If you’re like a lot of small business owners, myself included, you’ve probably wondered how to set your prices, charge more, and get paid what you’re worth. If you’ve ever asked those questions, you’re in the right place. Watch this 5 minute video for a couple quick tips in getting paid what you’re worth.
Pricing Your Offering and Getting Paid What You’re Worth
Many small business owners and entrepreneurs struggle with the challenge of getting paid what they’re worth and how to make more money. Here are a couple tips to get you thinking the right way about this.
- Start tracking your time – all of it. Don’t rely on your memory unless you like giving away your time for free. Tracking has two benefits. First you’ll actually know how long it takes to deliver your service. You might be surprise. Second it gives you a way to actually invoice for the work your doing.
- Know your expenses. It’s too easy to overlook mileage, incidental costs, and even bigger expenses to your business if you aren’t paying attention. If your expenses aren’t covered by your revenue they become debt. Part of charging enough is knowing for sure that you’re charging enough to cover all your expenses. Many small business owners have a tendency to under-estimate how much it’s costing them to run.
- Know your market. Knowing who your customers are is level one. From there you have to learn everything you can about them – where to find them, how they think, and what their problems and challenges are. Level 2 is knowing your competitors and how your strategies compare. From here you can make good decisions about pricing and positioning. Remember, if your goal is to get paid more you probably don’t want to be competing on price. You have to differentiate.
- Know your value. This is where many of us run into trouble. Don’t think in terms of cost plus markup or hourly rates. Think in terms of the value for solving the problem your market has.
- Ask for what you’re worth. This is the most important step. A good rule of thumb is to decide what you’re comfortable with and then ask for just a tiny bit more.
Did this help you? If so, I would greatly appreciate it if you commented below and shared on Facebook.
P.S. If you liked the tips provided in this episode you might also get value from my free report, The 5 Reasons Your Business Isn’t Growing As Fast As You Want (And What To Do About Them).