This week's Working Solo Minute is inspired by an email from David Bain, an independent consultant in Ireland. Soloists around the world are being asked the same question these days: Can you reduce your price? Here are some alternatives.

1. Decline the work.
This is always an option, although many soloists never consider it. Some work really may not be worth your time. You may get more benefit in the long run by referring someone else whose pricing is more in line with the request. At least you'd have accumulated "favor points" that you might cash in later — instead of grousing while completing a job you resent.

2. Reconfigure the project.
Many soloists are too eager to reduce their price. Besides derailing your revenue, it establishes a deleterious precedent for future work to be completed at a lower rate. Plus, it devalues your work and professionalism. A client or customer can't pay the full rate and wants a 20% discount? Determine (or ask them) what 80% is most important to them, and deliver that. You can do less work for the price, but again, don't work for less.

A variant on this is to deliver something extra for the original price -- ideally something that doesn't require a lot of extra time or effort but brings additional value to the client.

3. Create an alternative option.
The best solution is to set aside your regular pricing and establish new packages of your products or services. This enables you to address current needs with fresh thinking, instead of trying to shoehorn old pricing into today's economy. Your customers and clients are facing new challenges and opportunities these days. Think creatively, and test out some new offerings. It may seem counter-intuitive, but times are perfect for experimenting and testing the waters.

-- Terri Lonier
Founder, WorkingSolo.com