Are you setting your price properly
Are you setting your price properly
As an entrepreneur and business owner, do you feel like your business is actually taking off to become very profitable in the long run, or are you struggling just to stay afloat and get by? Does that make you feel tired and exhausted and maybe question if what you’re doing is still worth it?
At one point in time, most of us business owners have felt that way, and you might be thinking and asking what am I doing wrong? How can I actually become profitable?
It's hard to be an entrepreneur in today's world. It can be difficult to find work that you enjoy, and that pays well, and that provides a flexible schedule. Entrepreneurship certainly isn't for everyone - but if you're able to make a go of it, there are some major benefits to being self-employed.
It seems like there are few things worse than feeling like your business is struggling just to stay afloat and get by. But all hope is not lost - there are certain steps you can take to turn your company around!
As a business coach, I empower my clients and students and help them develop the confidence they need to charge their worth on a daily basis. You are just in luck today because I will share the three things that you must do to set up your pricing properly to make your business become more profitable.
1. Stop Copying Everybody Else’s Pricing Standards.
Yes. Stop doing this. You are unique, You are special. Your services are very valuable. Let that sink in. Stop setting the price for your services just because everyone else is doing it. You need to get out of that mindset because you can do something that no else can do. One important thing to consider: the cost of operating the business and the inflation rate. These are so real. You need to keep these things in mind when you’re pricing for your services. You just can’t copy everybody else's prices just because everybody is doing it.
2. Structure Your Pricing Based On Building Profitability Into Your Business. What's the point of working long hours and stretching yourself outside your comfort zone when you can't even make a profit? If you don't structure your pricing to include a substantial amount of profit for your business, you eventually burn yourself out and pile up debt.
3. Start Thinking About How You Can Provide Extra Added-Value For Your Clients.
There's absolutely no shame in building profitability into the pricing of your business as long as you are providing extra value for your clients. Starting now, you need to think of how you can set your business apart from all the other businesses that are also offering the same services in your industry. Think of how you can raise your standards and exceed your customer’s expectations so you can raise your price. Put yourself in your customer’s shoes. Or ask your clients what their needs are? Just imagine you are a customer who received a mediocre service, only to be told that the cost of doing business with you has increased. How does that make you feel?
Which of these three tips have you been practicing already?
Which of these three tips are you still struggling with?
Let me know in the comments and I will be more than happy to give you a confidence boost so you can see what you are truly worth.
Or better yet, Join my “3-Day Grow Your Income Challenge” to find more in-depth tips on how you can set your business up to become truly profitable. I will be sharing a comprehensive pricing strategy and system, as well as my proven pricing script that you can use to boost your sales and your confidence when talking to your clients about your service’s price. Join us in the challenge!
Much love & Gratitude,
Tracey Watts Cirino
Join our 3-Day Grow Your Income Challenge so you can learn how to make more money in your business every day with 3 simple steps even if you have tried before and failed.