Okay, it's time to talk about the big, bad pain point for entrepreneurs: money. More specifically, pricing. It's the way we gain an income to keep a roof over our heads and food in our fridges. But too often business owners make the same mistakes time and time again. Let's tackle two of the top blunders when it comes to pricing.
1. Not Charging Your Worth
When I first started my business, I told my coach I had absolutely no idea how much to charge for my services. Her reply? Whatever feels right to you. The truth is, most of us know when we're charging too little (or *gasp* too much) even if we aren't ready to fully admit it to ourselves. Raising prices can be scary, as there is usually a lot of fear that clients won't be willing to book us anymore. But as a rule, if you are truly providing quality content for good value, you have nothing to worry about.
2. Not Sticking To Our Guns
Each time I meet with a client, we talk money. How much do you charge? How do you feel about what you're charging? Do you ever negotiate prices with your clients? Time and time again, when they answer "yes" to the last question, it has the potential to raise a lot of red flags. Now, I'm not saying it is unreasonable to negotiate your prices. Maybe it's an exchange of discounts, or they're willing to take less of your services in order to pay less money. BUT if this is the case, you have to follow through on your end. I guarantee they won't still pay you the full amount, so stop providing the full amount! It doesn't benefit you, and it shows your customers that they can take advantage of you (even if they don't realize they're doing it). And, you don't want to set that precedent for other clients either.
In the end, you always have to do what feels best for your business. And oftentimes, pricing is the decision we all feel the least confident about. But remember: No one asks Target to negotiate their prices. And no ones gets mad at Apple for sticking a large price tag on a high-quality product. Simply produce excellent content for a good value and your clients will continue to come back time and time again.
What's your biggest pain point with pricing? Share with me in the comments below, or join the party on my Instagram and share there: https://www.instagram.com/katrina.widener/
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