Thread by @scalemyhustle

Time is money

As an entrepreneur who is a service provider, it is sometimes difficult to place a value on your services. And don’t worry, you are not alone. Tons of service providers all over the world have the exact same issue.

Here’s some tips that have worked for other people and we thought to share. This is also the method professional service providers like attorneys use.

Put a value on your time per hour (ie what is 1 hr of your time worth?). Don’t be afraid. You need to place that value.

For inspiration you can look to freelancing websites like Fiverr to see how much people charge for similar services.

2. Estimate (as best as you can) how long it will take you to provide this service to one client.

3. Now multiply 2 by the value you came to in the previous tweet. That gives you your base line.

4. Now if you intend to provide services lower than this price (because for instance, you are a newcomer in the space and are still trying to build your client base), do not forget your answer in 3.

5. Make early clients understand that you are providing this service to them at a discount - so when they refer you, they don’t underrepresent your value.

6. Write an invoice to the client using the figure in 3 while accounting for the discount.

So if what you are giving is a 20% discount, WRITE it down. You can use apps like Waveapp to easily send and organize your invoices.

Please do not forget that time is money. And if you don’t value your time, no one else would.

Do have a wonderful week ahead!