As women we are nurturers and love to serve others. We carry these same traits over into our businesses and sometimes we find it hard to create a happy medium with doing what we love and earning a great income that meets our needs and is aligned with our purpose. If you're like me, in the past I've struggled with setting prices that allow me to be all I desire to be for the people I serve, earn a living that creates the lifestyle I desire, as well as help me to live out my purpose. I've seen this same struggle in my clients and other women entrepreneurs I've put together 6 tips that I've learned and also share with my clients that will help you in setting prices that reflect value!
1.) You most definitely can earn money doing what you love! The key is to overcome the barriers that you may have surrounding money, finances, and you're worth!
2.) It's important to understand and be in the mindset that you are offering a service that creates value for your clients/customers for many years to come. In addition, you've invested many years and a lot of time in studying and learning your trade and that knowledge is invaluable! That's something you can't place a dollar sign on!
Think about it, if you provide marketing services for your clients and it helps them to attract an extra 50 customers to their business, you've created tremendous value for them. That value can be more exposure, an increase in revenue, more traffic to their websites, etc. The marketing tips they've learned from you can be used many times over and in turn produce more money for their businesses in the future as well.
3.) When you begin setting prices first determine how much you want to make.
4.) Assess the amount of income that you would like to make: Is it enough to pay your bills? Will it help you carry out your life's purpose? That purpose can be to help others, give to the needy, open a basketball camp, or start a non-profit organization. Whatever your life's purpose, does the prices you set help you to live out that purpose?
5.) Think about what you may need within a 1 year period:
a. How much money is needed to pay your bills?
b. How money will it take for you to live comfortably or live the life you desire to have?
c.Do you want to contribute to a charity or any other cause in a year? If so how much?
d.Do you need to set aside money for retirement? If so you need to be able to contribute to a retirement plan… how much do you need to contribute per year to be able to have live comfortably after retiring (you can talk with a financial advisor to help walk you through this)
e. Do you need to contribute to a college fund for your kids?
Now calculate these numbers and what you will have is something similar to your salary plus the perks you would probably have working for someone else. So why not experience that and more working for yourself?
6.) You provide a service, so your time is just as important when determining how to price your service. Here are some things that you might be spending time on: time taken to sell a service, other tasks within your business operations such as paperwork, running to the office supply store, talking to potential clients,etc.
Basically in addition to selling a service or product, you are also selling your time, and your invaluable skills. Your price should reflect that! The above are just a few things to think about when you are considering what to charge. You want to make sure that what you charge covers your expenses and then some.
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