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Oh No, I Don’t Know How To Quote This!

Posted by collinsadmin on August 27, 2008

We’ve all ran into this from time to time, a potential client contacts you about a project and you aren’t sure how to quote the price.  That’s okay, no matter how long you have been in business there will always be times when somebody needs your assistance and you aren’t sure how to quote it because you’ve never done it before, you have never quoted it before, or there are so many variables that you don’t know how to quote it.  Here are a few steps to get you through it:

Step One: Breathe. Don’t panic.  Panicking will only get you to make irrational quotes that are way underpriced.  If the client is really interested in using your services, they will wait for your quote.

Step Two: Look at it from a rational point of view.  Do you still need more details? Are all the variables there or do you need more?  Potential clients will not have a problem if you need to ask more questions to get a better understanding of what they need.

Step Three: Consult with somebody.  If you believe you have all the details and variables that you need to be able to make an accurate quote but you are still unsure, talk to somebody.  Go to a trusted friend or family member (preferably somebody who is business savvy), explain to them what was asked of you (without breaching client confidentiality), and get their input.  They may bring up something that you might not have thought about.

Step Four: Go with your gut.  Once you have sat down and analyzed what is needed from you, go with your gut.  If you think it’s too high, then lower the price.  If you think it’s too low, then raise the price.  But always tell the potential client that that quote is good for only that project and that the price is subject to change should they need a similar project done.

Step Five: If you don’t get that particular client, do not be concerned.  It may not have been that you were unprofessional or that your quote was too high.  It could just be that they decided to do it themselves or the project got pushed back because something more important came up.  In business, the trick is to not take everything personal, it’s just business.

With these few steps, you can create a professional and correctly priced quote that will be both beneficial to your client as well as your pocketbook.

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