To have a successful, sustainable web-based business, you have to charge not just for the time you are doing work, but for the supporting pieces to allow you to do that work. And you need to re-evaluate this again and again as your business grows and evolves.
To have a wildly wonderful web-based business, what you charge for your products or services must factor in:
When I left the confines of corporate hell and started my business in 2005, I was charging $75/hour for my web marketing consulting services. And I thought I was going to be raking in the money! The way I looked at it, if I worked just 6 hours a day ($450/day), five days a week ($2,250/week), 4 weeks a month ($9,000/month) I would be crushing it!!!!!! I was in my late 20’s and was ready to take on the world.
I learned about a little thing called self-employment tax (admin). Womp womp. 40% of my hourly rate went to Uncle Sam. And I needed a bookkeeper (admin). Oh, and I have to take time to send invoices and follow up on them (admin). And that writing proposals, blog posts, emails and more (marketing) took longer than I thought. And oh yeah, I had to network and speak (marketing) to get myself out there…Annnd, not every single hour I spent on consulting work (operations) was billable.
To stay super billable during business hours, I was networking at night, doing the accounting and proposal work on the weekends, and working on designing talks everywhere in-between. I was working part-time (as in 12 hours a day part-time) and wasn’t making the money I really wanted to make this “boss lady” thing sustainable.
So, I doubled my rates (yep, you heard me sisters!) so I had the funds to hire help to support operations to give my clients stellar service. And I hired a reputable monthly bookkeeper and got a better CPA firm (the person I had, to begin with, was way too hands-off and that didn’t work for me) to elevate my administrative practices. I also needed a proper logo and a better website to up my marketing game (this was before I have a team in-house) and a photographer to get me a pro headshot. And I had the funds to make it happen.
What you charge must factor in the entire cost of doing business.
Having help allowed me to do what I did best (while my dream team was doing the rest – whooohooo!) and about five years into my business, I had the funds to take things to the next level.
I hired my first coach.
Investing and doing self-work was and still is the core of my success. Doing the self-work elevated my self-worth and helped me see that my business was a vehicle that took me on the journey I wanted to live in life.
And part of that journey today is now giving back – helping women root, sow and grow wildly wonderful web-based businesses as an advisor/coach/support-sister via our super-fabulous Rebel Circle program and via custom retreats to unplug, recharge and revamp in gorgeous ways!
Life is a journey, not a destination.
And wildly wonderful women like you need to be making more money honey!
This is your life to drive. I’d love to be your secret weapon in the passenger seat!
I invite you to reach out for a complimentary discovery call! so I can give you some advisory gifts and help get you on a more fabulous road!