If you’re struggling to get as many lovely ideal clients as you’d like, you think you may be undercharging or you’re just not sure your prices are right, this blog/video is for you.
If you’d rather just watch the video, skip to the end and do that, or read the blog here….
Are you making this mistake?
I have definitely made this mistake in the past. I’ve seen other business owners making it and no doubt (unfortunately) I’ll see many more doing so too… are you making this big mistake?
I’m talking about undercharging! Charging less than you deserve, for the time, energy and effort you invest in delivering your services.
So, are you undercharging for what you do?
You’ll know you’re undercharging when:
- you’re not making enough money despite being really busy or working really hard
- you feel resentful about the amount of time and energy you put in for your clients, for a low return
- you’re working with clients who are not ‘ideal’ (they’re either hard work, don’t pay or are always asking for discounts)
- you’re constantly trying to find new clients instead of seeing the same people again – which is harder work and more expensive
- you feel scared, wobbly or cringe at the thought of raising your prices
- you really believe that you can’t charge anymore because everyone else charges about the same, so you should too
Under-charging can be a BIG MISTAKE – not least because you may not make enough money and go out of business, but…
You may actually be putting off the people you want to work with, actually driving clients away because they think you’re too cheap! Business owners usually think its the opposite, that if they’re not getting clients or making sales, it must be because they’re too expensive.
Very often, they’re wrong.
Why you might undercharge
There are so many reasons why you might charge less than you should or could for your services, any and all of which could be the cause of you under-charging.
Here’s just a few.
- you may feel scared to charge more as you think people won’t pay it
- you might feel worried that you’ll be judged for your prices
- you don’t want to rip anyone off or you want to be affordable
- you may not feel deserving of receiving more money
- you feel guilty at the thought of putting your prices up or charging for doing something you love or find easy
- you just don’t feel confident to charge more
How to price your services is a really really tricky topic!
Why it is so hard to set the right price
There are so many aspects that can be included when deciding on the prices for your services (the time it takes you to deliver the service, the quality of your work, what your competitors are charging, how experienced you are etc etc) that it’s hard to know which ones to consider in that decision and which ones not. I’ve filled a whole whiteboard with different aspects business owners use to set their prices in a workshop!
Plus, it is more difficult to do for services than for products (although that’s still not easy) and it is confusing to get right because there’s no magic formula and there’s also a lot of emotion, fear and often unconscious thoughts involved.
– Perhaps you’ve tried raising your prices before and found it didn’t work (so concluded that the price was too high)?
– Perhaps you have that inner voice that says “you can’t charge that!” whenever you think about charging more?
– Perhaps you lack the self-belief and confidence in your abilities, so hold off on charging anymore?
Whatever the reason, are you ready to change your money story?
Working out the best price for your services is hard and its something I think 99% of solo business women struggle with. However, it is not impossible!
I can help…
- Let me show you the main aspects you need to use when setting your prices, so you can come up with the Right Price – the price your ideal clients are willing and happy to pay.
- Let me help you understand the issues that are getting in the way of you charging what you’re really worth, so you can price your services properly and get more clients.
- Let me support you to feel super confident with your prices and with saying your prices so you can have confident sales conversations with potential clients and have more clients say yes to working with you.
If you want help with any of that, please check out my business workshop, Price Your Services Confidently, coming up next week below, or here.
If you can’t make the workshop (or it is now in the past) we can figure it out on a 90 minute 1-2-1 session – details here (we can focus just on pricing, but I also know that pricing is related to your marketing, offerings and other parts of your business too).
I’d truly love to see all women entrepreneurs charging what they and their services are really worth.
Leave a comment
I hope that’s been useful, if so, please share and please comment below and let me know if you have ever or are still undercharging and what stops you from charging more. I’d love to hear from you.
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