Does The Market Rate Affect How Much You Should Charge For Your Services?

Does the market rate in your area affect how much you should be charging for your services? According to host May Yeo Silvers, answering this question is more complicated than it may seem. In reality, the answer is both yes and no. However, in today’s episode, May warns listeners about the dangers of setting your prices based on the market rate.   Before you make the decision to lower your prices, it is important to understand that in the event planning space, the market rate is largely based on false data. May explains that an estimated 50 to 75% of event planners don’t know how to properly price their services and instead rely on the market rate to set their prices. To get a more accurate idea of what your prices should be, May explains that you must consider other factors such as your operational costs, income goals, and how many hours you are okay with working.    At the end of the day, your business needs a profit to survive so it is important that you are charging accordingly. Tune into this week’s episode of The Unstoppable Eventrepreneur™ for a reminder on how to calculate your hourly rate so that you can make a sustainable living without working yourself into burnout.  Quotes  • “There are a lot of event planners out there who don’t have any idea how much to charge.” (03:00-03:05 | May) • “The market rate is false data unless you are in an environment where everybody knows what they're doing in terms of their business finances, and they are able to come up with a rate that can yield them profit at the end of each year.” (03:44-04:03 | May) • “Does the market rate actually depict how you should charge? Not really. But it's good to know what is going on, especially if you have been under-charging yourself.” (09:56-10:07 | May) • “If you want to have a sustainable and thriving business, your income coming in has to be more than your costs going out.” (11:01-11:12 | May) Links Connect with me at: [email protected] Website: events4anyone.com LinkedIn: www.linkedin.com/in/mayyeosilvers Facebook: www.facebook.com/mayyeosilvers IG: www.instagram.com/mayyeosilvers TikTok: https://www.tiktok.com/@mayyeosilvers  FB private group: https://www.facebook.com/groups/events4anyone   Podcast production and show notes provided by HiveCast.fm