How to Set Fees for Your New Consulting Business

Dan Lok Show

Dan Lok

Careers, Management, Entrepreneurship, Business

4.8 • 826 Ratings

🗓️ 21 April 2019

⏱️ 10 minutes

🔗️ Recording | iTunes | RSS

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Summary

Let’s say you’ve just closed a million dollar deal with your first big client. What would he think if you invited him to celebrate at McDonald’s?

You can’t change a first impression. That’s why you can’t charge a low price to start with in the marketplace. You’ll be perceived as cheap and that reputation is going to stick with you. So if you’re just starting a new consulting business, how do you set your fees?

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Transcript

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0:00.0	Hi, this is Dan Lockett.
0:07.0	Welcome.
0:09.0	Dan has been educating and inspiring individuals, entrepreneurs and leaders for decades.
0:18.0	He's helped millions of people to move past the mental barriers that were holding them back
0:24.6	from stepping into their power to become a better version of themselves and live a kick-ass life.
0:32.6	I know this firsthand as I'm Jenny, Dan's wife. And here's your host, Dan Locke. Pricing itself, done properly,
0:44.5	is a marketing strategy. Today, Dan breaks down why you cannot start by pricing your services low,
0:50.5	then trying to raise them, and how to strategically price your products and services
0:55.4	higher.
0:57.6	The idea of charging a low price to start off with in the marketplace, first of all, that's
1:02.8	how you would be perceived in the marketplace.
1:05.6	You're cheap.
1:07.0	It's like in dating.
1:08.6	Imagine this.
1:09.6	How many of you are single by show hand? Single? How many of you are single? By show hand.
1:11.5	Single?
1:12.3	How many of you are single and you admit it?
1:14.2	Put it nice and high.
1:15.2	No, no, put it nice and high.
1:16.7	See it right and high, nice and high.
1:18.2	Look around the room, look around it.
1:19.4	See if there's anything you like.
	...

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