|
|
|
8 Ways to Increase Your Home Based Business Profits
To truly feel successful in your work at home endeavor, you will want to make a good home based business profit. Yet, many people do not know how to increase that profitability in their business, making a number of errors which actually decrease...
An opportunity called Home Business
Opportunity has strange ways of presentation. While you may search heavily for it everywhere, it will stand there silently, waiting to be found. It will not knock your door or pat on your back to grab your attention. It will stand there; appear in...
Home Based Business Leads Made Easy
You have started a home based business, and you want to make it
grow. However, your time is being spent on maintaining your
business, and you just are not sure how much time you can devote
to building home based business leads. There are a number...
Why Do you Want to Get Rich with Your own Home-Based Business?
Why Do you Want to Get Rich with Your own Home-Based Business? This may seem like a silly question but it is deeper than it appears. Why do you want to get rich? To have more money,obviously. Right. But what does that mean? Why is being rich so...
Why Should I Start a Work At Home Job?
Start your new work at home business today. The right time to find a work at home opportunity is right now. There has never been a better time or opportunity to make money online working at home in front of your computer. With so many people...
|
|
| |
|
|
|
|
|
|
Setting Fees for Your Home Based Business
Many people assume that since you work from home you should charge less. I disagree - when you consider that most home based business people are supporting families, paying their own benefit package including medical and dental, and have increased liability in terms of insurance and licensing - I think home based businesses should charge close to or the same as other businesses.
Home based business can offer that's unique is personalized, customized service that may not be available from a larger company. These extra touches are well worth paying for in my opinion.
In figuring out how much to charge for your services you can do a number of things to set fees:
1) Go online to some of the wage comparison sites and see what jobs similar to yours pay
a) www.salary.com
b) www.monstermoving.monster.com
c) www.salaryexpert.com
2) Also, online take a look at some of the job sites and see what salaries are being offered to people who would do the same type of job as your are going to be doing. Remember though your work isn’t 9 – 5 each day....being self employed often means longer hours and there is no overtime pay.
3) Talk to people you know who work in the industry you are entering and see if you can get an idea about the salary range
4) If what you’re doing is something very unusual and unique ask yourself “what would I pay for this service?” “what can my customers afford to pay”
5) Sometimes your pricing REALLY does depend on what the customer is willing to pay – wealthier clients will pay more for a haircut than someone who makes minimum wage (eg. $500 versus $7.99) This is why you need to ABSOLUTELY clear about who your customer is – and to remember you
CANNOT be all things to all people.
6) Are you willing to offer a discount to repeat customers? Will you offer refunds or just exchanges?
7) You need to be VERY clear on all pricing issues before you start your business.
Here's some more basic tips
to get you on the right path when it comes to setting fees:
1) Don't do work for nothing - set up an estimating formula - give each client a cost breakdown and stick to it - if you have to change it get the client to approve the cost overrun BEFORE you go ahead and do more work.
2) Turn down work that isn't worth the time to do - this may sound callous - but why sit up until 2 a.m. doing work that is costing you money - yes you're working, but for what?
3) Some jobs will pay off in referrals and business in the future - just be sure you're doing work that will pay off later, if you've taken a discounted rate of payment.
4) When it comes to doing work for friends, know in advance what your policy will be. This can be a very difficult situation, so be clear from the start. Many a friendship has been damaged or destroyed over a business misunderstanding! Don’t let yours be one of them. This also holds true for work you may do for non-profit agencies or charities. Decide IN ADVANCE how many hours per month you will "give away" to a good cause. Do NOT allow yourself to go over the amount you've set.
There is a lot of good information available about what salaries people in various industries are being paid – take advantage of it to your benefit. Set fees that make you feel appreciated and your work valued. Ensure that the fees let you pay the bills, cover your expenses, make you feel what you are doing is worthwhile, and make sure you save some for a rainy day and have some fun too!
About the Author
Wendy McClelland is a motivational speaker and marketing consultant. She has been a nominee for Canadian Entrepreneur of the Year, and is a Canadian Achiever! Wendy’s first website won numerous awards, including being named as “one of the best business sites on the ‘net” by the N.Y. Times. Wendy’s life mission is to “motivate people to think without boundaries” and it’s also the name of her website! Visit www.ThinkWithoutBoundaries.com today
|
|
|
|
|
|