Are your prices lucrative to your business?
Or, are you working extremely hard and not meeting your own needs and desires?
Your mindset is everything!
Knowing your worth and your value makes a huge difference in your business. You will only charge what you feel you are worth. That’s for a whole nother post.
But really you should be charging based on the value you bring.
If you have experience in your craft, you are taking classes, educating yourself, constantly growing and evolving, and giving it your all and getting results for your clients, you are creating value.
You deserve fair compensation for your expertise.
Not only do you deserve it if you have the previous things in order, but you need to charge an amount for your service that will allow you to profit and stay in business.
Don’t cheat yourself by always giving discount services.
You will become known for CHEAP prices, you will attract clients who have a less than mindset, get over spirit, and haggling way.
Those clients will often find it hard to pay your regular price. Thus, you will work for cheap… forever. You will feel unfulfilled and unaccomplished, making it hard to maintain the motivation you need to fulfill your vision for your career. Your skill is not a bargaining opportunity.
This is why it’s so important to understand your brand and your perfect people.
Know your ideal customer and your target market!
Fear There may be the fear of losing your customers if you increase your prices or no longer offer so many discounts. It is likely that you will hear some slack from a few people. However, if you do a price increase or start charging your regular price, and market to the right people, you will meet your goal with fewer clients and gain clients along the way who value your expertise and don’t mind paying you for the value of your services. This is where knowing your ideal customer and who to target your services to will make a huge difference!
Raising your prices is an individual decision. However, you must look at all the variables in your unique business when deciding how much to increase, Your profit and loss statement is the beginning of deciding whether you are even charging enough to profit and stay in business. If you haven’t increased your prices in the last 5 years, it’s probably time to do a business analysis to see where your price point should really be!
Offering promotions you’ve planned in your marketing strategy is a win-win way to reward your customers.
Here are few things my staff and I did to show our appreciation to our customers and offer them an opportunity to receive special discounts and promotion.
1~ We sent out birthday cards to customers offering a few choices
* a percentage discount for a visit during the month of their birthday
or
*A free eyebrow wax with a particular service
or
*dollar amount off of chemical service.
2~ We periodically did an up service on clients, like a free trim, or conditioning treatment during their visit that was not scheduled. Clients remember and appreciate this!
3~ My salon offered a 10 dollar off beauty voucher for first-time visitors to our website.
There are many ways to reward or discount your clients without working for CHEAP.
#KnowYourWorth and your value. And most importantly know your numbers!
Your career/business is not a hobby. It is a stream of income that allows you to take care of yourself and your family while giving great service! Your legacy!
If you want to learn to organize your business and form strong working systems that allow you to profit more, and allow you some freedom from being tied to the business, click here to schedule your Renew Strategy Session with me today!
From My Experience to Yours,
Tanya Wilson-Cherry
Growth Strategist
Business Coach/Mentor
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