Do your research – What are your competitors charging? What appears to be the average for your industry that you can bench mark against?
Work out your expenses – What does it take to run your business? Tallying your expenses will help you realise your hourly rate so you can set it accurately.
Know what your client’s upper limit is - If you’ve had a lot of resistance with clients questioning your pricing you might be charging too much. This works both ways if you aren’t charging enough and no client has ever questioned your pricing maybe it’s time to increase pricing.
Do you need to charge GST? This will impact your pricing as you’ll need to add 10% to all of your service offerings. Check with your accountant to see if you need to be adding GST to all invoices yet.
Know your worth – Don’t sell yourself short if you know you can create amazing work. You need to remember that just because you know you can source the perfect armchair in 18 minutes doesn’t count the years of sourcing and research to find that supplier not to mention your unrivalled product knowledge of fabrics and manufacturing that lead you to be able to make a decision for a client in 18 minutes. You’re not just pricing for those exact minutes spent sourcing, it needs to take into account the previous experience you’ve gained too.