And this week we’re kicking off with pricing.
There are soooooooo many sayings around money aren’t there?
“Money makes the world go round”, “Money is the root of all evil”, “Money doesn’t grow on trees”, “Money can’t buy peace of mind”,
Even our old faves Abba had a hit song about the green stuff!
There may be some sayings that I agree with (it doesn’t grow on trees for a start!), but what I will say is this:
- We all need it
- Most of us would like more of it
- We hate talking about it
Women do really good stuff with money … they empower other women by investing in their businesses, they invest in themselves, they give lots to charity, they contribute more to their local society and they think about how they can use the money to support others
However, the following is also sadly true:
- Us ladies are notorious for undercharging and over-delivering.
How many times have you cringed when you’ve been asked your prices or knocked something off the “real” price because you thought someone might not buy from you?
And I want you to be totally honest about this.
This can be a really tricky path to navigate for lots of women, especially early on in your business when you’re bombarded by all the ‘do’s and don’ts’ of what others are telling you that you should do.
All I’ll ever tell you is this, you’re not here to run an expensive hobby, you’re here to run a successful business, you’re here to build a brilliant business, you’re here to plan for your success and future and that of your family. You are here to make a difference in the world.
And the cold hard fact is that you need to know your numbers. You must be comfortable with your pricing in order to go out to your ideal clients and sell your goods or services.
And it’s also essential that you can identify what your best products and services are and how you can make the most money for your business. That’s not greedy or wrong – that makes perfect business sense!
When you’ve done so much work already around the other key areas of your business such as identifying your dream client, knowing where and how to reach them, what type of messages your sending them and how to be consistent and visible, it’s absolutely critical that you do not undersell yourself or devalue what it is that you are offering your customers.
As we kick off money month, I’d encourage you to have a think about the following areas I’ve listed when it comes to your pricing strategy so that you are absolutely crystal clear – and comfortable – with what’s happening in your business.
- How much are you selling your time or your goods for?
- How much has it cost you to make it
- create it,
- buy it or
- re-sell it?
And therefore, what profit will you make?
- Are you basing your pricing on what others sell for (industry norms) your own value attached to the service/product or some market research?
- What is the best thing that you can sell that makes you the most money in your business?
- When was the last time you put your pricing up?
- And if you haven’t put your prices up in the past 12 months – why?
- Do you offer payment plans, bundles or incentives to attract customers to commit to you?
- When you think about what you NEED to earn and what you WANT to earn what does that look like for you and how does your pricing support this?
These are just a few of the questions to think about when figuring out your pricing and how it supports running a successful and profitable business.
There’ll be loads more this month over in the group where we’ll delve into all thing money and I’ll be on some lives talking about money and business so come on over and join us at Build Your Brilliant Business with Anna.
And if you want to get a really quick handle on the Money Stuff, why not download the super helpful and easy to use workbook I created “Stepping into your CEO Shoes” which not only covers your Compelling Vision, Goal Setting for Success and the Power of Reviewing but also the Super Important and Business Critical “Money Stuff”.
Have an awesome February and remember you are the CEO of your business, it’s your path and you’re following it!