Sent by Jonathan Stark on September 6th, 2017
Most of the anecdotes you read on this list are based on my experiences in the software development world. In spite of this, an increasing number of readers from other disciplines (e.g., lawyers, accountants, copywriters, photographers) are joining to learn how to ditch hourly billing.
Scott Webb is one such reader. Scott is a photographer who specializes in architectural photography. We exchanged a few emails about a quote he was drafting for a prospective client. After a bit of back and forth, he sent the quote to the client. I asked him to let me know what happened.
Here’s what he said (shared with permission, bold mine):
Hey Jonathan, Just to let you know whats happened :) The architecture firm wanted me to come in for a meeting and let me know they are going to go with my option 3 (i.e., the highest priced option!) and we’ll work out a retainer. I essentially said how it would give them full access to my photography services in a new way. The architect was stating outcomes left and right and how I fit them. The retainer may work a little different than originally put in the quote so I’ve got to draft it up while they make an official list of all the projects that need photos. Couple big things were being local and architecture background. You should have seen his face when bringing up a past photographer from Toronto that required or wanted him to go with her on the shoots and let her know what parts of the building to shoot. They’re so busy they have no time for that. I also cannot believe how I mentioned 100% upfront payment or for the retainer paid at the start of each period and it is seeming like no questions around it so far. It was tough to put that on this first quote but I’ve done 2 more since and said 100% upfront as well. The confidence that comes from simply putting that term in your quote is crazy. Hoping to hear back on the other 2 quotes very soon as they are big projects too and need done within next 1-3 months. I’m not sure how many people extrapolate your advice into other fields besides software dev or something. I was always against an hourly rate but didn’t have the full reasoning and knowledge of why behind it. Looking forward to more of your emails and podcasts. —Scott Webb
Thanks for sharing, Scott!
I know this stuff isn’t easy, but it’s not exactly rocket science, either.
If you want to break out of the feast/famine cycle and get off the hamster wheel, you have to increase your profits!
The way to increase your profits is to stop trading time for money and instead set your prices based on the value you deliver.
P.S. Not sure how to calculate the value you deliver? I help you with that in my mentoring program -> Learn More About My Private Mentoring Program Now