Have you ever wondered how to set pricing for charities and non-profits? Maybe you want to give back more but don’t know where to start and how to price accordingly. It can be difficult finding that balance between earning enough to cover your business expenses and own salary, and also helping a wider range of people. But it is possible to give away your time for free, in a more structured way in your business.
It’s a subject I had the recent pleasure of speaking about with Rosie Gilderthorp. Rosie is a clinical psychologist and splits her time between her social enterprise business, a perinatal mental health practice, and her Psychology Business School, where she teaches psychologists and therapists about setting up and ethically and effectively marketing yourself in the business world.
As a business owner, you often find yourself in a situation where you want to give back more. But if your business model isn’t correctly...
Business growth is something we all want for our businesses. But often, there are three key problems you’ll face, when it comes to trying to grow - pricing, scaleable offers, and outsourcing. These tend to be the big issues in your business and will often hold you back and help you play small in your business.
So if you’re currently frustrated with your lack of growth, are struggling with pricing and stressing over outsourcing, you’re not alone! Here’s what you need to know to solve those problems and get your business back on track for the growth you want to achieve.
Getting your pricing right can be the quickest way to make more money in your business. It's such an easy way to make more money too. But it’s an easy way in practice and not always quite so easy to implement! But pricing is a good way to make more money and grow your business.
One of the quickest pricing...
Are you guilty of people pleasing, perfectionism or overthinking? And how does that come across in your business and your pricing? You may not immediately think the two are connected, but the emotional baggage that causes your people-pleasing or perfectionist habits impacts on what you’re willing to settle for in business, especially with boundaries and pricing.
It’s an important topic and one I recently had the pleasure of chatting with Natalie Lue about for a recent podcast episode. Natalie is a recovering people pleaser and her website www.baggagereclaim.co.uk centres around helping other people pleasers, perfectionists and overthinkers to take a closer look at those habits and learn how to get rid of the emotional baggage so they can stop settling for less. Because when you settle for less than your worth, it affects your creativity, sense of self, business and pricing.
Pricing is something many in the coaching industry struggle with, and it’s often a subject that leads to a lot of undue worry and stress for new and experienced coaches alike. Common pricing issues include not charging enough and knowing how to position yourself in your chosen niche.
It’s such a big subject and one I recently had the pleasure of speaking with Ruth Ferreira about. Ruth is a Business Growth coach and founder of Success Club, and she’s passionate about empowering small business owners to take their business to the next level and accelerate their success.
So if you currently have pricing issues in your business or are wondering how to get out there and charge more for your services, this blog post will really help!
In Ruth’s experience, one of the most common things business owners struggle with is not charging enough. There are a couple of reasons why this happens. For many,...
As a business owner, there are many difficult conversations you’ll need to have. But when it comes to the most difficult, pricing has to be right up there. So many people find it difficult to be more confident with pricing, especially when putting yourself out there and talking about what you sell and how much it costs.
But it’s essential to grow your confidence around pricing conversations, especially if you’re looking to grow. I recently chatted about this with Louisa Clarke, a verbal communication specialist and restorative practitioner. She helps take clients from dreading those challenging conversations to feeling like they know what to say and feel okay saying it.
So if you’re looking to get more confident with pricing and sales conversations, here are some tips that will help.
When it comes to talking about money and pricing, the biggest mistake people make is waiting for those...
Your tax bill is probably one of the most unexciting things to talk about. But it’s something that can often keep business owners up at night. There’s a real fear and lack of understanding around taxes and if that’s something that worries you, know you’re not alone! After all, you don't want to suddenly be surprised on January 25th by a £5,000 tax bill and have no idea where you will get the money to pay for it.
So it does pay to understand your tax and educate yourself on how tax works because that’s the best way not to be surprised by your tax bill when it arrives!
There are several different types of tax, depending on the type of business you have. So if you are a sole trader, all of your income is taxable as income tax and National Insurance. Remind yourself that you should be putting aside 30% of your income less costs if you can. Put that money into another account at the end of each month.
Pricing is one of the big issues business owners and freelancers struggle with. Far too many entrepreneurs opt for hourly billing when they start out, only to get stuck in the cycle of charging per hour for their expertise. It’s a pricing model that limits earning potential and stunts any decent level of business growth. It also makes it difficult to outsource because you’re constantly thinking about your bottom line - it’s why I always recommend moving to fixed prices and packages as soon as possible!
But if you’re currently charging per hour, how can you move to fixed pricing?
I recently interviewed Geraldine Carter, owner of SheThinksBigCoaching.com, on this subject for my podcast. She helps Chartered Accountants with pricing and business strategy, so they can go from overworked and underpaid to nicely compensated with a regular, sane work week. So if you’re looking to stop hourly billing yourself, here’s how to switch to fixed pricing.
You might need to think differently about your pricing once you start to outsource. There’s a lot to consider and several options available to you, but the route you take will depend on your needs.
When you’re looking to outsource, I recommend you start by outsourcing client work and the more junior stuff associated with it. For example, I have someone do the bookkeeping for my clients on my behalf. I charge the client and pass the work to my outsourcer. It’s a great way to get started with outsourcing, as it means if the client work stops, so does the cost of the outsourcing. You can then choose whether the client knows that you’re doing that or doesn’t.
It’s important to realise you’re still managing that relationship, particularly if the work then comes through you to be reviewed, so you need to price accordingly. Is what you’re charging enough to cover that?...
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...
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...