Pricing Your Products and Services to Make a Profit

Pricing is always a sensitive topic in business. There are no set fees for independent contractors/freelancers; well, usually there aren't. However, there are price ranges that we tend to follow. It takes a certain amount of skill and juggling to maximize your earning potential. You have to be careful not to price yourself out of the market, but, at the same time, you do not want to price your services too low where you barely make a profit. On the flip side you do not want to price your services too high where volume is so low you can't cover your operating expenses.

Well, where and how to start? Always keep in mind the first rule of business!! You are in business to make money. That being said; you have to price your products and services to generate a profit.

In the case of the notary signing agent, you have to take into consideration the state(s) and counties that you cover, travel expenses incurred, among other things. Virtual assistants such as independent paralegals/legal assistants/secretaries, bankruptcy forms processors and legal document preparers have to also consider the cost and use of equipment such as computers, its maintenance, office supplies, faxing and copying cost. Most importantly, in all cases you should factor in the price for your time.

What are the options? You may consider increasing your prices above the average if your services reflect your advanced skills, knowledge and experience. It might be a good idea to have references that can support your claim. Be confident when negotiating your fees with your clients. If you can support the price of your fees with your quality of services and products, then you do not need to make excuses for your fees. Clients are usually willing to pay market or above market fees for quality services, excellent customer service and top-notch experience. Keep in mind though that even if you are great at your job, you may not get calls for work because your rates might be too high. Time to do some juggling!!

Price can also be a sign of quality. If you price yourself below your competitors, you may communicate that you are of lesser worth. I doubt that would be your intent. Focus on your value to the client, focus on their need for you. You should be experienced, dependable and professional, and, importantly, do the BEST job.

Yep! Like I said; it takes serious juggling skills!

By CD&C Business & Legal Form Processing Services, LLC, http://www.cdcformsprocessing.com Leaders in business & legal forms processing and notary services. © 2007. All rights reserved.