Figuring out how to price your serviceS in business can make you get really stuck. If you’re stuck trying to figure out your pricing and packages, listening to this podcast will help you with some tips. Pricing is not just about the numbers, it’s also about your mindset and confidence.
We’ve all been there and still revisit it often! You can get stuck on the struggle bus but there is no need. Join the abundant bus! Figure out how to price your services, make a decision and begin! What you price your services and packages with now will not be the price you have for them in 6 or 12 months. Remember that. It’s important to get started and build on your experience and client feedback.
I’ve been the driver of the struggle bus in the early days of business but in this episode I explain how you can price your services and other tips to help you boost your confidence and making a difference with pricing.
1 – Separate yourself from your biz
- We’re often highly emotionally involved in our business, no surprise, given we pour our heart and soul into them! Try and separate it as a separate entity, treat it as a character. Learn how to bring joy in each others lives with some play and fun. Approach it with that attitude and things will start to feel different. You can read a typical day in the life in your business on our blog!
2 – Write a list
- Write a list of all your experience, skills and knowledge. Go through your CV or Linkedin for a reminder! Realise and acknowledge all your career and business history. This will help you boost your confidence when you need to know how to price your services.
3 – Get realistic
- Get realistic with your numbers in your business. You need to know your business costs. Systems, coaching & group programmes all start to add up. You also need to understand the difference between your revenue and profits. Revenue minus costs are your profit.
4 – Set a financial goal
- Set a financial goal for either your revenue or profit. Then work backwards and figure out what you need to charge for each service, and how many you need to sell. You’ll soon start to see a picture with how many sales you need to make for the month / quarter /year.
5 – An exercise you can try
- Try this exercise to figure out your pricing. Imagine a seesaw and say some numbers of your prices out loud. Start with the amount you may want to charge, i.e. 5 or 10k for your 1-1 service. Then say other prices at the other end of the seesaw. Keep saying them out loud until you start to get closer to the middle and the price for your service. So you’re working from either end and your aim is to get to the middle. It often helps to find a trusted friend in business that you so they can say the price out loud. You will soon start to feel where is a good price for you. Then it’s down to you to make a decision, quickly and go with it.
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6 – Mind your own Business!
- Mind your own business. Don’t get caught up in other people’s money stories when they can’t afford it. Your job is not to get caught up in them, or worry and fret about the how of you getting clients. Trust the big man/the universe, whoever you believe in and don’t get attached to the outcome. Remember how you help your clients and stay focused on the value and benefits you can provide for them.
7 – Do your research!
- Do your market market research. Look at what others are charging in your industry. Decide how many you are going to look at i.e. 1-5 and set a timer for this. Don’t fall down the black hole into the comparison trap! Be pragmatic, get what you need to help you. Then take an average of the like minded services and packages you’ve seen and see if you’re pricing is in that region. Can you increase your pricing? Remember too cheap can put people off!
8 – Start somewhere
- Work out your hourly rate to start somewhere. And to help you with this, look at your previous salary. Depending on your business, you can also price on a project (fixed) cost, or a commision based or a combination of the two. A word of caution with your project based quotes, don’t leave yourself wide open if the project starts to creep. Put something in your contract linked to deliverables and a schedule. If there are delays, make sure it’s clear the client could be charged. There’s a handy freelance calculator here that may help you make a start.
9 – Value your time
- Know your worth, how much do you value your time? Time is your most precious resource. You know you can help people and you know you have the skills and experience. You know there’s an industry and you know there’s a market. So if things are still not working with getting clients, work on your mindset and confidence as a daily habit.
10 – Do the work!
- Do the work and take the inspired action, market your business every day, apart from the weekend! Come and join me on the abundant bus and get off the struggle bus. Start somewhere, it’s not set in stone forever. Believe in yourself, be strategic and get the help and support you need.