There’s this moment. A turning point. When your side hustle — your late-night grind, your weekend passion — begins to generate actual revenue. You look at the numbers. The dream doesn’t seem quite so far away now. It’s possible. But setting the right price? That’s an entirely different animal.
The Price Struggle is Real
I remember a friend. Mark. He was initially a freelance graphic designer. First, it was just fun. A means of earning a bit of extra money. But then the requests kept coming. More than he could handle. People loved his work.
But pricing? That was the hard part.
Price It Right: The Biggest Mistake
So many people undercharge. Fear of scaring away clients. Fear that people will think they are too expensive. But here’s the reality — pricing too low can kill your company.
Mark did this. Only charged as much as time you have. Barely. Didn’t account for taxes. Didn’t account for overhead. No buffer for slow months.
One day, he burned out. Too little work, too much money. He knew — pricing needed to change.
Knowing Your Worth
Pricing is more than just numbers. It’s about value.
Think about it. A coffee at a gas station? Maybe a dollar. The same coffee at a fancy café? Five bucks. The same coffee but a different experience.
People pay for value. Not just time. Not just product. The whole experience.
Mark had to understand that. His designs weren’t simply pictures. They were branding. Identity. Business growth. The pricing was easier once he saw that.
Breaking It Down: What To Keep In Mind
If you get stuck, try asking yourself:
How long is this actually taking?
Which tools, software, or materials do I need?
What’s the industry rate? (Research and research and research.)
What’s my unique value?
Who are competitors, what do they charge?
Doing something custom? If you’re doing something custom? Charge extra. You deserve to be compensated fairly for your skills, creativity, and effort.
The Confidence Factor
Raising prices is scary. Every time. But you got to own it.
Mark was tentative when he initially increased his prices. Expected backlash. Guess what? Nobody complained. Clients still booked him. Some even placed more value on his works.
Because price indicates quality. Too cheap? People doubt you. Just right? They trust you.
Different Pricing Strategies
There are no one-size-fits-all businesses. Pricing methods vary:
Hourly: Ideal for services when the time requirements are unpredictable. But risky — you get docked for working quickly.
Project-based — Prices are crystal clear upfront. No surprises for clients. Protects your time.
Value-Based: Charging for the result, not for hours. Hard to do, but profitable.
Tiered Pricing – Provide several levels of service at varying price points. Gives customers options.
Test. Adjust. Repeat.
The Fear of Losing Clients
Raise prices, lose customers, yes? Maybe. But it’s usually the wrong ones.
Cheap clients? The toughest. Complain the most. Demand extra. Take forever to pay. Those clients left when Mark increased his prices. And that was a good thing.
The ones who stayed? Valued him more. Less hassle. More respect. More profit.
Discounts? Be Careful.
Discounting can be dangerous. Do it too often, and you cheapen yourself.
Instead:
Run time-limited promotions.
Give bulk order discounts.
Reward loyal customers.
Don’t become a habitual discounter. People will expect it. And all of a sudden, your full price feels like a joke.
Pricing Adjustments Over Time
You aren’t committing to one price for all time. Costs rise. Experience grows. Your prices should too.
Re-evaluate every six months. Are you doing more work for less? Are expenses higher? Adjust accordingly.
Final Thoughts
Mark’s business? Thriving now. He learned pricing isn’t only math. It’s psychology. Strategy. Confidence.
Set your prices with purpose. Own your worth. The right clients will come. And your side hustle? It just might turn full-time.