One of the most stressful parts of running your own business is choosing the prices for your products and services.
If you choose prices that are too low, you’ll look cheap and inexperienced. If you choose prices that are too high, you might be out of your potential clients’ budgets.
As you gain experience and become a more savvy entrepreneur, you’ll need to raise your prices to match your increased expertise.
But how can you tell if your prices are fine where they are or if you need to give them a boost?
Watch this video to learn how to tell if it’s time to raise your prices.
The video transcript is below for your convenience.
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Hey there! I’m Sage Grayson, a former book editor turned life coach. I help ambitious career women edit their habits, routines, and mindsets to balance their happiness at work and home.
I’m a Life Editor…and so are you!
Today, we’re talking about how to tell if it’s time to raise your prices. Let’s go!
About 4 years ago, I was sitting in my office preparing for one of my client calls when all of a sudden, this terrible feeling swept over me.
I was dreading this call. Every cell in my body wanted to throw my laptop out the window and go back to bed.
An overwhelming resentment clouded my thoughts. “I can’t believe I’m doing so much work for her, and she’s just paying me this little amount. Grr!”
Oh my gosh! Thank goodness I snapped out of that nasty mood almost as quickly as it had appeared.
What was wrong with me? Why was I resenting my client?
Well, there wasn’t anything wrong with me. And there wasn’t anything wrong with my client.
The problem was my prices.
When you start a business, you might begin by giving away some of your services in order to get testimonials. Eventually, you’ll need to start charging for your expertise.
Money is energy. It’s something your clients give you something in exchange for the emotional labor you’re doing.
Your business will work best if there’s an even exchange of energy meaning that the amount of money you’re being paid feels equal to the amount of service you’re providing.
If your prices are too high, your potential clients won’t buy. If your prices are too low, you’ll start to resent your potential clients.
You don’t want to resent your potential clients! You want to love them!
For me, I had to slowly inch my prices up until the energy felt balanced. Then I could lovingly serve my clients instead of being eaten alive by resentment.
Here’s my tip: review the prices for your products and services every 3 months. If you start to notice resentment creeping in, then raise your prices.
It’s safe for you to ask for more money. You are talented, and your clients are thrilled to work with you.
Raising your prices is how you continue to offer exceptional service out of love for your clients and for your business.
That’s it! This week, take a look at your prices for your products and services. If you feel any resentment toward your customers, then raise your prices until it feels like an even exchange of energy.
If you want even more pricing tips including to how to create consistent income, please check out my 9-week time management program for entrepreneurs, Startup In 60. You’ll go from idea to fully functioning business in just 60 days, whether you have 60 minutes or 60 seconds per day. Go to SageGrayson.com/StartupIn60 to join.
Thanks for watching. I’ll see you soon.
This post focuses on Step 3 of the Life Editing Process, Add Good Habits and Routines. For more about life editing and what it can do for you, click here.