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.
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.
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....
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...
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.
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...