In this episode, we dive into how to determine your pricing and the steps you can take to confidently sell your products/services for the pricing you desire.

First things first, pricing is UP TO YOU!

Pricing is an IMPORTANT topic when running your own business. The hard truth of it is: IT’S UP TO YOU!  Right?  There are some helpful formulas that might set you out on the right foot, but ultimately YOU get to choose what makes sense for you and your business and that’s what makes pricing so challenging.

We are super excited today, because not only is this a topic we’ve been wanting to tackle for a while, but we actually received a voicemail question specifically about this challenge!  

It’s our first voicemail segment and we can’t wait.  Since we can’t meet in person for our podcast these days, we’ve decided to start taking your questions as voicemails. That way we can still help you tackle those challenges you’re facing in your day-to-day business life.  So let’s listen to our first voicemail message from Cyrinda….

Voicemail:

“My name is Cyrinda and I’ve been in business for about 3 years. I make handmade luxury, coconut soy wax candles as well as other organic body products. I’ve been doing a lot of custom projects lately where I’ll create signature scents for small businesses. I’ve been struggling with pricing and what I should be charging for these special, custom projects and also what I should charge for wholesale items, as well…”

Where do you start with pricing?

• Local Competitors – Make sure they are actually competitors in the same market
• How do you want to Position Yourself? Quality, Convenience, Price  
• Are you offering Quantity or Quality?

What do you base your pricing off of?

• Hard Costs per product/service
• Hard Costs of running your business
• Your TIME
• How much you need to make to stay in business vs How much you need to make to live a healthy lifestyle

Charge For Your Time

A huge mistake business owners make is not charging for their time. This happens because when we start out we often start with “sweat equity.” This is a great way to start your business without incurring a bunch of debt, however – it can’t last forever. You NEED to charge for your time because your time is valuable and you’ll never be able to grow without doing so. Plus, it’s too easy to start feeling run down and resent your own business if you aren’t getting paid for the time you put into it. It’s also pretty easy to charge TOO LITTLE when you don’t account for the time you spend.

Think about how much do you need to charge for your time so you can live your dream life, hire someone else, utilize software to make your job/life easier, etc.

Example: If you want to make $1000/week and only want to work 25 hours/week, then you need to charge at least $40/hour for your time.

Confidence In Selling Your Price

Once you have an idea of your costs, value, and time to figure out your price you’ll have more confidence in your pricing.

• Do the work to decide your prices and make a price list/sheet for yourself
• Possibly create packages
• Stick to your pricing
• Decide if and when you’ll offer discounts
• Put it on someone else to make it less uncomfortable
• Act like YOUR hourly rate is a hard cost – you wouldn’t mind paying someone else for their time, so treat your prices the same way
• Start where you are comfortable and grow from there

Your Pricing Should Change Over Time

• Start with introductory rates that help you build your confidence
• Note that it’s an early rate when you start out so you can easily raise prices later and avoiding having that bite you in the butt
• Change your pricing as you gain experience and confidence

The way I felt most comfortable raising my prices was:

1. Start by saying here is our “Introductory rate” so it’s clear this is special pricing for early customers
2. Give a heads up to existing clients that prices are changing and act now to save
3. Schedule a pricing review and plan to change pricing on an annual or bi-annual basis
4. Review your numbers regularly to make sure they are actually working for your business

Next 3 Steps:

1. Figure out your hard costs (both per products and as a business)
2. Determine your hourly rate and start charging for your time
3. Create a pricing sheet for yourself based on that info

STICK WITH IT! And feel confident in your sales pricing!

Recommended Resources

• Leave a voicemail HERE
• Learn more about Cyrinda’s Luxury Candles here: https://www.emandro.com/

The post How To Be Confident in Your Pricing appeared first on Learn It - Do It.

Episode Summary

If something triggers you to get into a funk or in a bad emotional space this gives you the opportunity to do a little bit of investigative work.

Hit the pause button and pinpoint the root of these bad emotions or experiences.

We hear a lot about business owners carrying a lot of stress around.  We get it, being a business owner is by no means a walk in the park and you’re going to have rough patches, but we’ve all got to realize that we’re not in business to cause ourselves stress.

Get to the core of the issue for any particular bad day. 

