“What should I charge for my services?”
“Are my prices too high?”
“Are they too low?”
“Should I set my prices to match my competition?”
Setting your prices is a major business decision. This is where a pricing fairy godmother would come in handy. But since she’s busy doing other fairy godmother work (whatever that may be), I’ve highlighted 5 key factors to consider when setting or increasing your prices.
Ask Your Ideal Client – Surveying your ideal client is a great way to get feedback on a product or service before you launch it. The key is to make sure that your questions are clear so that you receive the information you need to consider when setting your prices. Also, make sure you’re not targeting a client group that can’t afford your services.
Your Cost of Doing Business – What are the costs involved in running your business? This is important because you want to make sure that your fees will cover your expenses. Some entrepreneurs base their prices solely off what others are charging. This isn’t a good practice to follow because what generates a profit for the competition may not generate a profit for you.
What Do You Want To Make – Beyond the cost of doing business, what would you like to be paid for the services you provide? What do you want to be paid for the value that you bring? This is often a cost that many entrepreneurs overlook but you deserve to be paid for the value, knowledge and expertise that you offer your clients and customers.
Everyone Has A Story – Don’t let a potential client’s story determine the price you’re going to charge for your products and services. If you do, you’ll attract more of those clients. If you’re in business to generate a profit, then follow a set pricing structure regardless of “the story.
Neiman Marcus vs Walmart – Are you the low cost or luxury provider? Which one do you want to be considered in the market and industry that you serve? Remember, there’s a customer that shops for shoes at Neiman Marcus and there’s a customer that shops for shoes at Walmart. And both are making lots of money. You decide who you want to serve and set your fees accordingly.
Get more pricing tips and strategies during The Profitable Woman’s Playbook WORKshop happening Saturday, March 9th in Dallas, TX, with complimentary access to the book signing and launch party on Friday March 8th.
I’m going to share the exact strategies that generate thousands of dollars for my clients, month after month and keep their profits in the black. Let’s create your Profit Playbook so you too, can make thousands of dollars and grow your business.