5 Signs you are undercharging

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5 Signs you are undercharging

Are you undercharging for your services? It can be hard to tell, particularly if you’re in a niche industry or you’re a contractor. Costs have been rising, so it may be time to rethink your own pricing.

Here are five signs that you might be undercharging:

Nobody ever questions your quotes
Do all your new clients accept your quotes or charges without asking any questions, requesting a breakdown or wanting a discount? It’s possible they’re delighted to be getting such a great deal.

You are run off your feet but you can’t afford to get help
When you’re working yourself to the bone, but there’s not enough money left over to employ someone to help you, your prices are too low – or something else needs to change.

Your prices have been the same for two years or more - In most industries, prices increase each year. Leave your prices flat for too long and you’re not keeping up with the market; make sure you review your fees annually.

You’re overbooked
When business is booming and there’s no room for new clients; it’s time to raise your prices.

Clients don’t treat you as well as they should
When clients think they’re paying peanuts, they’ll often take you for granted. They don’t see your time as valuable, so they feel free to mess you around. What should you be charging?

Finding your pricing sweet spot could take a little time. You’ll need to do some research, maybe ask around a little, and find out where your competitors are pitching their rates.

Get in contact with our WDF Team and we can assist in reviewing your prices and whether they are reasonable. We’d love to hear from you!