Deciding what to charge for your services can be painful when you’re a business owner.
When I reflect back over the last 9 years in business, pricing is a conversation that has tended to crop up regularly. Not only in my own business but within my business networks too.
Whether they’re business friends, colleagues or clients. If they have just started a business or have been in business for years. I’ve often been asked questions about what they should charge for their services or what my thoughts are about their proposed pricing structure.
When it comes to charging what you’re worth and getting it, I believe there are two main factors that hold business women back (especially those who want to genuinely help and serve others). It is usually a mix of their beliefs around money. In addition to not seeing the awesome value of their skills, experience and what they are offering.
For example in regards to beliefs, you may think ‘I can’t charge $X as the market will only bear $X’ or ‘people don’t have the money to pay $X’ or ‘this activity is so easy for me, I can’t charge for it’.
The truth is that these beliefs are simply that, beliefs that are keeping you small.
Remember people will pay to have their problems solved and price is not always the overall deciding factor. It is usually value. If YOU can’t see the value in what you’re offering then your potential clients won’t either.
3 Tips to Communicate the Value of Your Services
With this mind I’m going to share with you 3 tips that can help you to confidently communicate the value of your services to others:
1/ Move away from hourly charging to packaged value. The reality is that there isn’t a lot of perceived value in an hour session. You can create better value for your clients if you create a signature program that creates results for them by taking them from point A to B.
2/ Compete on value not price. Discounting and low fees can be perceived as low value in the eyes of the client. Competing on low price also tends to attract more non-committal and difficult clients.
I’ve experienced this first hand because I’ve wanted to make my services available to those that couldn’t afford my fees. In the end it creates a disservice to you and your clients. An alternate solution is to offer a payment plan as it’s a win-win for both sides.
3/ Honour where you are now with your pricing and start by making incremental price increases. If you don’t feel comfortable with dramatically increasing your pricing then start by making small increases. Once you’ve had a few clients at that price then move your prices again.
Here’s to your success!