It can be challenging to figure out what you’re going to charge for all the different services you offer. While fee setting can be a determining factor in the success of your business, many of us don’t know where to begin. If the process of determining and then setting your fees is causing you anxiety, fear not. We can help with that by sharing some of the ways that we determine our own.
When the fee setting process begins, there are two main techniques that you can choose to consider.
First, perform a competitive analysis. Determining where you fall on the spectrum of the quality of your services compared to others in the field can be a great way to judge how your fees should compare. We would all like to think we are the best at everything we do, but if you’re being honest with yourself, you have strengths and weaknesses. Set your fees accordingly.
Something to keep in mind when comparing your fees to others in the field is that, in certain industries, your fee is how people judge your value. If you are under valuing your services, you may start attracting the wrong kind of client or patient. Conversely, increasing your fees can mean an increase in business as well.
The second method you can use to help you set the proper fees is by considering how much time and energy is involved in a service. When you determine how much your time is worth, you can begin to set fees that appreciate who you are and what you do. By undervaluing yourself, you create a situation where you no longer enjoy your work. It is no longer worth your time. By creating a fee that accurately reflects your personal investment, you can count on maintaining your quality of work and job satisfaction.
Contact us for help with determining you practice’s worth.