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Is Your Hourly Rate Enough?
Do you feel like you are NOT earning enough for all the hard work you do in your small business? Are your earning requirements fair and reasonable?
If you answered yes to both questions, then maybe you need to put your prices up!
Many small businesses charge too little for the products or services they provide. This leaves them with a business that operates on small margins and, often, earning less from all their hard work than they would earn in a job!
Sometimes it is difficult to work out what your business’ charge-out rate should be.
To help in this situation, you can use the Hourly Rate Calculator – a useful little tool to help you work out an hourly charge-out rate for your business.
This tool is also useful if you are facing competitive pressures. It gives you an opportunity to analyse your costs for efficiencies, as well as understand any competitive advantage you may have (to help you better explain why you charge more than your competitors).
The Hourly Rate Calculator (and instructions on how to use it) can be downloaded from the Small Fish website here. Of course, if you get stuck, give us a call.
There are four ways you can engage with me:
1. Subscribe to these emails and get them once a week in your inbox so you never miss a video from me.
2. Join the Trades Business Toolshed Facebook Group where you can watch these videos, ask me questions or talk to your peers.
3. Attend my next Tools Down workshop.
4. Book yourself a 10-minute chat with me. We’ll talk about whether coaching is right for you now and if it is, we’ll go further into the process before you have to make your mind up.
See you later.