Are your clients causing you stress? If so, what’s it about?  A process that you control or something outside of your control.  

Are you stressed that you don’t have enough time? Do a time audit, figure out what’s sucking away your day.  Usually, it’s tied to a lot of inefficient processes that you can easily fix with a simple plan, automation or outsourcing.

Is money your main stress? If so, it’s going to be hard to become a successful business owner if you don’t have a good relationship with money.  Figure out the root of this – is it confidence based? Is your pricing an issue? Do you not have enough clients?

Is it something going on personally? Or your lack of self-confidence?  It’s easy to let your personal life bleed into your business when you are self-employed.  Sometimes when you really look at it, it’s personal stress of bills or a lack of time to spend with your family, or maybe even a lack of support or self-confidence that it’s eating away at you.  This is why personal development is so important for self-employed business owners like us…sometimes we are our own worst enemies!

Moral of the Story – Bad days put a magnifying glass on things that are inefficient and stress-inducing.  Once you know the problem, you can work towards a solution.

Quick-Wins

1. Target the cause of your bad day.  If you can do something about it, do it.  
2. Implement changes to your workflow or processes if you’re seeing work or client related stress.
3. Always work on your personal development to stay balanced and level-headed.

Host Bio –  Rhi and Pete [Rhi-Pete – now you’ll remember] are a wife and husband team who have been in business together for over a decade.  They run a creative media agency [Do Something Different Media] that provides strategy and consulting, video production, website development, photography, graphic design, and content writing for small businesses.  

Recommended Resources 

Time Audit Worksheet

4 Ways to Use Your Phone to be More Productive Video

You’re A Badass At Making Money

The post Quick-Win Episode 6: Bad Days Are A Good Thing appeared first on Learn It - Do It.

Episode Summary 

Brand value is a very important thing to understand, especially when you’re a SEBO who is on your own. 

It’s also very important to the business owner who is looking to revamp themselves due to inefficiencies in their pricing, marketing, and overall brand image.

We assume that you’re awesome at what you do.  There’s a ton of people who are really awesome at a lot of stuff. But what’s going to get you into the conversation with bigger markets, clients, affiliates and frankly more overall business — is how legitimate people feel you are — based on your branded marketing materials.

You’ve been there.  Someone refers you the name of a company for a cleaning service and you immediately google them.  First, I check their website to see if they’re “legit”…and that’s the key thing. We’re all looking for legitimacy.

Then, I might head to see if they’re active on social, check online reviews and etc. 

Have you ever looked up a business and found they had no logo? Or their logo looks like your nephew made it?  When you see a low-quality brand it tells you that the business didn’t invest a lot of money into the way they look.  And if a company doesn’t care enough about how they look to invest in it…I assume they aren’t a very profitable business…which probably means they aren’t very good.

Think of it like hiring a new employee.  Potential Employee A sends in a typed resume with a nice photo of themselves and a portfolio of their work.  They show up to the interview dressed professionally and present themselves well. Potential Employee B scribbled their past experience on a napkin and shows up in pajamas.  They could both be equally qualified and skilled, but there is no doubt one of them has a higher perceived value and THAT person is getting the job.

Is your business wearing pajamas?

Perception is everything!

Quick-Wins

• How would a stranger value your brand? Audit your brand and see where you can find any deficiencies. 

Host Bio –  Rhi and Pete [Rhi-Pete – now you’ll remember] are a wife and husband team who have been in business together for over a decade.  They run a creative media agency [Do Something Different Media] that provides strategy and consulting, video production, website development, photography, graphic design, and content writing for small businesses.

The post Quick-Win Episode 5: What Is Brand Value? & Why Do I Care? appeared first on Learn It - Do It.

Then we found out that we were expecting a baby girl and that slowed my progress a bit and it definitely changed the content of what I’d be reading.  Despite all the excitement, I was still able to read more books than I have any previous year, including a few pre-baby titles. And with every book, comes a whole lot of lessons to put into practice…

My Top 4 Must-Reads from 2019

1. A New Earth – Eckhart Tolle
2. How to be an Imperfectionist – Stephen Guise
3. Declutter Your Mind – S.J. Scott
4. Everybody Writes – Ann Handley

My number one must read from 2019 was A New Earth by Eckhart Tolle, in fact, we are only a few days into January and I just finished re-reading the book.  This is the kind of book that you can keep coming back to and get something out of every time. I think that’s something I really enjoy about personal development books; the lessons you learn while reading them are really dependent upon the moment you are in and what is going on for you personally at the time.

