If you want to be successful in business, you need to figure out your pricing, and cultivate the right mindset so that you don’t cringe every time you offer your services.
Here’s 5 top tips to help you rethink the whole pricing game.
- Drop the hourly rates
When you have hourly rates you will hit a ceiling as to how much you can earn. After all, there are only so many hours in a day. Instead, create packages which comprise your coaching/mentoring, and then add value. More on that coming up.
The beauty of running your own service-based business is there doesn’t have to be a ceiling on your income, unless you create it of course!
- Create added value
Ideas for added value might be audios, checklists, videos, trainings that you’ve created. You might have a group/community that people can join.
Build a library of resources that you can then pull out as ‘gifts’ for your clients, to help them along on their journey.
You could offer pre-work questionnaires or exercises, i.e. mini workbooks, or post-work questionnaires where your client might answer a series of questions to consolidate their coaching and learnings.
Ask yourself what you could share that’s zero/low cost to you, and yet maximum value for your client.
Help your clients to get some breakthrough moments in between your sessions, and they’ll have a bigger transformation overall.
- Stop discounting
It can feel awkward when you ask for what your services our worth, and you can find you end up discounting everything. Maybe you’ve found yourself throwing everything at the client to encourage them to sign up.
They don’t need all of your worksheets, your grandma and your goldfish! KISS – Keep It Simple Sweetie – You’ll be overwhelming them, and it will seem like you’re desperate.
You can fall into the trap of undercharging for a service because you don’t think about how much time, money and energy you’ve invested to get the knowledge over the years that will ultimately help your clients. Your clients are paying for that, for all you’ve learned, your skills and your experiences. It’s a bit like how you’re not paying the vet for that one-off consultation, but for all of the knowledge and skill they bring to help your beloved furry friend.
- Know what level you want to position your pricing
When you think about your pricing you need to think about what you want to portray overall – value or premium?
I think supermarkets are a great analogy. There are high-end stores, middle, and low-end stores, with lots of different price points in-between. All of them sell food, and very often the same food, but depending on what’s important to you, you’ll choose one company over another. The same applies to clients.
Spend some time considering how you want to position your business. Whatever level of pricing you choose is fine, but it needs to be relevant to your dreamie clients, and it needs to bring you in some money!
- Sort your mindset out
When you haven’t worked on your mindset around pricing, and feel confident about what you’re offering, you’ll price your services much lower. When you don’t have a strong mindset, it also means you discount more. (Remember what I said about your Grandma and your goldfish!)
You need to believe that your services are worth the price tag you attach to them. If you don’t, then do the work around your money mindset, so that you don’t price based on your feelings of self-worth. Working on your mindset is vital if you want to build a successful business.
They’re paying for your time, the added value, the years of studying you’ve undertaken and your overall experience. All of those things have to be factored in.
Pricing is as much about confidence as it is about charging for your services.
Thinking about your own pricing, what needs to happen for you to feel confident about what you do/offer? If you want some accountability, send me an email at firstname.lastname@example.org, and let me know one action you’re going to take as a result of reading this article, with the date you’ll do it by. I’ll hold you accountable. I love kicking butt!
To meet Ruby McGuire, Business Mastery & Mindset Queen| Trainer | Speaker | Author – MCIPD, ASC, NLP Coach & Practitioner, EFT Practitioner & Time Line Therapist, IAPC&M Accredited Senior Coach, see here https://coach-accreditation.services/view/coach-mentor-profile/entry/219/
To subscribe here for our Coach Yourself Newsletter https://services.us15.list-manage.com/subscribe?u=9007ac66d8f5659c356122036&id=76d3733f96
To apply for accreditation your professional status see here https://coach-accreditation.services/accreditation/individual-accreditation/
To find a coach and or a training provider see here for our free e-guides https://coach-accreditation.services/directories/