I have a big problem with small business owners undercharging for their products and services, and from my experience, way too many of you are doing it.
I’m a very fair and generous person, which got me into trouble in the early days of my business when I was giving away this, that and the other for free; discounting for no particular reason; and running what felt like a charity at times because people wanted to “pick my brain” in exchange for a coffee (my brain’s the stock-in-my-shop and it’s worth a LOT more than 4 bucks!).
Fast forward to now, and I’ve left that dollar-shop mentality far behind. I appreciate the value of what I do, and the outcomes that my clients get, so there’s a price tag associated with the level of service I deliver which I won’t slash for anyone. And I recommend you do the same too.
As a small business owner it’s important to fully understand what your products and services cost, and what their value is in the market. And it’s also critical that you appreciate what YOU personally bring to the table and how much that’s worth to your customers.
I FULLY understand that at times you may want to discount your fee’s, and particularly in the start-up phase it’s tempting to drop your prices to get more customers through the door. BUT undervaluing yourself and what you have to offer can have a very detrimental impact on your business, your brand, and your self-esteem.
Do your market research, know what you’re worth in your industry, and then STOP cutting your fee’s and offering crazy packages that make you seem cheap. Instead focus on adding insane value and delivering jaw-dropping outcomes that your clients would pay double for.
Trust me when I say it works. I speak from first-hand experience (I’ve been running my own business for nearly 9 years) not to mention having coached hundreds of small business owners like you.
If you need help setting – and sticking – to your prices, lets have a chat about working together. There’s a price attached though – you get that right!
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