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On September 10th, 2015

Know Your Worth

Posted In:
entrepreneur

When I first started Yodel Networking, I had recently graduated college and Facebook had launched "pages" for businesses. Although I started on my own, I (thankfully) had wonderful people who helped me create a logo, set up my LLC, give me financial advice and more. For those people (you know who you are), I am forever grateful.

When anyone starts something new, they have little experience and are just getting their feet wet. When I signed on my first clients, I wasn't sure what to do for billing, contracts or price points. However, I quickly learned.

1. Make sure your contracts are clear- At first I went with the flow. That can be great but it didn't serve me well as a business owner. For my company, it has helped me to have a three month initial contract which moves into month-to-month after that with a 30-day cancellation. This my not work for your business but my advice is to find what's right for your company and stick with it. Get ready for push back but stand firm. This is your company and business!

2. Bill in advance- Whenever possible, I bill at the beginning of the month. That way, the client has a few weeks to pay until late fee's kick in. That also helps me to know that before I put in many hours, I will be getting compensated. Unfortunately, I learned this the hard way. In the beginning of my career I had a client who did not pay me and I had to pay my employee out of my pocket. Lesson learned!

3. Ask for what you want- Your time is valuable. The longer I have been in the social media world, the more my knowledge, experience and expertise have grown. My rates started lower and have grown due to those previous factors. I've had many conversations where people ask my for a list of things they want, only to find out they have a very small budget. In the past, I would compromise, now I stand firm with my prices. Yes, there is wiggle room depending on the company, hours and services they are asking for but if you ask for Facebook, Twitter, Instagram and Pinterest with a budget of $100, I'll just put it plainly "that ain't gonna happen!"

Hopefully these tips help you with knowing your worth and standing firm with your business. Please feel free to chime in with ideas for future blogs or comment on this one!

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