Have you ever wondered how some freelancers are able to charge way more than others?
Do you feel stuck in your pricing? Or struggle in raising your rates?
The reason why some freelancers are able to charge more is because they have a high-value skill/service.
Yes, unfortunately, not all skills are created equal.
Let me explain...
High-value skills are economically-valuable skills which are related to these 5 (interdependent) parts of every business:
- Value Creation – finding out what people need or want, then creating it.
- Marketing – attracting and keeping attention, and building demand for the value created.
- Sales – turning prospective customers into paying customers.
- Value Delivery – giving customers what's promised and ensuring that they're satisfied.
- Finances – bringing in enough money to keep the business operating.
I highly recommend that you familiarize yourself with these 5 parts. It's incredibly helpful in building a profitable freelancing business. Seriously, you can't build a business if you don't understand what a business is in the first place.
Clients will be more willing to pay more if you can help them with any of these 5 parts. Guaranteed!
If you look around and observe the marketplace, you'll notice that high-earning freelancers are usually copywriters, growth hackers, ad specialists, or even business consultants.
There's a reason behind this: their skills or services directly affect their clients' business.
Here are a few examples of skills you can develop or services you can offer to clients as it relates to the 5 parts of every business:
1. Value Creation
- Market Research
- Content Creation
- App Development
- Software Development
- Website Development
- Display Advertising
- Lead Generation
- Marketing Strategy
- Search Engine Marketing
- Social Media Marketing
- Email Marketing and Automation
- Public Relations
- Search Engine Optimization
- Content Marketing
- Direct-Response Copywriting
- Sales Assistant
- Sales Manager
- Outbound Calling
4. Value Delivery
- Order Processing
- Inventory Management
- Operations Management
- Customer Success
- Financial Planning
This is the reason why other services unrelated to the five parts of every business like data entry or appointment setting are difficult to scale.
It's not necessarily because they are low-skill-level jobs, but rather because they simply don't relate to the five business processes.
Now, this is not to say that you should pick a service based solely on how much you can potentially charge. This is just something for you to consider when deciding what skills to develop or what services to offer.
What if your skills are not related to the 5 parts of every business?
If you're a graphic designer, you can shift your focus to the following:
- Creating eBooks and workbooks (value creation)
- Designing websites (front-end) (value creation)
- Creating a style guide (marketing)
- Designing newsletters (marketing)
- Creating infographics (marketing)
- Designing sales pages or funnels (sales)
If you're a virtual assistant, you can pick a sub-niche (i.e., specialize) and reposition yourself to offer:
- Customer and market research (value creation or marketing)
- Content writing (marketing)
- Social media management (marketing)
- Outbound calls (sales)
- Customer support (value delivery)
- Bookkeeping (finances)
Remember: if you want to charge more, you need to offer a high-value service!
I'd like to know your current service offering as a freelancer. Is it related to the 5 parts of every business? If not, how will you reposition yourself? Let me know in the comments section below!