It's those few seconds (or hours) of that panicky gut-wrenching feeling that comes over you when you have to tell someone the cost of your product or service and your're not sure if they'll think it's too expensive. Can you relate? Cool. I once thought I was the only one.
That's A Fair Price.
I remember starting my business feeling like I had to give my services away in order for "them" to give me a chance. (In my head) I would say to myself, "you gotta start somewhere." "You have to give in order to receive." Oh, and, I felt very noble when I'd tell myself "that's a fair price." If my children knew how it would impact our household, they probably would have smacked me into my senses and said "fair for who? I mean, you do plan on feeding us, right?"
Especially for those of us with service-based businesses, if your pricing isn't purposefully tied to something tangible in your life, you'll never enforce it. - Marlena Banks
Reality Set In.
Under-pricing my services meant I was depriving my business of growth opportunities and depriving myself (and my family) of the legacy that I was working so hard to build. After a long hard look at myself and how I was treating my business, I realized that my operations weren't sustainable and I needed to make changes immediately if I planned to be in business long term.
I Developed Coin-fidence.
I ultimately discovered that I was discounting my business away because I lacked coin-fidence in my abilities as well as the quality of my services. Whoa! That was an eye-opener for me and just what I needed to get things in order. I remember drafting the email that was to notify my customers of my updated pricing and being 100% confident that they'd all abandon ship. But it was a chance I was willing to take. (...and guess what?!) The majority of them stuck around. Praise God! The point is, I had to to be willing to take calculated risks in order to survive as an entrepreneur. It's risky business putting yourself out there but you'll always come out a winner when you place your faith in God and you know your value.
The thing about discounts is, that once you give them -- your customers (and their referrals) expect them. This can quickly become a giant problem - one that will put you out of business quick, fast, and in a hurry! Have you found yourself in so deep giving discounts and undercutting your pricing structure that you don't know how to dig yourself out? If you identify with this, I'd recommend you spend a little time building your coin-fidence and reminding yourself of ALL your brilliance. Perhaps you'll start by reading Big Idea Food. In it, the author provides her Christian perspective on the promises of God and how we can apply His promises in our businesses and change our overall mindsets. Marlena will encourage you to identify how your business must serve you in order for you to build the life of your dreams.
"If you're not sold on the value of the product you provide, no one else will be."Big Idea Food A Weekly Devotional for Entrepreneurs, Side Hustlers & Dreamers by Marlena Banks
For the Road.
I am worthy of the life of my dreams
I am valued
My thoughts are valued
My products and services are valuable
My customers respect me and my business
My family has to eat
I will succeed at reaching and surpassing ALL my goals
In our latest issue, we shared, 7 Legal and Financial Mistakes Often Made by Entrepreneurs by Author and Entrepreneurial Finance expert Denise M. Lee. Subscribe to Black and Brilliant Entrepreneur Magazine and learn how to avoid making these mistakes in your business.
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