Comments on: Common Mistakes: Not Knowing Your Own Worth http://blog.prestonbailey.com/2010/07/01/common-mistakes-not-knowing-your-own-worth/ Preston Bailey is an award winning event designer. He is renowned for his breathtaking weddings, unique floral designs, centerpieces, floral artistry, and inspired table settings. Wed, 08 Feb 2012 04:59:02 +0000 hourly 1 http://wordpress.org/?v=3.3 By: Von http://blog.prestonbailey.com/2010/07/01/common-mistakes-not-knowing-your-own-worth/#comment-2468 Von Mon, 27 Sep 2010 21:26:48 +0000 http://www.prestonbailey.com/?p=3038#comment-2468 This is a very interesting post for me. I am actually a lawyer but really hope to become a wedding florist one day. I am very used to the concept of an hourly rate since that's how I charge my clients, the firm sets a rate for each lawyer based on their level of experience. But thinking of an hourly rate as a florist, I really have no idea how. I actually just got my wedding job confirmed (yay!) and I spent hours emailing with the bride, researching, preparing a very detailed quotation/presentation, meeting her twice etc. etc. I estimate that I have spent about 25 hours up till this point but I never thought about charging for all the time I spent and only considered the time for execution, so thanks for the advice, I certainly have to reconsider everything when I get my next job. I wish I can afford someone to do the pricing, but since I am a one-woman-band now, I will just have to do it myself and kill a lot of brain cells along the way. This is a very interesting post for me. I am actually a lawyer but really hope to become a wedding florist one day. I am very used to the concept of an hourly rate since that’s how I charge my clients, the firm sets a rate for each lawyer based on their level of experience. But thinking of an hourly rate as a florist, I really have no idea how. I actually just got my wedding job confirmed (yay!) and I spent hours emailing with the bride, researching, preparing a very detailed quotation/presentation, meeting her twice etc. etc. I estimate that I have spent about 25 hours up till this point but I never thought about charging for all the time I spent and only considered the time for execution, so thanks for the advice, I certainly have to reconsider everything when I get my next job. I wish I can afford someone to do the pricing, but since I am a one-woman-band now, I will just have to do it myself and kill a lot of brain cells along the way.

]]> By: veterinary technician http://blog.prestonbailey.com/2010/07/01/common-mistakes-not-knowing-your-own-worth/#comment-1826 veterinary technician Mon, 19 Jul 2010 16:46:33 +0000 http://www.prestonbailey.com/?p=3038#comment-1826 this post is very usefull thx! this post is very usefull thx!

]]> By: Linda http://blog.prestonbailey.com/2010/07/01/common-mistakes-not-knowing-your-own-worth/#comment-1825 Linda Fri, 16 Jul 2010 22:54:00 +0000 http://www.prestonbailey.com/?p=3038#comment-1825 I ,like SWEET1 would also like to know how you decide what your time is worth? Thanks ! I ,like SWEET1 would also like to know how you decide what your time is worth?
Thanks !

]]> By: sweet1 http://blog.prestonbailey.com/2010/07/01/common-mistakes-not-knowing-your-own-worth/#comment-1824 sweet1 Fri, 16 Jul 2010 01:08:10 +0000 http://www.prestonbailey.com/?p=3038#comment-1824 How does one go about deciding what their time is worth? I understand taking into condideration how much the arrangements will cost but after that...I am not in an area where I could possibly charge 200.00 per hr. I would never be able to do another wedding!! Any help would be greatly appreciated...I totally undertand that sometimes you have to give ypur services away in order to gain clientele...have done it before not above doing it again! Thanks for your input How does one go about deciding what their time is worth? I understand taking into condideration how much the arrangements will cost but after that…I am not in an area where I could possibly charge 200.00 per hr. I would never be able to do another wedding!! Any help would be greatly appreciated…I totally undertand that sometimes you have to give ypur services away in order to gain clientele…have done it before not above doing it again! Thanks for your input

