|
Instead of taking a step by step approach to business development, many business owners are operating on the mistaken assumption that they have the ability to read other people's minds. Decisions are based not on our position but on what we think people will pay and what we think they want instead of a solid conviction in what we know we're worth and what our core offering is. Interestingly, every mind-reading business owner I know is reading the wrong people's minds. They assume that people won't pay the prices they want to charge and won't want the services that they offer. This leads to undervaluing and not having a core offer which leads to confusion. You can't win when you are operating your business on reading the wrong people's minds. If you must be a mind-reader, why not choose to read the right people's minds? You know… the people who want what you have and value your knowledge, expertise, and skill so much that they are willing to pay a little more because they know that they will get more. There are people like that. People who don't buy on price, but on expertise and the position you hold in the marketplace. This is why it is so important to claim your position and not be vague. Specialists and experts can charge more than generalists because they have specific solutions to specific needs. Here's an easy way to tell if you are setting your prices on the right principles: what is the first thing you think of when it comes to setting your prices? Are you thinking of what people will pay or the value you bring? In other words, what are your motives? I'm not talking about greed motives. I'm talking about a personal motive based on confidence in the value you bring. This has less to do with the actual dollar amount you charge than it does with your feeling about it. You will instantly know what your motive is based on how you feel inside. You will either feel confident or insecure. It's as simple as that. Basing your pricing on what you think people will pay will always leave you feeling insecure because you have no idea what people are willing to pay. People who are only willing to pay the minimum don't really value what you bring. Is that the client you want to attract? Look at your own spending habits. You will probably find that there are certain things that you won't ever buy unless they are on sale or you will just do without and other things that you have to have and will barely look at the price. Even if you do look at the price you will justify or rationalize the expense and buy it anyway. The point is, you have no idea what people are willing to spend on so setting your price based on those assumptions is a recipe for disaster. The confidence to charge what you're worth and the focus to stay true to your core offering comes from spending your time and energy developing the foundation for your business instead of reading people's minds. My encouragement for you is that you will check your motives around your prices. If there is even a hint that your prices are based on assumptions of what people will pay and not on the value you offer, then we must talk so I can help you figure out your position so you get on the right track. Remember, you can achieve whatever you believe as long as you are willing to work for it! Request your free eBook, Boost Your Business!
Related Articles -
solo entrepreneur, marketing plan, business plan, how to get more clients, marketing, success, coaching, business coach, women entrepreneurs, small business,
| 
