When working in a baby business where service providers are often extremely heart centred, the mere mention of the word money can make people feel very uncomfortable. This is why so many people find how to price their products and services a struggle. However, if you yearn to be running a thriving company, understanding the balance between getting your message out there, whilst appreciating your value and charging your worth, is an important equation you have to get your head around.
In the entrepreneurial world, when it comes to pricing services and packages often I hear the words raise your prices. And while this message maybe correct, from experience you need to have a couple of things lined up BEFORE you start telling the world about your rate increases.
Be very, very clear on the value you are offering in your class/service. What is the transformation your client will experience? And can you articulate that concisely and passionately?
Think about how much time, energy, client experience and investment you have made in your skills to enable you to deliver the service you’re providing. Put a number on how much you’ve spent, your CPDs and certificates so you have something tangible to refer back to. And remember even if you’re just starting out, the time, energy and investment it has taken you to get to this point still counts.
Unique Selling Proposition
Do you know what makes your offering different from your competitors? Is it your teaching style or philosophy? Fantastic goodie bags? Proven results? Get very clear, because when you can confidently nail what makes you unique, what your competitors are charging becomes irrelevant as you create your own niche in the market place.
When you think about your USP what can you do to noticeably over-deliver on the expectation of your clients-to-be?
Clarity on all of these points is super important because it allows you to ‘line-up’ energetically with the price tag you are going to be putting onto your service. This focus provides you with the confidence to look to take your business to the next level.
How to Price
Once you have taken the first four steps turn the attention to you and what you want.
When you think about your time how much value are you putting on it?
Think about how much money you want to live your ideal life? How much do you need to be bringing in to pay the bills, have some fun, book your holiday, buy your dream house?
And then think about the number of clients you would need to see in order to make that happen.
Does the rate you are thinking about, match up with the life you want to lead?
Are your fees enough or would you need to be seeing an unsustainable number of clients to reach your monthly income goals?
Do you feel comfortable with the idea of charging enough to live the life you want to lead?
When all of the above areas have been covered, you’re ready to put the new price on your offering.
The point of going through all of the steps above before you put a new rate on your service, is to lay the foundation for a positive mindset. How you feel about asking for more is one of the most crucial elements to helping you raise your prices with ease. If you try to do it before you have the clarity and feel comfortable with the areas I have mentioned, watch how you subconsciously sabotage your efforts to grow. By failing to put the new prices on your website, offering discounts that reflect your old pricing model, attracting clients who can’t afford it or don’t see the value in what you’re offering. And that’s whack!
If you’re ready to get serious about attracting more of your ideal clients who are willing to pay for your services sign up here to download my FREE checklist that outlines the exact 10 steps I have used to attract over 450 paying pregnant clients in the last 14 months.