]]> By: Tamiko - All Things Simple http://blog.prestonbailey.com/2010/07/01/common-mistakes-not-knowing-your-own-worth/#comment-1823 Tamiko - All Things Simple Sat, 03 Jul 2010 06:13:21 +0000 http://www.prestonbailey.com/?p=3038#comment-1823 Preston, this was truly a much needed post. I am in the process of re-evaluating my hourly rate. I too, have a tendancy to give away the house especially for friends and family and I tend to pay for various design elements out the kindness of my heart because I am trying to keep them in budget, but I want the event look more than what they expected. As a result of this, I have tapped into my own profits, which as you stated can cause a financial strain. I really enjoy planning events and I loose focus on how much has been spent out of my own pocket. Anyway, I have a friend who has mentioned that I am nowhere near charging what I am worth and I think I am getting in my own way. So, I am taking these tips to heart. Again, thank you for this post and I will now put value to my worth because it does start with me. Tamiko Preston, this was truly a much needed post. I am in the process of re-evaluating my hourly rate. I too, have a tendancy to give away the house especially for friends and family and I tend to pay for various design elements out the kindness of my heart because I am trying to keep them in budget, but I want the event look more than what they expected. As a result of this, I have tapped into my own profits, which as you stated can cause a financial strain. I really enjoy planning events and I loose focus on how much has been spent out of my own pocket. Anyway, I have a friend who has mentioned that I am nowhere near charging what I am worth and I think I am getting in my own way. So, I am taking these tips to heart.

Again, thank you for this post and I will now put value to my worth because it does start with me.
Tamiko

]]> By: Alysia Ellison http://blog.prestonbailey.com/2010/07/01/common-mistakes-not-knowing-your-own-worth/#comment-1822 Alysia Ellison Thu, 01 Jul 2010 17:51:55 +0000 http://www.prestonbailey.com/?p=3038#comment-1822 This was truly perfect timing. I am in the middle of setting rates for my services. I too tend to get excited about the project and sell myself short for the sake of design and beauty. There has to be balance and determining your worth is a great start. This was truly perfect timing. I am in the middle of setting rates for my services. I too tend to get excited about the project and sell myself short for the sake of design and beauty. There has to be balance and determining your worth is a great start.

]]> By: Laura http://blog.prestonbailey.com/2010/07/01/common-mistakes-not-knowing-your-own-worth/#comment-1821 Laura Thu, 01 Jul 2010 16:25:57 +0000 http://www.prestonbailey.com/?p=3038#comment-1821 Wonderful, thank you! My partner has the event consults and always talks only design. I'm the one who talks money. Sometimes this is annoying (for me- lol), but he'll be happy to see that this is an idea that you also encourage!! I feel that in the currrent economical situtation, it's tempting to sell yourself down & cut your worth short, but it's really important that we as an industry stand firm with our pricing. We must never forget that we florists are artists- we create beauty. And everyone knows beauty ain't cheap. :) Wonderful, thank you! My partner has the event consults and always talks only design. I’m the one who talks money. Sometimes this is annoying (for me- lol), but he’ll be happy to see that this is an idea that you also encourage!!
I feel that in the currrent economical situtation, it’s tempting to sell yourself down & cut your worth short, but it’s really important that we as an industry stand firm with our pricing. We must never forget that we florists are artists- we create beauty. And everyone knows beauty ain’t cheap. :)

]]> By: Allison http://blog.prestonbailey.com/2010/07/01/common-mistakes-not-knowing-your-own-worth/#comment-1820 Allison Thu, 01 Jul 2010 16:07:41 +0000 http://www.prestonbailey.com/?p=3038#comment-1820 Hi Preston, Today's topic comes at a great time. I often discover that we spend more time talking about budget than we do about design. Due to the economy, the "first call" is usually about the cost for service rather than the actual service itself. Despite the economy, I am committed to accessing my design team's time and worth prior to booking each event. I am also accessing the clients "fit" in both directions by helping them to understand what kind of budgets that we aspire to work with. Hi Preston,

Today’s topic comes at a great time. I often discover that we spend more time talking about budget than we do about design. Due to the economy, the “first call” is usually about the cost for service rather than the actual service itself. Despite the economy, I am committed to accessing my design team’s time and worth prior to booking each event. I am also accessing the clients “fit” in both directions by helping them to understand what kind of budgets that we aspire to work with.

