Miss Lori is talking rates; How do I know what I am worth

Okay, it’s time to talk seriously folks. Brands, PR and most especially Bloggers, it’s time to talk worth. Right off the bat let’s get one thing straight…your services are never FREE. Say it with me… “I never work for free!” NEVER! Even when you are doing something “Pro Bono”, you aren’t working for free, you are simply waiving your usual fee. I can hear some of you mumbling, “That’s just semantics Miss Lori.” That may be true, but they are very important semantics, because they speak to your self worth. And let’s be clear, they are not only speaking to you, but to the professional World you are trying to work in. What you think of yourself has a huge effect on what the World thinks of you. If you want the World to take you seriously, to see you as a professional, then act like one. You’ve heard the term “dress for success”? That’s what this is. You are dressing for success.

Now a couple of weeks ago I started by talking about how you should be B.I.G. with brands when you meet them in person. Then earlier this week I talked about the pages you should have on your blogsite. Now we are going to talk about RATES.

The one question I have heard from both big and little bloggers is, “How in the World do I set my rates?” It’s a tough task for many people in industries across the board. However, it’s particularly difficult in the blogging industry because it is so new and we don’t have industry standards to refer to as a starting point. We are inventing the wheel right now, so to speak. But not to worry, this can be done. There is a great article on the Freelance Folder that identifies 3 things that freelancers should consier when they are setting their rates;

1. What you need
2. What your competition charges
3. What the market will bear

These three points are very good, broad based factors to consider as a freelancers. You know your business expenses, (or at least you should). Write them down and be clear about what it costs monthly to run your business with insurance, phone, internet, transportation, conferences, tweet up bar bills…. The other two points, we’ve already established, are still in development, so to speak.

Now on Freelancewitch.com they go a little deepeer and lists 9 factors for setting your rate;

1. Your costs
2. Profit
3. Market Demand
4. Industry Standards
5. Your Skill Level
6. Experience
7. Business Strategy
8. Your Service
9. Your Client

All of these ideas make very good sense for kick starting your brain in the direction of rates. But some people aren’t at the point where they truly understand market demand, their skill level, business strategy and the like, simply because they don’t fully understand what it is they are contributing to the industry exactly, and how that fits into the great big money puzzle in the sky. Well, I have an exercise for you. Well, not just you. You and a fellow blogger. Yup, it’s a buddy exercise like the mirror game or the trust fall, but a lot less nerve racking.

You know how when you look in the mirror it’s really hard to see past your perceived flaws. People tell you you look good and all you can see is the jiggle under your arms and the ripples at your thighs? That’s really quite normal. People always have a hard time seeing the whole picture when they look at themselves because they are emotionally invested. That’s why you need a buddy to tell you the truth. “No, you don’t look fat in those jeans. Yes, that top is really flattering, but it would be better if you added a scarf.” Get it? So, I want you and your fellow bloggy friend to swap blogsites. I want you to evaluate each other’s site as though you were a real estate agent evaluating a potential property for sale. You the agent must look at the property objectively and decide what the high points are, what needs to be worked on, and what is unique to the market. You need to check out the neighborhood and see how well the property stands up to the surrounding properties… You get the idea. “Why are we doing this Miss Lori?” Because you need to see your blogsite as other people see it before you can even begin to asses it’s value for potential brand tenants to sublet space. So have a friend click through the pages and determine:

1. Is the site format inviting and easy on the eye?
2. Does the site contain all of the necessary pages including; contact, about me, disclosure, PR guidelines and a top notch home page?
3. Is the content relevant?
4. What is the most talked about category?
5. Does the blog contain reviews, contests, or giveaways? How are they being received?
6. Is it easy to get from one topic to another?
7. Is there room for ads on the page?
8. Does the blogiste have a human presence; IE Do we as a the reader have a clear sense of the author and what they care about?
9. Is the writing professional; IE Has it been proof read resulting in very few typos?
10. What is the level of engagement? Are there many comments and tweets about the individual posts?
11. What, if anything, is unique about this author and their site?
12. Who would you say, based on your evaluation, is the audience for this site?
13. What brands, if any, specifically come to mind when reviewing this site?
14. Does any other blogger come to mind when paging through this site?

Really dig deep in your evaluation for your friend. They are counting on you to tell it to them straight. But guess what? This isn’t just for them. By evaluating someone else’s site you will be better prepared to evaluate your own ultimately. I promise.

So go forth, do your homeowrk and then on Monday, we’ll start talking numbers.

SMILE On!

ML

Miss Lori can be found Musing from her Minivan at MissLori.TV , Wearetherealdeal.com , YoungChicagonista , ChicagoMomsBlog , and ChicagoMoms.com. She is the Chicago Family Entertainment Blogger for Examiner.com and a Discussion Leader for MomsLikeMeChicago. You can also see her Activating to Be Great at Miss Lori’s CAMPUS on Youtube, Facebook, Twitter and LinkedIn.