Pricing!

Before we work through the multiple options for products and services, we should talk about the critical issue of pricing

I cannot overstate the importance of pricing, because the price tickets you put on your offerings send clear signals to your prospects about the value you propose to deliver.

Photo by Angèle Kamp on Unsplash

The first and most essential rule is that, as a prosperous entrepreneur who has broken free of the nine-to-five hourly machine, you should no longer be in the business of selling your hours at cost!

When you work for an employer, of course they are going to pay you as little as they can get away with. But you must know that is not your worth, because the employer has set the rate they pay you at the point that they know they profit from your work. That clearly means all your hours are actually worth considerably more than they pay. Your hours generate value at least equal to your pay and their profit.

Now is the time to put aside any preconceptions about what you think an hour of your time is worth. That is not to say that you cannot use your own time investment as a rough guide to how to set your pricing, but forget about what the world of work pays and instead start to focus on the value you can deliver.

That is the critical switch. You have to shift from seeing your time as worth the low limit that an employer would pay to the higher level of how much you can help your customers.

Your pricing is profoundly linked to your own sense of value. It both reflects what you think you are worth, and at the same time it influences the value you project to the world, both in person and when people consume your content. The price ticket a prospect sees on your website tells them a great deal about how much you think you can do for them, and your prices also affect the way you present yourself in real-world situations.

I suggest that you open your mind to the idea of putting potentially much higher numbers on your products and services than you may be considering right now.