]]> By: Thom Green http://blog.prestonbailey.com/2010/07/01/common-mistakes-not-knowing-your-own-worth/#comment-1819 Thom Green Thu, 01 Jul 2010 15:20:40 +0000 http://www.prestonbailey.com/?p=3038#comment-1819 I agree so totally. My partner or will sell concepts that does not take into account my production time plus the cost of deconstruction, clean up and warehousing. Not to say that my time is worth it, but it is. If I am in full production mode I should be working at a rate of $200 per hour, thats what I base my time at. Granted there are all the other factors that cut into that like installation, waiting for strike etc. But there are other factors to consider too, like most of what I build can be sold again with minimal alteration which translates into $$$. It's really hard to calculate researching a concept, proposing, and the time it takes to prep an event. It's easier to base all that work and divide and reward the efforts through the clients deposit. Our current event is at an estate on the Eastern Shore, we currently have about $1000 invested in this and have not even gone to contract which means no deposit. We just spent last all day Monday and Tuesday at the estate going over everything, granted we were treated royally by the family, however the prize of a well earned deposit is within days. So really I have invested my time in this and will reward myself by taking a full dividend with this deposit. You know Preston, every event is different, every client is different, and every paycheck is different. I think in response to your post is that one needs to decide when to take their personal cut of the event and decide how much your efforts are worth for the time you put into it before you put the actual even together. This way I can decide whether I can afford to throw any candy at it during production. Just my opinion. I agree so totally. My partner or will sell concepts that does not take into account my production time plus the cost of deconstruction, clean up and warehousing. Not to say that my time is worth it, but it is. If I am in full production mode I should be working at a rate of $200 per hour, thats what I base my time at. Granted there are all the other factors that cut into that like installation, waiting for strike etc. But there are other factors to consider too, like most of what I build can be sold again with minimal alteration which translates into $$$.

It’s really hard to calculate researching a concept, proposing, and the time it takes to prep an event. It’s easier to base all that work and divide and reward the efforts through the clients deposit. Our current event is at an estate on the Eastern Shore, we currently have about $1000 invested in this and have not even gone to contract which means no deposit. We just spent last all day Monday and Tuesday at the estate going over everything, granted we were treated royally by the family, however the prize of a well earned deposit is within days. So really I have invested my time in this and will reward myself by taking a full dividend with this deposit.

You know Preston, every event is different, every client is different, and every paycheck is different. I think in response to your post is that one needs to decide when to take their personal cut of the event and decide how much your efforts are worth for the time you put into it before you put the actual even together. This way I can decide whether I can afford to throw any candy at it during production.

Just my opinion.

]]> By: Tweets that mention Common Mistakes: Not Knowing Your Own Worth | PrestonBailey.com -- Topsy.com http://blog.prestonbailey.com/2010/07/01/common-mistakes-not-knowing-your-own-worth/#comment-1818 Tweets that mention Common Mistakes: Not Knowing Your Own Worth | PrestonBailey.com -- Topsy.com Thu, 01 Jul 2010 15:06:31 +0000 http://www.prestonbailey.com/?p=3038#comment-1818 [...] This post was mentioned on Twitter by SAF, Sue Bain and others. Sue Bain said: RT @prestonrbailey: Common Mistakes: Now knowing your own worth. Make sure you understand your true value, ... http://fb.me/uhgtIiod [...] [...] This post was mentioned on Twitter by SAF, Sue Bain and others. Sue Bain said: RT @prestonrbailey: Common Mistakes: Now knowing your own worth. Make sure you understand your true value, … http://fb.me/uhgtIiod [...]

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