We have to make lots of decisions as business owners. And a lot of those decisions are scary.
We have to decide whether to propose something new to a client. Or whether we should let a client go. Or whether we should offer a new kind of service. Or adjust our target market.
The list goes on and on!
But perhaps the scariest decisions we have to make relate to pricing.
If we price too low, we’ll limit our success and feel resentful. If we price too high, we risk losing the opportunity.
So how should we approach these decisions?
The Magic Quartile
It’s helpful to look at any kind of scary decision as a spectrum.
The spectrum ranges from “no brainer” (i.e. the decision feels comfortable) to “massive panic” (i.e. the decision feels very uncomfortable).
In most cases, your best decision lies somewhere between those two extremes.
So let’s use pricing as an example.
Pretend you need to quote a project. Your “no-brainer” quote is $2,000 (for example). You feel 99.9% comfortable with that price. You’ve quoted it many times before for this kind of project with no issues.
Your “panic” quote is $6,000 (for example). That price feels very uncomfortable. What would the prospect even say? Would they think you’re crazy?
The middle point between those two extremes is $4,000:
Many people would advise you to quote $4K. After all, it’s the halfway point between your two extremes, so that sounds logical.
But I suggest you think about this a bit more. After all, you want to use this as an opportunity to grow your success. And that means stepping outside your comfort zone.
The $2K to $4K range is your comfort zone.
The $4K to $8K range is your discomfort zone.
The space between $4K and $5K is what I call the “magic quartile.”
So instead of quoting $4K, you quote somewhere in the magic quartile. Maybe you quote $4,500. Or maybe $4200 more conservatively.
Create a New Normal
Quoting just a little bit higher in this kind of situation and will take some courage.
But it’s an important strategy because it helps you incrementally increase your fees over time.
Each time you quote that magic quartile rate and land the project, you start to create a new normal
Everything shifts farther to the right on the scale. What used to send you into a panic is now your new baseline.
Before you know it, you’re in a completely different place with your business.
And that, my friend, is how you make serious progress in your business … one baby step at a time.
Plus … whenever you’re ready, here are 4 ways I can help you grow your freelance business:
1. Grab a free copy of my book for ESTABLISHED writers/copywriters.
You’ll discover how to quickly and predictably reawaken dead leads, generate new client opportunities and convert not-yet-ready prospects into freelance writing clients. — Click Here
2. Download a free copy of my new book for writers who are NEW to freelancing.
I’ll show you the 3 things you need to do to get your business off the ground safely and land your first paying client faster. — Click Here
3. Join my implementation program and be a case study.
I’m putting together a new implementation group this month. If you’d like to work with me to grow your income quickly with better clients (and become one of my new success stories). Just email me at [email protected] and put “Case Study” in the subject line.
4. Work with me privately.
If you’re a 6-figure writer who’s trying to earn more in less time, with less stress, I might be able to help you get there faster than you think. Email me at [email protected] … put “Breakthrough” in the subject line and I’ll get back to you with more details.