I want to talk about making money. But first, some context.
In a previous blog post I gave you some points to consider when deciding whether to put your pricing on your website or not. In response, I received several emails expressing a sentiment along the lines of: “Before I share my prices… how do I even know if they’re right?”
The honest answer to that is kind of annoying…. Because I’m going to say ‘it’s just a feeling’.
Of course there’s the strategic elements, like taking your overheads and job costs into account, and making sure you’re operating with a healthy profit margin. (I was taught to aim for 60%.) But outside of that, you get to decide on the price point that is right for YOU and your ideal client.
Here’s an exercise a business coach once did with me, and it’s something I continue to use with clients to this day.
→ Ask yourself whether the price you’ve set makes you excited to get out of bed and deliver on your offering each and every day.
If the answer is “No!”, then your pricing isn’t right.
Your pricing should excite you.
I never dread a Copywriting Day, a Strategy Session or leading a Marketing Masters group coaching session. That’s how I just know that my pricing is right.
But it wasn’t always that way! When I was starting my business I charged 50% less for my Strategy Sessions than I do know. I’d feel exhausted just looking at my calendar and seeing what I had scheduled for the week. That feeling had nothing to do with the clients I was booking—they truly were my ideal clients—but it had everything to do with my pricing. It was just too low for the amount of energy I was investing into the service.
That feeling completely changed when I increased my prices.
If that dread or exhaustion is a place you currently find yourself in business, it might be time for a price increase. “But what if no one will pay my increased rate?” I’m going to take a bet that, to your ideal client, your value is considerably higher than you’re allowing yourself to believe.
Back yourself. You’re worth it.
And remember, your pricing should be based on your EXPERIENCE, KNOWLEDGE and the QUALITY of your product or service; not someone else’s perception of your value.