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It Cost How Much?! Let’s Talk About Your Prices
A Guide for Entrepreneurs to Pricing Products and Services
“When I finally X, I will do Y.” Have you ever said this to yourself? This simple formula is stuck in many people’s minds. It is often tied to money. “When I get promoted, I will buy a house.” or “When I pay off my debt, I will quit my consulting gig.”
This is actually not a strategy at all! In fact, often the thing you need that you are putting off is exactly what you need now. Later is not a valid option since a million and one things could happen in-between to prevent you from reaching those desired milestones. Murphy’s Law. Why risk it? I have a better solution: make more money.
Take a close look at your income. Are you charging the right rates? When was the last time you raised them? Are you maximizing your revenue sources? If you don’t already have multiple revenue streams, check out this video. Do you have a bulletproof and detailed business plan with quarterly goals? This is top priority if you want to get out of a vicious cycle of being broke, struggling to sustain your desired income, or being able to quit a toxic job.
You should charge based on the value you provide.
— Krista Mollion, Business Coach
