To say that economically, things are rough around here would be an understatement, and at this point also a cliche. For entrepreneurs, things are tougher than they once were, no question. But that’s not to say that there aren’t still opportunities for marketing and PR professionals to turn a profit.

It’s really tempting to get so excited about the prospect of a new client that you underbid yourself. Not to mention the dynamics of this recession. You might start thinking “Wow, things are really tough right now, and I’m sure they can’t really afford my normal rate. We’re in a recession. Let me lower my fees, so that I can close the deal, just this once…”

But you’re never going to turn a profit if you don’t get paid what you’re worth. And you can’t get paid what you’re worth if you hedge every time someone says they can’t afford you. Furthermore, that will really come back to bite you once this recession is over. Your clients (who didn’t know you were doing them a favor) will think that you’re only worth the peanuts that you charge.

Scenario: You meet with a new client. You absolutely love them. They love you and you’re both giddy about working together. You promise them a proposal/quote for your services and they tell you they’re looking forward to it. You go home, happy and start slaving over the proposal. You painstakingly detail the scope of work and deliverables. You decide how long all of this will take, outline the budget and break down your fees. You submit the proposal and wait. Read the full story