If you’re a business owner, you must learn how to identify and manage your money blocks on an ongoing basis. It’s a problem that particularly affects women and it usually affects how they price their products and services. But solving any pricing problems you have isn’t simply a case of looking to increase your prices - you need to work on the mindset side of things too.
It’s a subject I was chatting with Catherine Morgan about on my recent podcast. Catherine is a financial coach and qualified financial planner. She helps women feel better about money, as well as helping them to drop any anxiety, blame, judgement and guilt around it.
The philosophy of charging what you’re worth is a flawed one. Your worth may not be very high, especially if you have low confidence or an issue with receiving money. The way we feel about money is a reflection of how we feel about ourselves. If you don’t feel deserving to...
Passive income is something that many business owners aspire to have. The idea of earning money whilst not doing any extra work is incredibly appealing. The term ‘passive’ suggests that you could be sitting on a beach and permanently not doing anything to generate that income.
But passive income isn’t entirely passive. It’s true that once you create the content, you might not have to do anything to recreate that content, but you do still have to market and promote it.
A book is a classic example. You can spend a year to write a book, but then once it’s written, you can sell it over and over again, with no extra work. However, it takes you a year before you make any money, and you still have to promote it - because people can only buy things if you promote them!
Passive income products are generally lower cost. Things like an ebook for £10 or a prerecorded workshop that you initially...
Raising your profile is something all business owners want to do. Gaining exposure and media coverage can make a real difference to other people's perceptions of you and how in-demand you are. And I know I’ve personally found that when you put yourself out there, people start approaching you about things, and you can then command a different level of pricing.
Recently, I was chatting with publicity expert Rachel Spencer about raising your profile to help you raise your prices. So if you’re wondering how you can use PR to raise your profile and your prices, read on!
No matter what type of business you have, you need to think about raising your profile and gaining exposure. But when you put yourself out there, you can feel quite vulnerable, especially when you’re putting yourself out there as an expert. It can feel quite scary telling people what you do, as it’s all about you and your personal brand....
When it comes to pricing strategies, there are so many options to choose from. But as with many things, it isn’t always down to the number of choices available to you - it’s more about picking the right one for you. That’s why it’s so crucial that you think about your business and opt for the strategies that work for you, especially when it comes to pricing.
So how can you make it easier for yourself so you’re not bumbling around trying to find pricing for your clients? You can use so many different ones, but instead of overwhelming you, I’m just going to cover the five main ones in this blog.
Lots of freelancers and consultants use this. But if you’ve spent any time following me, you’ll know I’m not a big fan of this style of pricing. You should not be pricing by the hour as it punishes efficiency and always puts a ceiling on what you earn.
It is, however, often a good...
If you’re new to freelancing, it can be a little overwhelming and confusing. There’s so much to think about and so much to set up. You need to ensure you’re doing the right things and not wasting your time and money on the wrong things. You also need to ensure you’re starting as you mean to go on, especially when it comes to business and pricing.
Recently I was chatting with Emma Cossey over on my podcast. She’s the go-to resource for everything when you’re new to freelancing. Emma’s passionate about taking away the fear around being a freelancer and ensuring you have everything you need to build a business that suits you and your personality.
Two essentials often get overlooked by new freelancers - terms and conditions and business boundaries. Terms and conditions don’t need to be full of legal language. They can be a list of boundaries and expectations between you and a client, simply...
There are loads of pricing myths out there in the online world. From pricing low when starting out right through to only being able to price per hour, these myths only serve to keep you stuck at a money ceiling of your own making.
So let’s bust 5 of the most popular pricing myths coaches and consultants, in particular, come up against.
Prices change all the time, and it’s never a just once done kind of thing. After my recent podcast chat with Osmaan Sharif, I started putting my prices up after every 5 clients. When it comes down to it, pricing really is just trial and error.
The only way you know if something is the right price is a) if it earns enough for you, and b) whether somebody’s prepared to pay for it! If it’s perceived to be too expensive or not provide enough value, people won’t buy it.
You must think about where your products and services fit in your process and how you...
Selling to Corporates is something many shy away from. There’s a worry it’s complex or challenging to sell to Corporates - and in many ways, that’s true. But it’s also a significant way for you to grow and scale your business. Corporates tend to be more expensive, and you can charge more.
I’ve recently been talking with Jessica Lorimer over on my podcast. Jessica specialises in helping entrepreneurs sell into Corporates and can help you see how adding selling to Corporates can become a revenue stream for your business.
A Corporate is an organisation that has multiple permanent employees on its books. They work to provide their end-users and customers with a specific service, product or experience. They aren’t defined by how much they earn. A solo entrepreneur can sometimes earn more than a Corporate! It’s the staff component that makes the difference between a solo entrepreneur and a Corporate.
Moving from hourly billing to fixed pricing is a big step towards pricing more effectively in your business. There’s a real fear that if you move from hourly billing to fixed pricing, you’re not going to charge enough. But when you’re billing per hour, you’re only billing for the hours you work - and that doesn’t cover everything!
One of the big problems with hourly pricing is you’re not billing for everything. There’s the time you’re thinking about the task, the initial client set-up call and emails, the background research work you may do.
And there’s another big issue. If you’re used to doing the work, you’ll naturally get quicker at it. If you then charge per hour, your billable hours may end up going down for each client you work with! Check out the podcast I recently did with Jonathan Stark for more details on how value-based pricing can help you bring...
Correctly knowing how to price services and packages is something many business owners struggle with. Often, pricing by the hour is the default option for service-based industries and new businesses. But if you want to have financial freedom, this needs to change - and fast!
There are so many reasons why pricing by the hour isn’t a good option for you. Primarily, you’re tying yourself into the time for money trap. You’re limiting your earning potential by the number of hours and days you can work.
But also, pricing by the hour punishes efficiency. As you get better at something, you get faster. The faster you get, the quicker you can deliver things - and if you’re charging by the hour, the less you’ll earn. Someone else can produce a lower standard of work over a longer period of time and get paid more!
You’re the CEO of...
So many business owners love making sales but hate the selling side of things. With email marketing, you can use psychology to generate sales without actually having to sell to people.
Email marketing gives you the ability to generate sales and inquiries that can turn into clients. I’ve been speaking to Rob and Kennedy, who run Email Marketing Heroes, about how pricing and email marketing can combine well together.
When it comes to pricing, we often think in terms of being competitive. We want to be competitively priced. It’s easy to start thinking about undercutting others or charging less because you’re new. You’re desperate to get out there and get some experience.
Another option is to charge the same as others in your industry. This keeps it ‘nice and fair’. Or you could go with a higher price if you want to look more exclusive and expensive.
But if you want to stand out, it starts with your...