Great summary Gareth on the subject. Over the years I have had the displeasure of encountering all 4 of these. Sometimes more that one red flag for the same client! And yes those relationships did not end well. Keep up the good work.
Great video! #2 would be my top One I would add is I ask if they have worked with someone for a project before and see what they say. If they have a lot of negative things to say I will be cautious. Your point about being clear about the details of the engagement and charging correctly is key.
Hi Gareth, another great video. Love the simplicity of the explanations and value the fact that you aren’t telling anyone what to do, but giving them food for thought based on your experiences. Excellent content. Thank you for sharing 👌🏾👍🏾🙏🏾 P.S. re the ‘price red flag’, I think that this subject requires a certain degree of mindfulness. I say this as sometimes, clients simply don’t have endless resources and therefore have to think about how they allocate it. This is different to thinking that a service is too expensive and trying to beat down the price and/or simply not valuing the service. Just a thought
Hey Ladi, love this insight! Definitely not trying to tell anyone what to do here, but instead giving some caution around potentially bad engagements. RE: price red flag, I agree with you that mindfulness is needed. What I didn't say in the video (but should have) is that you can create different service offerings that appeal to a variety of budgets. This way, if your 1:1 consulting fees are out of budget, clients can still find ways to work with you through courses or other options! 💪 I agree with you that there's a big difference between "I can't afford that" and "it's not worth that" - when looking for a price red flag, we're focused on the latter prospect.
Right on. Sometimes I tell myself this will be easy and then once I get started, I realize the can of worms I have opened and how every little thing affects so many other things 😂😂😂
Thanks for sharing your experience and thoughts. 1. I work in marketplaces and I try to charge all my clients the same rate. I need to think about your "screw tightening" formula. But the problem is I don't feel comfortable charging different people different rates. I feel like I am cheating on clients who paid me hourly rates. 2. Now I am sharing my experience, when I break down the cost upfront they don't agree with the price but if I don't give them a break down then they are okay with the price. This is very strange behavior from clients. And I always try to describe what I am charging for which reason with hourly and then I calculate the price by hourly. But some of the points they don't like that's why they go to other sellers specifically they don't what to pay for meeting time. Do you have any advice for this? Thanks again
Hi, thanks for the comment! I agree that all clients should be charged the same rate - I don't advocate for different prices based on the client's ability to pay. When I referenced the tightening of a screw, I meant this across your entire pricing model - making sure that your set price is competitive in the marketplace and not too low. That being said, if you are comparing hourly with project rates, then there may be some variability, depending on which type of engagement is easier for you to complete. Generally project based work is WAY more difficult because you commit to a scope upfront, as opposed to hourly work which allows you to charge for time + materials. I agree with you that breaking down the costs is often unnecessary. I suggest including the price of the engagement with a few options. Offer a few different "tiers" in your pricing model with different price points. This will help keep your prices consistent and allow you to work with clients who have a larger budget and want to pay for more/deeper access.
Grab our 5-Day challenge to help you make your first $1,000 online! 👉👉 built2scale.io
Great summary Gareth on the subject. Over the years I have had the displeasure of encountering all 4 of these. Sometimes more that one red flag for the same client! And yes those relationships did not end well. Keep up the good work.
Thanks! Will do 💪
Great video!
#2 would be my top
One I would add is I ask if they have worked with someone for a project before and see what they say. If they have a lot of negative things to say I will be cautious.
Your point about being clear about the details of the engagement and charging correctly is key.
Great point! I love the idea of making sure they've completed successful engagements before!
Hi Gareth, another great video. Love the simplicity of the explanations and value the fact that you aren’t telling anyone what to do, but giving them food for thought based on your experiences. Excellent content. Thank you for sharing 👌🏾👍🏾🙏🏾
P.S. re the ‘price red flag’, I think that this subject requires a certain degree of mindfulness. I say this as sometimes, clients simply don’t have endless resources and therefore have to think about how they allocate it. This is different to thinking that a service is too expensive and trying to beat down the price and/or simply not valuing the service.
Just a thought
Hey Ladi, love this insight! Definitely not trying to tell anyone what to do here, but instead giving some caution around potentially bad engagements.
RE: price red flag, I agree with you that mindfulness is needed. What I didn't say in the video (but should have) is that you can create different service offerings that appeal to a variety of budgets. This way, if your 1:1 consulting fees are out of budget, clients can still find ways to work with you through courses or other options! 💪
I agree with you that there's a big difference between "I can't afford that" and "it's not worth that" - when looking for a price red flag, we're focused on the latter prospect.
Right on. Sometimes I tell myself this will be easy and then once I get started, I realize the can of worms I have opened and how every little thing affects so many other things 😂😂😂
Everything is related, 100%!
Thanks for sharing your experience and thoughts.
1. I work in marketplaces and I try to charge all my clients the same rate. I need to think about your "screw tightening" formula. But the problem is I don't feel comfortable charging different people different rates. I feel like I am cheating on clients who paid me hourly rates.
2. Now I am sharing my experience, when I break down the cost upfront they don't agree with the price but if I don't give them a break down then they are okay with the price. This is very strange behavior from clients. And I always try to describe what I am charging for which reason with hourly and then I calculate the price by hourly. But some of the points they don't like that's why they go to other sellers specifically they don't what to pay for meeting time.
Do you have any advice for this?
Thanks again
Hi, thanks for the comment! I agree that all clients should be charged the same rate - I don't advocate for different prices based on the client's ability to pay. When I referenced the tightening of a screw, I meant this across your entire pricing model - making sure that your set price is competitive in the marketplace and not too low. That being said, if you are comparing hourly with project rates, then there may be some variability, depending on which type of engagement is easier for you to complete. Generally project based work is WAY more difficult because you commit to a scope upfront, as opposed to hourly work which allows you to charge for time + materials.
I agree with you that breaking down the costs is often unnecessary. I suggest including the price of the engagement with a few options. Offer a few different "tiers" in your pricing model with different price points. This will help keep your prices consistent and allow you to work with clients who have a larger budget and want to pay for more/deeper access.