Just finished my first commission for my very first customer under the name of my first business ever. Now I should calculate and draft my first invoice and start to make notes of the VAT in my accountacy.
Keep going. You need to learn how to deal with customers, and the more you do, the more you can improve. And if you continue to do a good job, you can get good testimonials, referrals, etc. You build your reputation that way. The more satisfied customers you accrue over months or years, the more buzz you create for your self or company. Word of mouth, really.Just here to add that I'm probably the first lawyer ever who has (or feels the need) to negotiate about the invoice with the customer because the customer wants to pay significantly more than I would feel acceptable to charge for the service.
I wonder if I've misunderstood the whole idea of maintaining a profitable business.
Keep going. You need to learn how to deal with customers, and the more you do, the more you can improve. And if you continue to do a good job, you can get good testimonials, referrals, etc. You build your reputation that way. The more satisfied customers you accrue over months or years, the more buzz you create for your self or company. Word of mouth, really.
Now: Profit is based around margins. You are offering a service, so... look at how much others are paying other companies or people and/or what price/commission your customers are paying your competitors. Once you know those, along with your reputation, you can charge cheap, to beat your competitors by undercutting them. Or you can charge more, but this relies heavily on your reputation.
So, let's say you're looking for a game. The MSRP for games is $60. But the retailer sells it for $40 to entice customers... Thing is though, the retailer loses money, because each disc is a 50/50 split between the game company, and the retailer. Best to keep it at $60, and reap the money.
However, if you're making food. You want to buy cheap, so you can have a decent margin. Let's say you see a bag of steak for $4, but you're going to sell it for $6. Profit.
Sounds like someone's been singing your praises and wants your service, and is willing to pay twice the market value because the more you pay, the more the quality of service is likely to be, since you're encouraged to work the case like a hawk. He's expecting a lot out of you. Thing is, the best lawyers are people who are coming out of college, university or master classes (higher education). Because their learning is fresh, not cynical or complacent, or whatever. Especially with COVID19 keeping everyone else home.Thank you for the encouragement! Really appreciating it :thumbsup:
The problem here is this:
I've checked how much the actual professionals (aka certified advocates and lawyers) in this business are charging from their work, and based on an estimated average, I am offering my services with a 50 % discount. This is simply because I am a student, not a professional, and I cannot charge professional prices for a student-quality work. If I get some good reputation and the customers are starting to line up for me, then I would be happy to elevate the prices as well.
This first customer of mine is somewhat known to me from life beyond business as well, and with them I made an unwritten deal that if they can give me some marketing assistance, I will be glad to lower the price of my services to them in return. So they are actually trying to help me with setting up reasonable prices for my services. Note that my customer is a private entrepreneur as well, but in a wholly different kind of business and with no experience in legal counseling.
Now, the problem is this:
Compared to the price I asked for, this customer wants to pay me five times more. I'm not kidding.
This is a problem of both competitional value and, most importantly, professional ethics, because with that kind of prices my customers would be well able to hire a professional advocate to do the job. As a student, I don't feel it would be morally acceptable to charge the exactly same prices or more than the certified professionals in this area.
Still, it feels odd to tell them that for ethical reasons I cannot accept their payment. Never saw this kind of problems coming... rather some vice-versa issues.
Sounds like someone's been singing your praises and wants your service, and is willing to pay twice the market value because the more you pay, the more the quality of service is likely to be, since you're encouraged to work the case like a hawk. He's expecting a lot out of you. Thing is, the best lawyers are people who are coming out of college, university or master classes (higher education). Because their learning is fresh, not cynical or complacent, or whatever. Especially with COVID19 keeping everyone else home.
I think you're overthinking this. I'll explain...Yes, that's what I'd like to think as well, and of course it feels good to see that a customer is valuating my services to the same level and even over the professional market value. After all, the quality of this kind of work is only matter of the resources inside one's head, hence they don't depend on the value or quality of any physical ingredients.
I think they know that you're a student. And that's kinda the point. You're studying this subject, so that puts you in the same "out of college" fresh mind. In other words: Whatever the case is, it needs fresh perspective. A lot of the cynical, a lot of the complacent lawyers are stuck in the "old guard" legalese. They want someone who's young, and hungry to succeed. That's you.Nevertheless, this is a real issue and raises some ethical concerns; I am really not sure if they have really understood the fact that I am still a student and an undergraduate lawyer, not a professional advocate. My work is not supervised by any officials and, even though I only accept commissions that look like I'm skilled enough to complete without a doubt, it is more vulnerable to errors than a work of a professional.
You won't be undervalued. This is up to you. If you don't want to be paid over the market value, and be ethical about it. Be blunt. Be honest.So what I'm currently trying to do is to find an effective way to ensure that the customer really understands the difference between student work and professional work, and why they should be valuated differently. If they confirm that they have taken this into account and still want to pay more, fine, go ahead, I'll make an updated invoice for that. However, I should find a way to get such a confirmation without undervaluating my own skills or, most importantly, showing any unintentional disrespect towards the customer. A tricky situation, that is.
I was thinking , how amazing would cake flavour ice cream be
Like coffee cake flavour ice cream sounds yum