AppSumo.
If you’re a freelancer of any type (photography, web design, graphics design, programming, video editing, etc), you'll make the $29 you spend on this book back in no-time.
Comment below and let us know what freelancing work YOU do.
Here's what a freelancer said after reading the book:
Dean C., Sept. 10
I really enjoyed your book. My new rate is happily $130/hr up from $70/hr. I will probably even go up from there in the short term. I always worried that I had to be "competitive" with my rate and had been unhappy with it for some time. I now have established - with your help - something that helps set me apart from web developers and market myself as a consultant. Fear no longer keeps me from charging what I'm worth.
Thanks for the advice and stop sharing it with my competition! :) I wish you continued success on your book. Please keep the good things coming.