Pricing can be an ultra-challenging topic for female entrepreneurs.
It’s something that often comes up when I’m working with my money mastery clients.
How do you set prices that feel great for you and attract more of your ideal clients?
As women we often spend far too much time second-guessing when it comes to pricing, worrying whether we’re being ‘too greedy’ and what people will think of us.
And it really doesn’t have to be complicated (I promise!)
So here are my 3 top questions to ask yourself when you’re setting your prices.
1) What are all the ways my product/service will benefit my clients?
I’m sure the main benefit of your product or service is very clear to you (if it’s not, then you need to do some work on that my lovely!) but when you’re thinking about pricing, I want you to look deeper than the top-line benefit.
Give yourself at least 15 minutes and brainstorm all the ways a client benefits from working with you or purchasing your product.
Really go to town and think about all the areas of your client’s life that could be impacted.
For example, the main benefit of working with me is that a client gets to shift their money blocks and increase their income, but in doing that they also get to:
- take control of their finances, so they feel more powerful and in control,
- have more open conversations with their partner around money, leading to enhanced relationships
- get clear on their business model, leading to more focus and more time to do the things they love,
- improved self-esteem and confidence,
- feel comfortable being more visible in their business,
- pay off debts,
- create savings and investments,
- attract more of their ideal clients,
- create residual income streams,have more time and energy for their children,
- attract more opportunities,
- etc, etc, etc!
You can see how once you get on a roll, this list can be endless and you get a really clear sense of the value you have to offer to your clients.
Top Tip: To help with this, look back at any feedback and testimonials you’ve received from previous clients.
Once you’ve tuned into all the ways you benefit a client, you can begin to get a sense of a price that reflects this (and very often, it will be higher than you initially thought).
2) Do my prices feel sustainable to me?
Once you have an idea of the price you want to charge for a particular product/service, check in with how many you would have to sell in order to reach your monthly income goal (and if you don’t currently have a monthly income goal, once again there is work to be done!).
For example, say you want to make £2,000 a month and you’re currently charging £20 an hour, then you’ll have to sell 100 hours to reach your goal. That may or may not feel achievable to you, depending on where you are in your business, the time you have available each week and your current marketing.
Alternatively, say you want to make £2,000 a month and you offer a package or product that costs £400, then you only have to sell 5 of these to achieve your goal.
Obviously the price you charge will depend on the value of the product or service you have to offer, but you also want to check in with whether your current pricing feels in alignment with your income goals.
Why?
Well, If it feels like you’re going to have to run yourself ragged to achieve the income you desire, then resistance and self-sabotage are likely to kick in (and you’ll find it difficult to attract clients).
In contrast, if your pricing means that you can serve your clients at the level you want to, whilst still meeting your needs, then business will flow much more easily.
3) What are my beliefs around money and pricing?
This is a biggie and it’s what I spend most of my time working with clients on.
The beliefs you have shape your reality.
So, let’s say you’re a relationship coach and you charge £2,000 for a VIP Day, but you have a belief running that says ‘Who am I kidding? No-one will be willing pay that much.‘
Guess what? That’s exactly what will be reflected back at you. You’ll either find it hard to attract clients in the first place, or any prospective clients you do speak to won’t be willing to invest at that level.
Other common beliefs I hear around pricing are:
‘No-one will pay that much in the area where I live.’
‘People won’t pay that much for what I have to offer.’
‘This comes so easily to me, I can’t charge much for it.’
‘It would have to be really hard work to make that much money.’
‘I’m not worth that much.’
Like I said, there’s far too much second-guessing going on around pricing.
Many women entrepreneurs make huge assumptions about what their potential clients would be willing to pay.
And there’s a prevalent belief that you have to suffer, struggle and work really damn hard to make good money.
These are all just stories we tell ourselves. And we can change them.
The idea that you can’t charge much for something that comes easily to you?
Rubbish! The fact that the service you provide feels easy for you means that when you do it, you’re in flow. Your clients, who are struggling in the area you’re flowing, need your help and they are willing to pay for it.
The idea that people won’t be willing to pay much in your geographical location or area of expertise?
Poppycock! There are clients at all levels – low, medium and high. You can choose which you want to work with and set your pricing in accordance with that.
Check out your beliefs around pricing. Notice the stories you’re telling yourself right now. And if you feel they’re limiting you, resolve to change them.
