The Teacher's Guide to Pricing Matters

Book excerpt: Teachers see many opportunities for freelance work but is it really possible to make a living as a freelancer in the long-term? In this book, Janine Bray-Mueller has encapsulated some key lessons on pricing, learned during her career as a freelancer. In a competitive market, pricing is problematic, particularly in uncertain economic times. Establishing a sustainable business relies on charging enough to pay not just for immediate living expenses, but also to update and extend your teaching skills, and cover costs such as holidays, sickness and pension provision. Understanding why many teachers are trapped in a position of underearning is the first step to escape. Many teachers can be their own worst enemy if they lack self-confidence or undervalue their skills. Familiarity with local market conditions and competitors’ prices is important, but the ‘going rate’ is not necessarily an appropriate rate to charge. Janine explains how to balance your business on three pillars: consultancy (one-to-one teaching), training (seminar workshops) and leverage (information products). This concept will enable you to build up a sustainable teaching business. Various pricing strategies are described with advice on how to select those which are appropriate for different types of products, services and customers. Specialisation is a key strand in establishing a sustainable level of pricing. You may be under constant pressure to discount prices, but Janine makes clear the dangers in doing so. She also deals with when and how to increase prices to avoid a return to underearning. Value-based pricing is an approach which Janine has applied very successfully to freelance teaching, and this is explained fully with valuable practical advice on how it can give you a more flexible approach to pricing. Pricing Matters is full of careful explanations of key business concepts and practical advice on applying them in the context of freelance work. Step by step instructions are given on how to identify both your personal and business costs. With the aid of this book, you can calculate your available teaching time, so that you can establish your resentment number and price range. The worksheets and checklists included will help you to clarify your strategy and position yourself in the market. Janine presents effective ways to manage pricing in an entertaining way and makes them both meaningful and memorable for the freelance teacher. Her book contains all you need to know to overcome your demons, price your teaching services effectively and establish a financially sound career which is sustainable in the long-term.