Yooooo, I’ll tell you what I want, what I really, really want… for you to set the right prices for your products or services! Do you think that’s difficult to do? Or is it even more challenging to communicate your prices towards your clients? Is the answer affirmative? Okay, you arrived at the right address, darling! I’m happy to give you more insights about the ins and outs concerning one-on-one pricing.
Oh wait! Before we start, I’d like to mention that I created a free Pricing Guide for you. You can download the guide and keep it next to you whilst reading this blog (or listening to the podcast).
1. Setting the right prices
A lot of business owners struggle with the price setting of their offers. I understand this challenge partly, but on the other hand I don’t. Don’t take this the wrong way please! It’s just that it’s YOUR business, so you decide! Period.
Firstly, I want you to know your costs. Make a budget, preferably a yearly one. You write down your costs and these can include both personal and business costs. The next thing you do, is make three different columns. You have one stating your ‘good budget’ and the other ones are the ‘better budget’ and ‘best budget’. For instance, your good budget is 50.000 euros, the better budget is 100.000 euros and lastly the best budget is 200.000 euros a year. But of course, it depends on your own forecast of the expenses, this is a mere illustration.
By the way! You can download my budget template as well. You can find it here.
It’s also important to think about how many days and hours you would like to work in a year. And how many of them are billable. Because you also need to work on your business, right?
This brings me to your hourly rates. What do you wish to receive for the hours you want to work? And don’t be shy, your valuable work is worth a lot!
And with all these ingredients… you can create your perfect price, darling!
2. Increasing your prices
You feel like it’s time to increase your prices, but you’re afraid to do so. Hold up, let me help you out there! I’ll give you 4 reasons why you, indeed, should increase your prices.
1) You gain more experience every. single. day. And this benefits your clients a lot. You became much more valuable throughout the years.
2) Being fully booked all the time, indicates that everybody REALLY wants to work with you. Doesn’t it?
!The law of demand and supply in economics states that a higher demand leads to increased prices. And what you’re doing right there, is economics. *wink*
3) If you’re charging a bit more than what feels comfortable for you, you will step up your game and do much better. For instance, you’re going to create new skills for yourself which can benefit your clients as well.
4) Raised prices enable you to work less hours. And said hours you can utilize for other important duties.
I have one important question for you to think about: if you think your clients won’t pay the higher price, are they even the ideal client YOU wish for?
3. Communicating your prices
Oooof, this one may be responsible for your pounding pulse right now. (I hope it’s not tho!)
You know you should augment your prices, but you find communication in this regard very difficult. I get why… but still. Let’s get it over with!
Remember the question I asked you earlier? If you’re afraid of communicating your prices towards your clients, are they the right and ideal clients? And if that’s not the case, there’s no problem at all. There’s always someone new standing around the corner waiting for your help.
I think you get why we needed to have this chat today, am I right? It’s crucial that you receive the right amount of money for your beneficial work!
If this gets you all warmed up to learn more about this topic, I have some wonderful news for you. You can step into my 3-Week Intensive. And yes, I’ll practically live in your pockets when you say HELL YES to the program (yup, I’ll be that available to you). But are you more interested in my Big Business Big Life series? Also great, I would be honored if you want to join. We’re going to have lots of fun! You can find all the information regarding my courses here. Join the Big Business family!
