You may be a student; you may be running your business from the teeny tiny compartment called your dorm room. It may also be your first time venturing into the unknown waters of entrepreneurship. This doesn’t mean that you should sell your self short for obscenely low rates in the market. You have a service you can render for people who need it, and those who need it are willing to pay for quality goods and services, at a reasonable rate.

Negotiating your rates means precisely that: negotiating. The first order of the day is this: don’t be afraid to haggle. Haggling is a balancing act and here are a few things to keep in mind while doing the deed:

Know your budget. How much will it take to actually do this project? What materials will it involve? Knowing your budget, and the time it will take to finish it, will help you negotiate your rates. Give your client 50%-100%  more than the minimum (with which you can work with) and negotiate the rates there. Once you name a price, your client will negotiate for one thing: lower rates.

Don’t be afraid to walk away. Don’t be afraid to cancel a deal should the pay not compensate for the work you will do. If you build a reputation as someone who is willing to submit quality work for a very low price, you may attract the wrong kind of client. Don’t open your business up to abuse. Know your service’s worth.

When you justify a price, it means putting value in your work and emphasizing the quality that your client will get. Selling features and benefits will help de-emphasize your rates, and instead, put your specialties to the fore.

Ultimately, negotiating the right rates means believing in your self. In the midst of negotiations, don’t apologize for your rates. Expect the best from your client, and mostly, expect the best for yourself. Once you put value in your work, you will be open to being valued in return by your clients and your peers.