What do you do when you realise that you’re undercharging a client? For example today, a new buyer sent me a message about a potential order he was going to make. I briefly went through what his requirements were and create a custom offer with my estimated price. He was happy with it and quickly accepted my offer.
But soon after I started work on it, I realise that what he needed wasn’t as simple as what I originally thought it would be and would take up a lot more time that I had hoped. In hindsight, I would have charged him at least 50% more than the current price.
In this situation, what would you do? After thinking it through, there’s only 3 clear options for me to take.
Just let it go and deliver what the buyer wanted at the agreed price. This could mean a potential loss of revenue and time but the buyer stays happy and the order is guaranteed to stay.
Tell the buyer I’ve underestimated the scope of the project and ask him to pay more otherwise the project is cancelled. I’ll be paid for what my time is worth no matter what, but there’s a chance of losing an order or having an upset buyer.
Finish the order at the agreed price but ask the buyer to leave a tip. The order is guaranteed and I may get paid what the project is worth, but it could also be a waste of time if the buyer doesn’t tip and the buyer may see me as desperate.