How to pay yourself more in your small business

How can you pay yourself more? It’s something many small business owners ask themselves and small and micro businesses, in particular, struggle with this. When it's just you, it can be difficult to make sure you're paying yourself because you tend not to think of yourself as a salaried person or an employee in the business.

But actually, you need to start thinking about yourself as somebody else you need to pay and not just an afterthought. It’s not just about paying yourself whatever's left in the bank at the end of the month. Because when you do that, there's a temptation to think that you’re doing really well in your business when you’re not! This is especially relevant if you’re a service business and delivering a lot of the work. You can often find that you’re actually not paying yourself anything and working for free or very little. The thought is its work that isn’t costing anything because it’s ‘just’ your time -...

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7 things you shouldn’t be asking your accountant about

Do you know what you should and shouldn’t be asking your accountant about? That may seem like a strange question, but you're often only paying your accountant to do your tax and compliance. They may do your year-end accounts and maybe some bookkeeping, but that’s essentially it. 

The mistake many business owners make is expecting their accountant to deal with many other things they’re not paying for. An accountant won’t tell you about the current position of your business or where you might be going in the future, and they won’t tell you how to plan for taxes and things like that. 

So if you’re wondering what else your accountant could not be expected to deal with for you, keep reading!

#1: You shouldn’t be asking your accountant about your pricing

As the Pricing Queen, you know I talk a lot about pricing - but your accountant will not help you do that. You have the numbers and my pricing calculator to be able to work it out for...

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Podcast Episode 22 - Real Work: A business pivot and pricing during lockdown

 

Lockdown has created both issues and opportunities for many. I’ve recently been speaking to Fleur Emery about how she pivoted her business during lockdown. Fleur is the founder of Real Work, the online co-working space for women - an online coworking community I’ve been a member of for the last 4 months or so. I love how she runs it, and her energy is really impressive, so we’ve been talking on my recent podcast about how she got started and how she decided on her pricing structure for Real Work.

How did Real Work get started?

Lockdown happened, and I was at home with a five-year-old. All my work was suddenly cancelled overnight. The runway of income I had lined up was wiped off the table. I was sat at home with no income runway and a kid. This idea that had been fizzing around in my head become an ‘OK let’s do this’ moment. 

I come from a background in industry and have 15 years of experience in starting food and drinks companies of my own....

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Podcast Episode 18 - Using PR to raise your profile and your prices

 

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!

You need to get yourself out there to grow your business

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....

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Podcast Episode 16 - Working and pricing as a new freelancer

 

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.

The essentials new freelancers tend to overlook

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...

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Podcast Episode 15 - Pricing low when you’re new and other pricing myths

 

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.

Pricing myth #1: Pricing is a one and done thing

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...

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Podcast Episode 14 - Selling to Corporates

 

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.

What is a Corporate?

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.

Why work with Corporates?

...
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Podcast Episode 4 - The Pricing Mindset with Osmaan Sharif

 

In this episode:

  • Becoming a business owner not an employee
  • Imposter syndrome
  • Increasing your pricing
  • Pricing blocks

Osmaan Sharif is a business and mindset coach who works with ex-corporate professionals to help them overcome obstacles and grow their own business. Osmaan talks to The Pricing Queen about his rapid transformation formula which involves focussing on the big picture of your business by understanding three fundamental foundations:

Design (includes business model, vision and goals.) 

Mindset (overcoming your internal beliefs and understanding your value) 

Strategy (or, as Osmaan refers to it, your entrepreneurial superpower.)

Take Osmaan’s free quiz so you can see how strong these foundations are in your business in less than 2 minutes. Sally and Osmaan discuss understanding your upper limit to overcome imposter syndrome and what you need to consider when looking at setting and increasing your prices. Also, why you should be wary of competitive...

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Why I started a podcast

In November 2020, I attended Janet Murray's annual event 2021 Sorted. Colin Gray talked all about how to start a podcast and it really appealed to me. With some pushing from Janet, I agreed to start a podcast.

Today (17th March) marks the launch of my new podcast "The Pricing Queen". I have 11 episodes all ready to go and I'm so excited to be out there with it.

For me, a podcast is perfect. I don't have to put on any makeup, I can chat away (I love a chat!) and I can choose when I do it. It can also be quite casual in style, as I don't have to be too corporate about it.

I have also loved having loads of guests for my first season. I've chatted to Osmaan Sharif (mindset), Janet Murray (online courses and memberships), Amy Mitchell (systems and productivity), Amy Caiger (niching) and Rob & Kennedy (email marketing).

It's a great way to show your authority in your chosen niche, and also to invite people you admire so you can chat to them. It should also open out my audience (I...

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5 things I've learned from being in business 3 years

As my business turns 3 on 13th February, I've been reflecting on things I wish I'd known or done when I started out.

1) Outsource as early as you can

I waited for ages to get my amazing assistant Louise, and my web designer Lisa, but they have transformed my business. Don't wait until you are collapsing under work to outsource. Get someone to start small and grow with you as your business grows.

There is a saying that you should get someone when you can afford 50% of their fees. I think it's a good rule of thumb to get you started.

If you find it hard to delegate, just do a few hours or tasks to start with. I find I can't outsource email easily but have no problem with social media posting.

2) Don't be afraid to experiment

I've tried all sorts of things in my business. I started as a freelancer exchanging time for money (as most people do). Then I discovered online courses and email marketing, and I have experimented with various offers, some more successful than others.

Some things...

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