In a previous post "How to create services for marketers to hire you", we’ve explored how to create services on CatJira so that you could get hired. Now let’s look into how you should price your services.
Influencers often overlook the cost of their services. Simple things like writing a blog post, instagram-ing for an event etc, all comes with a cost to you. Therefore, you should be aware of the cost considerations.
There are three variables that need to be considered when setting prices for your services: Effort, Time and Cost.
Let’s look into a simple formula on how to price your services.
Price = (Effort x Time) + Cost
All activities require varying amount of effort. Activities like attending events, writing a blog post, tutorial guides, interviewing, co-production of content (for example photoshoot sessions) and video production all has different levels of difficulties. It’s only logical that the more effort required, the more you should price for your services.
Having some initial experience and some practice in these activities give you a better indication of how to price your work. For a beginner, we recommend that you start at a lower market rate to get jobs. Once you have a good idea on the efforts required for different activities, then you can confidently start charging for rates according to the intensity of the activities.
Time is the multiplying factor for your effort. To give you an idea, let’s assume it takes 3 hours to write a blog post, then it takes a further 1 hour to complete photo editing. If you value your work at US$ 4 per hour based on the effort you put in, your rate would be US$16 per blog post.
Estimating time requires some experience. Therefore, if you are just beginning, we recommend you get started by creating any content about the topic you love so that you have an idea of how long it will take.
Content creation usually always have its costs. Costs like material, labor, or other expenses associated from working with marketers. For example, you are invited to an event to produce content for a marketer. Below are some cost considerations:
- Cost per kilometer of travel
- Toll fees
- Parking fees
- Public transportation charges
If on average you travel 30km (return) for an event, you could price it at US$ 10 (assuming your cost is US$ 0.25 per kilometer), including of parking and toll fees involved.
If you are required to travel far away from where you are based, check with the marketer if it is covered by them. I’m sure there are events that you have the burning desire to attend, however when you factor in the cost of attending, it may be a challenge. So, do not be afraid to ask for more to cover your cost.
With all the points mentioned above, let’s take a look at an example on how the formula can help you:
Effort = US$ 4 per blog post
Time = 4 hours to write a blog post
Cost = Estimated travelling cost to the event to get information to write the blog post, US$ 10
Price = (Effort x Time) + Cost
Price = (US$ 4 x 4 hours) + US$ 10
Price = US$ 26
Here are some examples of how your services can be created:
In conclusion, don’t expect to charge thousands of dollars on day one. You have to take a good and honest look at your current strengths and shortcomings. Then, investment some time and effort to hone your skills and gain more experience.
One thing for sure is not to undersell yourselves. Marketers come to you because they see value in your work. It’s ok to charge for your services. What you charge this month, does not have to be what you charge next month. Move fast, make mistakes and adjust frequently.
Take each job as a stepping stone to another bigger more rewarding one. Start with small steps, but take many many steps and soon, you will be able to make huge strides.
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