What Is Your Work Worth? (Pricing Your Work)

You might tend to undervalue your work. We do this when we are not confident in the benefit that your project or product is bringing to the end-user. Three reasons fuel your lack of confidence: 

  1. You expect that everyone (including non-users) should be lauding your offering constantly. This is an expectation that will never be fulfilled. Even rock stars and royalty don’t have people who are continually fawning over them and approving their every move.
  2. You are trying to do work that is well beyond your skill. You have skills that other people need – offer those. Offering something that you can’t deliver on will only lead to stress for yourself, and disappointment for your stakeholders who receive a second-rate result. 
  3. You are comparing yourself to the wrong standard. If you compare your running time to an olympian, you will view yourself as a failure. If you compare yourself to most people in your age group, you might be in the minority. The most relevant comparison for you to make is to ensure that you are offering more benefits today than you did yesterday. 

How To Determine Your Price

Be honest as you answer these questions:

  1. If you had an unlimited budget and were to pay someone else to do this work, what is the upper limit of what you would be willing to pay them? 
  2. If you were part of a consultancy and were doing the same work, what would you expect the consulting company to charge for the work? 
  3. What would the people who have most liked your work pay a consultant for the work that you provide? 

Answering these questions will give you a few stakes in the ground that will indicate the boundaries of what your pricing for your projects or consultancy work could be. 

The value of your work is reflected by its pricing. Consider what people are willing to give up to benefit from what you have to offer.