Have you ever wondered why there are no set rates for blogging services?
When you're first beginning, it seems like a HUGE mystery! No one seems to be open about their rates. And with good reason. Remember when the Man Repeller talked about even being able to sustain herself on Bloomberg? It opened the floodgates to criticism for bloggers making money. It's easy for people on the outside to see a number and take it out of context.
“WHAT? THEY CHARGE THAT MUCH! CRAZY!”
However, if a blogger can justify it because their posts drive a lot of traffic, sell a lot of product, or provides some value that is unique to them and to the brand, it works.
The truth is, rates are relative. You should charge for your services what people are willing to pay for them.
If a brand is willing to pay $10,000 for a post. (Sounds nice!) Then charge $10,000. If your posts are selling like hotcakes, and you have no time to do quality posts, it's time to raise your rates. If no one is biting, your rates are too high. If no one is willing to pay even $10 for your posts, they're not worth $10.
It's called supply and demand. According to Wikipedia, here is how supply and demand determines prices:
- If demand increases and supply remains unchanged, a shortage occurs, leading to a higher equilibrium price.
- If demand decreases and supply remains unchanged, a surplus occurs, leading to a lower equilibrium price.
- If demand remains unchanged and supply increases, a surplus occurs, leading to a lower equilibrium price.
- If demand remains unchanged and supply decreases, a shortage occurs, leading to a higher equilibrium price.
So, what price do you start out with?
You really can throw out any number you like. You may get laughed at. Your proposal may get accepted without negotiation. But just start anywhere. Since there is no hard and fast rule to where to start, asking yourself these questions can help:
- How much money can I make off my post if I were to used affiliate links?
- How much is my time worth to spend on a brand? (Think about it in terms of the time being spend away from building your own brand, being spent away from your family/friends/spare time etc)
- Are there any costs that need to be covered? Working for a brand shouldn't cost you money. If you need to pay for hard costs like travel, venue, developing, photography, etc, those need to be covered.
- How much are you comfortable in asking for? Double that number.
If you're nervous. that's ok. You'll get over it. Getting comfortable talking about money is the only way you can grow your business, and getting comfortable takes practice.
Don't worry, you'll find your way! Just start!
[Image credit: Shutterstock.com]