I wanted to talk about the prices you charge for your products and services, and making sure that you charge enough that you are making PROFIT in your business as a female entrepreneur.
There’s this real fear that women in business have around charging enough to make a decent living doing what they love.
There’s this real fear that if you charge what you’re worth, you’ll lose business.
But that’s not the case.
In the 20 years I’ve offered one to one coaching, I’veI raised my prices a many times, but have never been without clients.
When you charge what you’re worth. The right people will find you.
If you choose to feel the fear and let that define the prices you charge, you’ll find yourself working more hours to achieve the same level of income that female biz owner who does charge what they she’s worth will achieve with half the amount of work you have to do.
I know I would rather have 5 clients paying me £225.00 an hour (my current rate for a 121 session), than 15 clients paying me £75.00 an hour to reach the same income level.
When I charged what I’m worth I have 1/3 the work for the same return.
You’ll ALWAYS find an ocean of people charging peanuts for their products and services. That doesn’t mean you have to join them or feel the need to compete. Those cheap sellers will never achieve a successful, revenue earning, profit making, life changing business.
It takes balls to charge what you’re worth. It takes self belief. And it takes being able to ignore people who say “I can get it cheaper at…… “. Let those people go – remember they are not your ideal customer/client.
When you take account of the costs of creating your products or services in terms of your time, materials, marketing costs, packaging etc., you SHOULD be able to add sufficient profit on top of those costs to make selling the damn thing worth your while.
Otherwise – what’s the point? If you’re not making suitable profit on top of your costs for every product or service you sell – you’re effectively giving your goods away for free.
You should regularly review. Take stock and check you’re making profit on everything. It will never serve your business well to compete on price. It’s the last thing you should do. Instead, compete on quality of service, level of service, commitment to your customers, providing real value in ways that aren’t associated with cost. Work hard to be the best damn bird doing what you’re doing in your niche – and then charge people for the privilege of being part of the amazing business and service you offer. Are you running your business with fear based pricing? Do you need to review and change your prices, to become bolder about charging what you’re worth? Do you need to level up your self belief that you really do have the right to make a decent living from the products and services you sell?
You can ALWAYS charge more. This is your business, your life. You can charge whatever you want and test the waters. There will ALWAYS be a willing audience out there ready to pay top dollar to have a piece of what you do.
You can choose to up your prices and test the market and keep upping your prices to find your ceiling. OR you can stay small and continue to keep working twice as hard to make ends meet.
Perhaps it’s time for you to stand out? And charge what you’re worth?
You don’t have to show up and try to serve the masses by selling cheap. That’s will never make a good business model.
You do need to charge what you’re worth. Keep the faith. Look for customers who respect you for the value and level of service you provide – build fantastic relationships with those people so that they keep coming back for more, and telling others about you…
When you do so, you have opportunity to make a really great living out of the products and services you sell – no matter who you are, or the niche you operate in.