How to Charge More as an Entrepreneur | All About Raising Your Prices
If you are thinking about raising the prices in your business, but you're a little bit afraid to do so, have no fear. In this episode, we discussed the why, the when, and the how to raising your prices so you can make more money in your business.
This is a hot and juicy topic, because who doesn't want to charge more for their product or service? Believe it or not, there are actually reasons not to charge more, and I'm going to cover them too. But first, let's talk about why you would want to charge more for your product or service or maybe when it’s time to raise your prices.
The Way
1. Experience: If you have been in business for a while now and you feel that you now have the expertise and the experience to raise your prices.
2. Rebrand: You've recently invested in a rebrand and you're ready to target a higher tier customer because you now have a more elevated brand.
3. Demand: You find yourself overwhelmed because there's so much demand for what you're offering. You can't keep up! This is probably the most obvious and natural reason to raise your prices.
4. Attracting the right audience: If you want to attract a higher clientele but seem to always book the budget-friendly, take a look at your pricing and compare it to your industry’s rates. If you are not at the top end of the industry standard, you're not going to attract those higher-end clients.
The When *Not*
1. You’re brand new: If you are brand new to your business and you're struggling to get enough leads, let's not jump right into raising prices yet because you want to establish your clientele, get their feedback and then decide whether or not it's time to raise prices.
2. Building your portfolio: This was huge for me when I started BrandWell, I did it at a super discounted rate because I knew I needed to gather some reviews and build my portfolio. This way I actually had something to show and something to stand on when I was ready to raise my prices.
3. You’re in the sweet spot: This happens when you're getting consistent business, you're making a profit and attracting the right audience. This is where I have found myself right now in this season of my business. One main reason I'm not raising my prices with BrandWell just yet is I love who I work with. I love the audience that I am attracting. Literally, every client that I work with feels like a friend.
Now for the good stuff - You're ready to raise your prices!
You’ve got the experience, you have the expertise, your demand is there and you’re ready to attract a different audience. Then let's get into how you can charge more for your product and service. There are two ways that you can do this, and I want you to understand that these are both so incredibly important and they don't have to be mutually exclusive.
The How
1. Make your product or service better: Hire for better talent, innovate by making your product or service unique and different from all the rest, and improve on the quality of what you're offering.
2. Make your experience better: Provide a positive experience from the start with a welcome packet, excellent customer service, cohesive branding, and then continue to add value even after the project is over.
Tune into the BrandWell Podcast episode for even more information and examples on raising your pricing!
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