I started a videography company a few years ago, just as the recession was going from tropical breeze to category 5. My partner and I found that while fielding inquires about our services, every third potential client would mention the “recession” and ask for rate reductions because of their budget woes. We did reduce our rate for the first year and a half, but now that we’ve been around the block, we simply state our rate and don’t budge.

For first timers out on their own, the prospect of booking a client whether they’re paying in actual currency or really fancy donuts, is so enticing, you forget about your years of experience and all the work you’ve already done for free just to get to this point, where you have the skills to get paid for your talents. It’s ok to compete for business by adjusting your rate slightly to book a gig, but as my grandmother always said “don’t be so open that your brains fall out”.