So this time last week, I decided to officially launch my online business, The Editing Nerd (please click “like”). I was tired of giving my editing/proofing services away for free and I needed some extra money in my pocket so I decided to get a side hustle that I could do with my “eyes closed”. After careful research, I set my “price points” and ever since then I have been working! (Thank you God!!!) Clients have been calling/emailing me back to back and I have been making money!!! Woohoo!
But the other night a good friend of mine called me and mentioned that he thought my prices were too low for the services I was offering. I thought about what he said but countered him that I want to retain a steady client base with introductory prices, then if work became more demanding raise my prices to fit the market. He gradually agreed with my reasoning but this showed me an important lesson when establishing your “side hustle”–know your worth but don’t be stupid.
What does this mean for everyone starting their own business? Listen up..
1. Be wary of pricing your services so high that potential customers look over you and go to a more established service. Yes, I know that my services are the bomb.. yes I know I should be charging more for editing 20- 15 page papers but my first goal (other than making money) is to establish a strong customer base and I plan on doing that by offering economical pricing. In this economy people are struggling, so if I offer resume/cover letter packages starting at $30 (I really do) then if people like my work (and they will) they will constantly refer my company to others.
2. Research your price points for the market you are in. Since I am running a business in a very specific field, I needed to know what people were charging so I could set my price point. For example, a client just contacted me about editing/formatting his PhD Dissertation (with is hundreds of pages long). Before I quoted him a price, I researched what the market is like for that type of work. I then looked at realistically I could have the project completed and then his timeline for needing it done. From there I was able to quote him a reasonable offer that would not only save him money but be reasonable for my services.
3. Don’t give away your services just to say you have a job. I had a client contact me about editing a book (at least 1000 pages) and basically quoted me a price that was WAY below the minimum wage in India in the States. I tried to counter offer but the client was adament about paying only a certain amount. After careful consideration, I declined. I am pursuing this side hustle not to giveaway my services but to put more money in my pocket. I hated to not take the money but I have standards and do not want to do projects for “little to nothing” when I know someone else would charge triple that amount.
In all, this side hustle is my ticket to being able to save and live more comfortably PLUS I am doing what I LIKE in the COMFORT of my home! So, how do you charge for your side hustle? Any lessons you can share with me?