HoneyBook: Pricing Your Services and Raising Prices
As an entrepreneur, things can get slightly intimidating when you’re trying to meet your client’s expectations and price your services in a reasonable manner at the same time. However, consider staying competitive with your prices and ensure you’re staying on top of market rates while catering to your clients’ needs. If you’re a Honeybook user and are wondering what’s the best way to price your services on the platform, don’t worry. We get it. Determining your prices and ensuring you’re not going too high or low is stressful.
Here’s what you need to do – first things first, remind yourself that as a business owner, you need to consider several factors such as operational costs, how to make a profit, catering to your client’s needs, and focusing on the quality of your services. Don’t be hasty and take your time while finalizing prices for your services on Honeybook. Also, give yourself enough time to understand the market and your client’s preferences. This strategy will allow you to come up with a robust plan for the future.
Need more tips? Keep reading for the full lowdown on setting fair prices and raising your rates on Honeybook.
Make time for lots of research
This is especially important if you are a new business owner and aren’t sure about the market rates. Take a look at what other businesses are offering and try to get estimates. You can do this by speaking to other business owners within your network, doing online research and reading what others have to say, and conducting informal surveys that allow you to gather more information on pricing structures.
The worst thing you can do at this point is set an arbitrary rate on Honeybook without enough information or data that helps you make an informed decision. What you want to do instead is offer high-quality services at reasonable rates to existing and potential clients. This way, you’ll be able to remain ahead of the competition while staying profitable.
Do the math
One of the easiest ways to figure out how to finalize pricing structures on Honeybook and make a profit is by doing a deep dive into your day-to-day costs. For example, if you need to use expensive technical equipment to provide your services, take that into consideration while setting your rates.
You’ll also have to consider other things like your internet and phone bills, your team’s paychecks, the time spent providing each service, and more. It also helps if you’re experienced and have been offering the same services for years. You can charge more based on your experience.
Alternatively, you’re at an advantage if your services are unique and aren’t being offered by many other companies in your location. Or you could simply be doing things differently and offering the kind of expertise that your clients are looking for. Either way, it helps to focus on your company’s strengths while finalizing your prices.
Pick the right pricing model on Honeybook
Use the available pricing templates on Honeybook to pick an option that works for your services. You can even offer several options to your clients based on what they’re looking for.
For example, one of your clients may only need help with a project for three months. In that case, opting for a fixed-fee option for the entire project may work better than setting hourly rates.
Consider another example – maybe you’ve agreed to provide your services to a client who is keen to establish a long working relationship. In this scenario, you’ll benefit from choosing a retainer contract that allows you and your client to set a monthly fee that works well for both parties.
Get creative with your pricing options
Don’t shy away from experimenting with a plethora of pricing options on Honeybook. For instance, you could opt for bundle packages for clients who need you to take care of several things at once.
Here’s an example – if your company handles social media strategy, you could offer a comprehensive bundle that includes prices for different platforms combined with several services like social media strategy plans, content creation, analytics, and more. Also, here’s an easy tip worth checking out: offer discounts on bundles for a limited period if you’re looking to attract more clients.
Understand your clients
This tip may seem like an obvious one but it’s fairly easy to overlook. You need to figure out what kind of clients you’re catering to and ask yourself a few questions like, “what is their budget?” and “how much are they willing to spend on a regular basis for the right services?”
This may seem like extra work but it’s worth it. You’ll be able to zero down on fair rates if you have a good idea of what your clients are like and what they can afford. Plus, doing your homework ensures you’re able to set fair prices that work well for you and your clients. It’s a win-win situation!
Revise your rates when necessary
This may seem like a challenging task to get right especially when you’re doing it for the first time. After all, you don’t want your clients to worry about the rising costs or look for other options. Make no mistake, though. Raising prices is a necessity if you want to remain profitable and ensure you’re staying ahead of the curve.
It doesn’t hurt to set up meetings with your regular clients and discuss your new pricing model. This way, you’ll get to address their questions and resolve any doubts. In general, it’s also helpful to focus on your company’s marketing strategy and talk about your team’s combined strengths. This helps justify your prices and ensure your current and potential clients are at ease, knowing they’re being charged fairly.
Pricing your services on Honeybook may feel like an uphill task but conducting research, talking to your peers, experimenting with different options, offering discounts, and being transparent about your team’s combined experience and background can go a long way in helping you set fair prices.
Want to know more about exploring different pricing templates and setting up contracts on Honeybook? Take a look at our free honeybook setup guide and check out our affiliate link for 35% off when you sign up!
WRITTEN BY: BOSHIKA GUPTA