What's up brand builders Stephen Houraghan here at BrandMasterAcademy.com and in
this video you're going to learn how to sell your branding and marketing
services so you can stop pawning your time for a
paycheck and start building a business that's
structured to grow
Now if this is your first time to the channel and you want to build brands
that go beyond the visuals using strategy psychology
and creative thinking then you're in the right place hit that subscribe button
and the notification bell and you'll be well on your way now when most
freelancers get into business for the first time they tend to come
from an environment where they were paid a regular check they came
from a job they came from a design job a copywriting job
and they had a steady income and that was based on their time and
when they get into business for themselves for the first time they tend
to take that mentality with them so when they price a job they work at how long
it's going to take them and they price that based
on that time but in doing that they're actually creating
a job for themselves not an actual business
now when you think about most services for the most part we don't
tend to pay for services by the hour now of course there are
some exceptions to the rule you might pay a cleaner or
a babysitter or even a psychologist by the hour but for the most part
most services are actually charged by the result
that they achieve so if you get a locksmith you pay for
your locks to be changed that is the end result if you go
to a hairdresser you're not paying them by the hour you're paying them
for that hairstyle and if you go to an accountant you're paying
for that end result of your books to be taken care of now you've probably heard
this before but it is definitely true that your time
is your most valuable asset because it's a
diminishing commodity you only have so many hours in your lifetime and
definitely you only have so many hours in the day and whether you work
five or eight or 10 or 15 hours in a day you are limited by how much
work you can do within that time and therefore what you can earn is limited
by how much you can charge for that time so as long as you're
pricing your work based on your time it means that
you are always limited and you're digging yourself a hole as you're doing
this now i know there are a lot of businesses out there that
say that they priced by the project and every project
is bespoke but a lot of those executioners technicians those
freelancers they are mentally charging for their
time because what they do behind the scenes is they work at how long it's
going to take them and they base their price of the time it
will take them so whether you're charging your rates out
at an hourly rate and showing your cost and your prices
or you're doing that behind the scenes it
is the same if you are basing your prices
off of your time you're digging yourself a hole because you're limited
by the amount that you can charge so the mental shift that you need to have
is that your customer is not actually paying
for your time how long it takes you doesn't really matter whether it takes
you 10 minutes 10 hours or 10 days if they come to you looking for an end result
that is what they are paying for they are paying for that end result not the
time it takes you to deliver that end result
and that is the psychological shift that you need to make so the big question
that you need to ask yourself is what end result am i selling now i'm not
talking about deliverables here I'm not talking about
the logo or the website or the brand strategy itself
what is the result of those deliverables so is it going to
make the brand more visible in the marketplace is it going to
define their position in the market is it going to give them
clarity in their communication strategy to connect the brand with the audience
what is the end result that they are going to get from you
doing the work for them now once you understand
what the result is that you're selling then you need to define
how you're going to price now there are two approaches
to this there is the profit based approach and there's the value-based
approach now the profit-based approach is about you knowing your numbers
knowing your costs what it's going to cost you as a
business to deliver what you're promising to your client and
from that point you put your margin on top of that you put your profit margin
on top of that and that is what you earn as a business that is the profit that
you earn as a business the other approach is the
value-based approach now Chris Doe and Blair Ennis
talk about this and this approach is all about working out
how much the work is valued by your client what is the the
result that your client is going to get and what is the value of that result
what is the monetary value of that result once you know that then
you can work out a percentage of that monetary value and charge based
on that now either way with these two approaches
you are no longer selling your time for your
services you are no longer limited by the amount of hours that you
have in the day and how much you can charge
by the hour you are thinking as a business you are thinking in terms of
profit or the value that you offer out there in the marketplace
and that as a model is scalable now this video is not to tell you
the best way to price whether that's a profit-based approach for you
or a value-based approach this video is more about the
hourly mindset because this was a big one for me I
stayed in that hourly mindset four years as a freelance designer and it took me a
long long time to shift it but if you are able to do
that if you are able to shift away from that hourly mindset then
you can focus on building a business so forget about
the hours focus on the outcome and start to think
about how you can scale as you do it but I'd love to hear from
you about your experiences or your challenges as well
are you currently charging by the hour and are
you struggling with that idea or did you used to charge by the hour and
now you've made a shift into more of a business model or are you
struggling to break free from that hourly rate I'd love to hear from you in
the comments below if you like this video please give it a
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it is free and I keep some exclusive content
for that list as well and there's plenty of downloads on there
as well for you to get going with brand strategy but as I said I would love to
hear from you in the comments below about your experiences
about your challenges i'll do my best to answer all of those until next time
brand like a master and i will see you in the next video