204 | Why You Need to Move Away From Hourly Pricing with Jonathan Stark

The 6-Figure Freelancer Podcast | Freelancing | Entrepreneurship | Clients | Finances | Motivation | Personal Development | Mindset

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4+ y ago 41:11

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Today I got to sit down with Jonathan Stark, the go-to resource for helping you transition from hourly pricing to fixed pricing as a solo freelancer.

Jonathan has been in software consulting for 15 years and he’s an expert in helping people improve their freelance business by moving away from an hourly billing model. He’s written several books on the topic and has several podcasts where he talks about this topic as well.

If you find yourself stuck in the same salary year in, year out, it’s because you’re charging hourly and putting a cap on your earnings. If you raise your hourly rates, you may lose some clients and it becomes a harder sell. The remedy is to move to project-based billing where your earning potential suddenly becomes limitless.

In this episode, we get into the exact details of how to make this transition. We also talk about how we can satisfy customers and build long-term relationships while also making more money.

"Retainer work is just not selling time, you’re selling your expertise. It’s your brains, not your hands. So, you just make yourself available and if they don’t use, they don’t use you. "

In this episode Jonathan and Avani talk about:

How hourly billing opens you up to more direct competition with your competitors.
Strategies for how to gauge what your fixed rate should be.
How to sell your expertise instead of your time.

Main Takeaways

Hourly billing has become the default way freelancers operate. However, this forces clients to focus on your rate instead of your expertise.
When you offer a fixed price for your services, customers will know exactly what they’re getting into, and won’t feel pressured to micro-manage. Giving them a price they can count on also helps build long-term relationships.
When you start with a fixed price, it gives you the incentive to get that work done as quickly as possible, without cutting corners, to make the most profit from the job.
Fixed-price retainers are a great way to build a steady income you can count on.

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