**I do not receive any commissions for recommending these.

If you are a strung out business owner like I was, you will appreciate putting these tools to work for you! All of the software shared today have a free version—making them budget friendly!

1. LastPass

this is the OG of my tech stack. LastPass is an amazing password manager that holds safety and security top priority. There is no limit on how many passwords you can save! They also have a feature where you can categorize usernames/passwords by folders! No more wasting time resetting passwords that you can’t seem to remember!

Click Here to check out LastPass for yourself!

2. Canva

Canva has been a great tool for both personal and professional branding. Not only have I made some adorable birthday invites, I have also created virtually all of my social media branding on there as well.

Canva has an abundance of templates already created and editable. There is also no cap on saved designs, so you can go wild!

I love that Canva has design sizes saved based on where you will be posting, so no worrying about how your photo/design will post!

Here is where you can sign up for your free Canva account!

3. Asana

Asana is another tool that is not only great for business, but also personal! It is a well rounded management tool that can grow with your business.

A few of Asana’s features are project creation/task creation, assignment to team members (or yourself if you are a solopreneur), due dates, and the ability to create reoccurring tasks.

I have separate projects for all my clients, and then house the actual action items as tasks. If you are a list person like I am, you will love the excitement of being able to check off tasks!

Asana has also helped drive efficiency in my business. I try to batch like objectives on certain days and always have a good idea of what my week will look like in advance!

Click Here to check out Asana!

4.Google Drive

Another OG on my list–Google Drive. Seriously, HOW did business used to run before docs were available across devices?

I use google drive to store client information along with some personal/business related items.

I like the ability to share documents/spreadsheets to my clients right out of Drive. Instead of going back/forth with edits, I can grant them editor access. This has streamlined my processed by cutting out a majority of email communication. I have also seen the turn around time from clients drop dramatically, which is wonderful for productivity!

5. ChatGPT

ChatGPT is the newest tool that I have implemented in my business but due to its impressive ability it has landed on my list!

I use ChatGPT for social content captions, blog post ideas when stuck in a rut, and basic industry information. ChatGPT reduces the time I would spend on research. Of course I still have to do some research and come up with content, ChatGPT just helps to get me out of a creative slug and gets my brain moving!

ChatGPT could also be used for personal uses to! Create your login here and start to be amazing at what AI have to offer!

I sincerely hope these tools are helpful in your business! Drop in the comments your favorite free tools that didn’t make the list.

Looking for an accounting software? Click Here to read my guide on how to choose the right accounting tools!

The post 5 Free Tools first appeared on Lexi Vance-Service Based Bookkeeper.

Not sure how to even come up with a rate for your services? Check out my post on the 7 Steps to Pricing before digging into the options I will be presenting below.

You know what your prices need to be, now what?!

Here are 3 ways to price your services for success! Of course any and all pricing options need to take into account your expenses and desired profit margin.

Hourly Pricing Option

Charging by the hour is one of the oldest tricks in the book. This is an easy way to know what you are making hourly compared to a similar employee role and earnings.

I do suggest service business owners that are starting out to price their services by they hour to gain data and analytics on project timelines and project related expenses.

Sometimes when clients/customers see an hourly figure, they are more likely to make comments on your rate.

Remember to always be confident in your rate!

Service Rate Pricing Option

Pricing based on services is just as it sounds–all services have a cost associated with them.

Example: A social media manager offers (1) Pinterest Services, (2) Facebook Services (3) Instagram Services

This can be a great way to price, but if you are regularly quoting several services to each client, the next pricing may be the best option for you.

Packaging or Bundling Pricing Option

This has been a game changer for my service business! When clients see a long list of broken out services/cost, they tend to experience sticker shock.

Think about it–When you go to by a car there is one price on the window. If the dealership broke down all the parts by price, you would be less interested in buying a new car. Instead, you can justify ALL that you are getting for that ONE price.

Use that same idea for your business. What services can you bundle to create packages?

Example: Maybe you install HVAC systems. You could offer a package to your customers who get new systems installed. The package could include the install of their new system and 12 months of service and repairs. You are able to upsell your your repairs and service by bundling into a package!

Whatever route you decided to take for your pricing, run the numbers and ensure all costs are covered and profit margins are built in!

For service rate/bundling I recommend working backwards! Figure out the hourly rate you need, estimate the time spent on service/package and add additional markup to the price as you see fit or as your industry allows.

You can always use websites like Glassdoor to find industry averages for similar employee position.

REMEMBER: As a small business (not employee) you have additional taxes to pay compared to an employee. Don’t forget to consider those when pricing!

Let me know in the comments how you price your services!

The post Pricing Your Services first appeared on Lexi Vance-Service Based Bookkeeper.

Are you afraid to start your service-based business out of fear of what people will think about your prices? “You’re way too high!” “I can go to so-and-so and get the same thing!” “You want HOW much to preform XYZ?!”

I was there too and have heard it all. Just remember, you determine your price, not anyone else. So pick a price, stick to it, and be confident. Here are my steps to pricing your services to make yourself confident in your numbers.

Pricing services for your small business should involve a strategic approach and considers various factors. Below is my recommended formula for pricing your services:

Understand Your Costs for Pricing Services

Fist, calculate all your costs associated with delivering the service. 

Review overhead costs including insurance, rent, utilities, loan payments, and any other indirect cost incurred in your business.

Review direct costs associated with clients. These could be subscription costs, required tech costs, contract labor, or any other expense that has a direct correlation with each new customer.

Define Profit Margin Before Pricing Your Services

Next, determine the profit margin you want to achieve. This is the amount you want to make on top of covering your costs.

A normal profit margin for a service business is around 30-50%.

Research Your Market to Determine the Pricing of Services

After you determine your ideal profit margin, conduct market research to understand what similar services are priced at in your industry and region. This will give you a benchmark or let you know if your service is a hot commodity!

Identify Your Unique Value Proposition (UVP) to Increase Your Pricing

This step is important to standing out in the crowd! Understand what makes your service unique and capitalize on it! If you provide additional value, you may be able to justify a high price for your services!

Examples of UVP: I offer customized weekly cash flow repots to my clients as we as end of month summaries that contain important financial data as well as comparative charts.

Consider Your Target Audience

Don’t forget to analyze the demographics and purchasing power of your target market. What are they willing to pay for your service or something similar?

Factor in Your Expertise

If you have unique skills, experience, or qualifications, factor these into your pricing! Clients often value expertise and are willing to pay more for it!

If you have an industry specific certification or education, that could set you apart from similar service providers. 

Time and Effort

Finally, consider the time and effort required to deliver the service. Your hourly rate should reflect not only your costs but also the value of your time and expertise.

Once you go through the 7 steps above, you should have a good idea of what you need to charge and what you can reasonably charge for your services.

Don’t be afraid to experiment with your pricing! If you are overbooked, raise your price. If you are having lots of consultation calls, but no engagement, look at lowing prices if allowable. Not keeping as high of price margin you would like? Investigate how to cut costs, either direct or indirect. 

As a business owner you must be fluent and adapt to changes that you see in your business. Having updated financials to review monthly confirms if you are hitting your target profit margin, or if you need to go back to the drawing board and make some changes.

Use my 7 steps and see how surprisingly easy it is to price your services!

Looking for more content for your small business? Head over here and check out my post on Bookkeeping Essentials!

The post 7 Steps for Pricing Services first appeared on Lexi Vance-Service Based Bookkeeper.