Free is zero, nada, zilch, nothing. In the mind of the consumer, free means whatever you give away for free has no cost to you. The same applies to your time. If you are giving away your time for free, how do others adjust to understanding your “real” value? Do they realize your true worth?
Most people are very leery of free offers. Based on experience, we are trained to look for the fine print, the exceptions and qualifications. Our better judgement tells us that there is usually a “catch” to getting something for free. A free day at the spa comes with the catch of attending a vacation rental sales pitch. A free juicer included with a top priced refrigerator comes with the catch of spending more on a product just to get a small appliance you may never use. A free soft drink when you buy the big meal comes with the catch you have to super-size your entire meal. If we are always suspect to the catch, how does that reflect on the perception of you giving away your time for free? Maybe there is a catch.
We are all very susceptible to the attraction of a free offer. Free works. We often all like to take advantage of free! Significant purchases are emotional. Free sparks our interest, it draws attraction to possibilities. Free also plays on the strong emotion of fear. The fear of losing out on the free. Will someone else get our free?
What is not often measured is the “buyer” remorse of a free offer. Why? Well, you didn’t pay for your free, how can you be remorseful. You got what you paid for – zero, nada, nothing. You can’t return “nothing”. Your stuck with your free. The cycle continues, giving and getting for free and then we are left wondering was it worth our time as the giver or receiver. It might be easier to leave the emotions behind and get to the real offer of people paying for your services. Paying for your valuable time without an emotional gimmick.
Free feels like it should have value. We perceive that whatever we get will be of greater value than what we have to give to get it. It is very difficult in business as a service provider and solopreneur to not give away your time. We often justify this as a “marketing and sales” expense. Unfortunately, the expense is not something you can list on your expense records as a tax deduction. You can not expense your hourly rate as a cost of sales. It’s lost time or to put in a more feel good term, an investment.
When you give away your time, what you do and who you are is represented as free. It may appear to be a good idea. If you give your time away regularly others will soon see that your time has no value and what you perceive to be a great gift often goes unused or disregarded. Are you creating the perception that you are “free” for the taking?
The best advice for giving away time for free is to set a specific free time budget. How many hours can your afford to give away each week? Also, keep your “power of negotiation” at your central point of where you do business. Meeting at coffee shops and for lunch may seem like a convenient way to give away your free services; however, you are no longer in a business setting, which demonstrates that your business is the priority.
We all desire to help others, pay it forward and do good. The best good you can do is to make sure that you get value for what you do. Free is a teaser, a sample. Maybe it is required to build a relationship and establish an opportunity for a transaction. Then again, maybe if what you give away for free is so valuable people will actually pay you for it. Limiting your exposure and risk, means you have limited availability to always give away your time and services for free. Use your time wisely.
“If you were to offer a thirsty man all wisdom, you would not please him more than if you gave him a drink.” – Sophocles
Additional read: Nothing in Business is Free