Many professional writers, editors, designers and other creative professionals worry about the constant pressure to lower their prices to compete for clients. Many people provide services where they are competing solely on price. Some work is farmed out to India and other countries where they charge $0.10 on the dollar.
Competing solely on price is a losing proposition. There will always be someone who charges less than you. Always. Continually lowering your prices is a no-win situation. Of course, you should offer competitive pricing, but charge a rate that makes sense to you. If you work below a rate that is comfortable for you, then you will not enjoy doing the work. You will come to dislike the client and do a less than stellar job. Work quality will suffer. Satisfaction will suffer. Your bank account will suffer.
As difficult as it sounds, avoid clients and projects that don’t meet your rate standards. Maintain a high quality of work, and continue looking for clients who will pay your rates. They are out there. Note that clients who used to deal with service providers who charged more than you are now looking for service providers like you – who provide reasonable rates for high quality work.
There will always be newcomers willing to charge low rates to get their first gigs. You were there once. There will always be discounters. Don’t bother competing with them, because clients who use them would not pay for your services anyway. Charge what you think is fair and look for clients who will pay those rates. Maintain your quality and you will continue to attract clients. Find ways to provide additional services that others cannot or do not provide. Go after niche markets that others dare not enter.
Your work has value. Do not undersell yourself or the value that you provide to clients.