Hey startups community,
I find myself in a bit of a bind and could really use some advice. I recently closed a business deal, only to realize afterward that I severely underpriced my services—about 25% of the market rate. The price negotiation is already a done deal, and now I’m feeling pretty awful about it.
Has anyone been in a similar situation? How did you handle it without damaging the client relationship or your business’s reputation? I’m worried that this might have long-term consequences, and I’m not sure how to navigate the aftermath.
Should I approach my client and try to renegotiate the terms, even though we’ve already agreed on a price? Or is there a way to make up for this mistake without jeopardizing the entire deal? Any advice on damage control and salvaging the situation would be greatly appreciated.
I know I messed up, and it feels like a major setback. If you’ve been through something similar or have insights on how to bounce back from such a situation, please share your experiences. Thanks in advance for any guidance you can provide—I could really use some support right now.
I’d tell the client that you made a mistake, that you are going to honor your price, but that future work will be priced independently (i.e., the current price is a one time deal). Or, don’t even tell them and just live with the price you negotiated. The burden for this mistake should be carried by you, not the customer. The upside in telling them it was a mistake is that they may open the door to re-negotiation. But let them bring up the idea. Regardless, under promise and over deliver.
We had a meeting today. Good thing we found a mutually acceptable middle ground. Thanks for your insight. Really appreciate it