How to Be an Imperfectionist was one of the last books I read last year and it really hit home.  If you suffer from perfectionism and find yourself not finishing things – or worse, not starting things –  because you are waiting for perfection, then this is a MUST READ. This book details the root of perfectionism, how it manifests itself in your life, and step-by-step habits to put into practice so you can “become an imperfectionist.”

For the self-marketers out there, I think Everybody Writes is a must-read.  And in reading the book, you’ll realize that these days, we are ALL writers whether we consider ourselves writers or not.  This book is full of tips, concepts, and insights that will make you a better writer. As someone who is constantly creating content and marketing materials for my audience to consume, this book was incredibly insightful and immediately applicable.

Declutter Your Mind was another book with immediately applicable concepts.  If you are looking for a book to read to kick off the new year with a bang, this book is an easy read and loaded with advice and activities you can start to implement right away that will improve your productivity and peace of mind.  I read this at the start of 2019 and you’ll find that we talk about a ton of these concepts in our blogs and podcasts because they are super helpful for the self-employed business owner.

In Summation…

These books definitely taught me a lot of lessons to implement in the new year and I look forward to diving into my 2020 reading goals.  This year, I’m sticking with the 30 book challenge because I really want to hit it and know that I can make it happen if I put my mind to it.  I may have a few re-reads on my list, like “How to Win Friends and Influence People,” a classic that I try to read every couple of years to refresh myself on the age-old concepts that book shares on relationships and success in life. 

For those of you who’ve been meaning to read more, challenge yourself to read a certain number of books this year and let’s hold each other accountable.  The key to getting your reading done is to make time for it regularly and to have a list of books that you want to read so that you always are a few books ahead of yourself on what is coming next.  There were a few times this year when I finished a book and a few weeks would go by before I realized I didn’t have another book on deck to read. So I recommend planning a few books ahead and always looking for new books to add to the list.  Reading is a great way to take a break throughout the day, clear your thoughts, learn and grow. Let’s make it happen in 2020!

And I’m also always looking for recommendations and would love to hear what personal development and business books you might recommend. Share in the comments your favorites and I will be sure to check them out! And as always, I’ll be sure to share my book reviews throughout the year as I find titles that really speak to me which I think you might enjoy.

Happy reading, DOers!!

The post A Year Of Reading In Review – 2019 appeared first on Learn It - Do It.

It’s inevitable that you’re going to have to deal with a situation involving a difficult client.  These situations are always challenging because of the magnitude of personal emotions that are inevitably involved.  And you’ll find, too, that as your business grows you may find some difficult situations arise with past clients that you’ve outgrown.  We talk about our experience handling these difficult situations and shed some light on what you can do to help yourself out when you feel stuck with a bad or wrong client.  

Host Bio –  Rhi and Pete [Rhi-Pete – now you’ll remember] are a wife and husband team who have been in business together for over a decade.  They run a creative media agency [Do Something Different Media] that provides strategy and consulting, video production, website development, photography, graphic design, and content writing for small businesses.  

Episode Summary 

• You can’t provide your best service when you’re working with the wrong people who are being difficult.
• It’s okay to outgrow your clients, just remember that communication is key
• A soft way to let people go is to raise your pricing.
• Don’t get caught up in the emotion of handling the situation.  Remember that this is a business decision and do what’s best for your business.
• Being honest and open is always the best policy when dealing with difficult people.

Quick-Wins

1.  Have an honest talk with your client and don’t let it linger.  Write out what you need to say, be prepared and rip the band-aid.  The sooner you do it, the sooner you can move on.
2.  Give yourself permission to outgrow your clients or pivot your business.  This is your business.
3. Utilize the idea of a third party.  When it’s bigger than just you, your clients may take it more seriously because other people are involved in the process.
4. Avoid bad clients by creating an upfront process that will allow you to find out upfront if they’re not right for you.

The post Quick-Win Episode 2: How to Handle Bad Clients appeared first on Learn It - Do It.