Today, let’s assess your pricing. I want you to examine: “Am I priced appropriately? Am I priced in a way that is fair? Am I price in a way that is sustainable to my business?” Below, find some questions that will be helpful in determining whether you have the correct price for your business. (I could probably add another 50, but this is a nice start. 😉 If you want to dig deeper with us – make sure to sign up for the Pricing Class. Info here.)
Questions to ask yourself:
- How are others priced in your market?
- Where do you fall?
- Are you priced low solely in order to compete?
- Are you matching prices with people at the bottom of your market that are under-priced themselves?
- When you analyze how much time you spend on the client, what is your hourly rate?
- Is this a decent wage?
- Are you solely capturing your cost of materials and not the actual labor?
- Are you charging for your art?
- For the artistic value of what you do?
- If you were to hire someone in your place, could you afford to pay them?
- Can you earn a decent living?
- Do you know how many weddings you have to do (at your pricing) to earn a decent living?
- Are you scared of raising your prices because you believe your sales will decrease?
- Are you inherently attracting people who don’t value your work, but are only looking for “a good deal”?
- Do you believe you are worth it?
Ultimately, it comes down to 3 things: price appropriately for your market and your product or service, price according to the value you give the customer, and price at a rate that will allow you to earn a decent living and have a sustainable business. Otherwise, you do a disservice to the industry, to your business, and to yourself.
How confident are you in your pricing? Talk to me in the comments below.